It’s possible for an NFT to be hacked. However, the NFT itself really can’t be compromised. Instead, it’s the wallet that holds the private keys or seed phrases that could potentially be compromised if they are not stored securely.

You can think of an NFT as a digital asset in your bank account—it’s just a number on a screen that represents something else. The same is true for non-fungible tokens—they are just numbers on a screen that represents something else. If you have access to the number (which is what the private key or seed phrase is), then you can use it to sell or trade your non-fungible token (NFT). If someone steals your private key or seed phrase, they could use it to steal your NFTs and sell them on the blockchain marketplaces (like OpenSea).

How Secure Are Blockchains

In the online marketplace, NFTs allows you to buy and sell ownership of unique digital collectibles and to keep track of who owns them. From one-of-a-kind releases to one of a set limited copies, like baseball cards, NFTs are all built upon blockchain technology. Blockchains keep track of the entire history of tokens. They track its creation, transactions, ownership transfers, and holdings. But how secure are these records of ownership?

The underlying blockchain technology upon which NFTs are built would be difficult to get hacked. Attackers would have to breach a large number of servers to try to gain access to private wallet keys.

Generally, It is not a hack of the blockchain or of the servers that enable such breaches of security. The greatest security risks lie in hackers targeting platforms and networks that are used to purchase, showcase, trade, and hold.

It is the human element in these platforms that create the most susceptibility. The passwords we select and habits we fall into can keep our assets secure and prevent loads of future headaches.

How can you protect yourself?

Thankfully, there are simple ways you can protect yourself.

  • Use different passwords for different accounts

  • If you are writing something down, do so physically and don't store that information in a cloud service

  • Enable two-factor authentication (2FA) whenever possible

Read more about how you can protect your digital collectibles and your Sweet wallet here.

Did this answer your question?