When we talk crypto and NFTs you have to bring up security. While there are several ways to protect yourself, you can lose your assets and even your NFTs due to things that are not your fault. One of the most famous hacks in the entire crypto-sphere was MT. Gox, at one point it was handling over 70% of all bitcoin transactions worldwide. Over the years, hackers were able to skim bitcoins from customer accounts stealing over 740,000 bitcoin (approximately 31 billion dollars today). All without the customers having any idea and without any fault of their own.
One of the ways to prevent this from happening to you is to have a hardware wallet. Often referred to as ‘cold storage’ devices, a hardware wallet is a type of cryptocurrency wallet that stores your private keys in a physical device that you can keep within arm’s reach. Crypto and other assets like NFTs are protected by the hardware wallet which stores the keys to access your wallet, keeping them offline so they are not vulnerable to hacking. Whenever the owner needs to access their coins and digital assets they can safely unlock their hardware wallet and interact with them through the wallet’s interface.
In the last year, NFTs have catapulted themselves into society as the next big craze for gaming, art, and collectibles. And with all the popularity around NFTs, a lot of fake accounts, scammers, and malware have emerged which when given the opportunity will take advantage of your information to gain access to your wallet. Hardware wallets allow you to be the sole person in control of accessing your NFTs and provides the necessary layer of security while interacting with Web 3.0 applications.
When it comes to which hardware wallet to use there’s a ton of good selections like Trezor or Ledger. But for this setup guide, we will be focusing on the Ledger and how to send your NFTs to it from A to Z. If you want to see a similar guide with other wallets let us know!
Here’s how to get started;