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This week’s featured collection is Kalskie
Kalskie is an entrepreneur, trader and creative. They collect Ethereum NFTs such as Crookz, White Rabbit Zero and Chains. Browse their collection at lazy.com/kalskie
How to securely store your NFTs.
If you have some NFTs that you don’t plan on selling or trading anytime soon, it might be a good idea to put them into secure storage. That way you don’t have to worry about accidentally losing them: peace of mind is priceless.
Here are three ways to create your own impenetrable storage system:
Option #1: Cold Wallet
A cold wallet is a wallet that is not connected to the internet. There are many different ways to create a cold wallet, but the easiest is to download a new web browser (such as Firefox) onto your computer and install a fresh copy of MetaMask. Use the fresh copy of MetaMask to generate a new seed phrase. Important: Print out the seed phrase and store it in a safe place. Now send your NFTs to the new MetaMask’s address. Connect your new address to your Lazy account to confirm that they have arrived and then uninstall the new MetaMask and delete the web browser that you downloaded. You’ve now created a cold storage wallet. If you want to access your NFTs, you’ll need to re-install MetaMask and import your seed phrase. If you lose your seed phrase then your NFTs are gone forever! Also, this only works if your computer is virus-free before installing the new web browser.
Option #2: Hardware Wallet
A hardware wallet is a device that stores your seed phrase and requires you to physically confirm with a button press every blockchain transaction before it is approved. Three of the most popular hardware wallets are: Trezor, Ledger and Grid+ Lattice1. Be sure to get a hardware wallet that supports the blockchains you use. Hardware wallets are not cheap—and they won’t prevent you from approving malicious transactions—but they are still one of the best ways to secure your crypto assets. To put your NFTs into storage using a hardware wallet, you would simply transfer them to the address generated by your hardware wallet and then put the device in a secure location.
Option #3: Multisig Wallet
A third option worth considering is a multi-signature (“multisig”) wallet. This is a special kind of cryptowallet that requires two or more wallets to approve every transaction. Normally used by distributed teams, multisig wallets can also be used by individuals to create a secure storage system. For example, you could create a multisig wallet that requires you to approve transactions using wallets on two different computers. That makes it much more difficult for a hacker to steal your assets and it also gives you an opportunity to carefully consider whether you want to approve a transaction. The most popular multisig wallet for Ethereum is Gnosis Safe.
Once you’ve transferred your NFTs to a secure wallet, connect the wallet to Lazy.com so the NFTs are still visible on your profile. What are your most prized NFTs? Send us an email and tell us why you’re storing them long term.
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