Thursday, October 6, 2022
HomeNFTMajority of NFT owners do not feel safe according to this study

Majority of NFT owners do not feel safe according to this study

Over 1,000 people in the United States who regularly invest in and possess NFTs were polled by PrivacyHQ to find out how they kept their digital treasures safe.

According to research published lately by the digital privacy knowledge base, nine out of ten investors have been victims of an NFT fraud. According to the poll, half of NFT owners have already lost access to their digital collectibles, and the researchers looked into which NFT wallets are considered the safest. Despite the fact that the majority is proactive in securing their assets, less than half of respondents said they felt extremely secure about the protection of their NFTs, and nearly 15% said they didn’t feel secure at all.

The majority of NFT owners, according to the findings, use complex passwords (67.3%), two-factor authentication (65.2%), and keep a recovery phrase in a secure location (55.3 percent). Furthermore, about one-third of respondents back up their NFTs on a daily basis.

The report also revealed which proportion of people had already been the victim of a scam and what type of security hazard they were facing. The most common scam was an NFT supplier going out of business completely (44.8 percent), followed by investing in an NFT project that never materialised. Another 43.3 percent fell for a phoney marketplace fraud, while 41.8 percent took part in a phoney NFT giveaway.

While only one in ten respondents said they had never been a victim of a scam, two out of three NFT owners claimed to have sold NFTs with paper hands and panic in the past. However, the vast majority of persons who lost an NFT (more than 90%) were able to reclaim some, if not all, of what they had lost.

Are you an NFT owner? Do you feel safe enough while holding them? Comment below.

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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