Are NFTs Safe?

Are NFTs Safe?

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The simple answer is, yes, NFTs are generally safe as long as you do your due diligence, keep your passwords strong and protected, and don’t let anyone access your accounts. The blockchain, where NFT transaction data is stored, was designed to guard against situations where NFTs could be compromised by hackers or other bad actors. As with any other emerging market, scammers are out there, so it makes sense to be vigilant.

For example, before you buy a NFT from a NFT marketplace, it is important to do research and, for example, check out the project’s social media accounts. It may be a good idea to be skeptical of any new project. If all the engagement under their posts is from bots, be especially cautious, as it might be a NFT “rug-pull” scam.

On DraftKings Marketplace, there is no need to worry about NFT rug-pull scams.

The responsibility of ensuring that NFTs are safe falls on their holder in most cases. You can take extra steps towards securing your digital assets by creating a complex password for your accounts and wallet, utilizing two-factor authentication, and storing your wallet’s recovery phrase in a safe place.

Are DraftKings NFTs legal?

Absolutely, DraftKings NFTs are legal. DraftKings is committed to complying with laws and regulations in all aspects of its business. Our NFTs and Marketplace are no different.

Can NFTs be hacked?

Generally, no, NFTs themselves cannot be easily hacked. Most NFTs are created using public blockchain technology, which is generally recognized to be tamper evident. So if anyone tries to tamper with the state of the ledger, it will be detected by others. DraftKings utilizes the Polygon blockchain to create NFTs and maintains custody of your NFTs in your DraftKings wallet with a high level of security.

However, NFTs can still be stolen through other methods. The wallets where NFTs are stored and NFT marketplace accounts that have access to those wallets are susceptible to phishing schemes and other attempts to compromise security. Even major NFT marketplaces are susceptible to these schemes, as has been reported in the media.

Most of these hacking attempts are focused on the ability to redirect an NFT to another wallet by gaining access to a user’s account or wallet. Ultimately, like other websites or platforms that store valuable information, the risk may be in the security of a user’s account. Choose a strong password and make sure to change it often.