Consumers are worried about NFTs and wallet protection

NFTs are a form of digital art that can be owned by a single person; unlike the videos or photos on any other platform.

So this makes NFTs a thing of the future and many people have invested billions of dollars in them, over the course of the last two years as a result, this seems very normal when those many people are worried about the security of both their money and their NFTs as there is a high chance of even them getting stolen. The NFTs reached a global total of over 22 billion dollars worldwide in the last year.

These pieces of online art have been selling at very high prices throughout the world and some have also reached the price of many classical paintings. These prices are becoming the reason for NFT theft and scams. In a study by Privacy HQ 1,008 people were surveyed and the majority of them relayed some of the most horrifying NFT disaster stories.

The transactions for NFTs are all done digitally so this means that the money or the NFTs themselves can only be contained in online Crypto wallets. So the first part of the survey was based on what crypto wallet the participants use. The most used ones were Meta Mask, Math Wallet and Trust Wallet in the first, second and third place respectively. Meta Mask had about 52.8% users’ 63.8 percent of which believed that the wallet was safe and had investments of close to 627 dollars on average. Math wallet had an average of 567 dollars 49.9 as a percentage of people who use it and 56.3 percent of people believing it is safe.

In terms of safety Meta wallet snagged the spot and in terms of average amount of investments the title went to CoinBase wallet. However CoinBase wasn’t far behind Meta wallet when it came to security but the latter was the winner by about 3 percent only. Even though many people think that the Meta wallet is the safest, it is only 63.8 percent of them. What about the rest?

For the storage NFTs the favorite place of responders was on the desktop with 75.5 percent of people voting for it. Cloud storage and mobile phones followed closely behind.

Less than half of respondents believe that their NFTs are safe, some think they are moderately safe and 15 percent believe that their NFTs are not safe at all.

To sum it all up NFTs are a great way to sell your art and own it but there are risks to it as well because there are risks to all great things.
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