Among the new and expanding categories of digital assets, NFTs stand out and define a new approach to digital ownership and collectability. Yet, as with most breakthroughs, challenges are prone, especially with the rise of malicious non-fungible tokens. These malicious NFTs can pose risks to users, highlighting the need for security measures in this rapidly evolving space. Understanding how to handle unknown or malicious NFTs is therefore essential.
The section below describes the roots, character, and remedies of such threats, offering practical ways to shield oneself from them. Knowing how to handle unknown or malicious NFTs will help in avoiding such threats.
Low Quality and Hostile NFTs
Fake NFTs are increasingly prevalent, especially in networks with low fees like Polygon, Optimism and Base. These NFTs are sent to wallets to leverage the openness of Crypto wallet addresses.
These NFTs can evoke fear, but simply having them in your wallet isn’t necessarily a threat. The real danger comes from the actions they prompt users to take, like clicking on links connected to phishing sites or granting authorization for risky transactions. Knowing how to handle unknown or malicious NFTs can mitigate these risks.
The danger intensifies when dodgy webpages linked to an NFT description trick users into clicking, leading to potential losses. In some cases, phishing attempts can even capture a user’s recovery phrase, risking the entire digital wallet.
Steps to Shield Yourself
Ledger’s advice is straightforward but invaluable: avoid engaging with any NFT from unknown sources. First, research the organization’s motives and authenticity before interacting. Most NFTs depict words that if the link or QR code is unlawful, it should be ignored entirely. This process outlines how to handle unknown or malicious NFTs effectively.
Typically, an easy pin for the users of the application Ledger Live that appears to end up with such NFTs is to use an option that helps to hide suspending NFTs. With version 2.77.2, Ledger brought up an NFT filter that would hide all scam or dangerous NFTs in your NFT gallery in the ‘Accounts’ tab. Ledgers available on our online store.
To hide an NFT:
- Navigate to the ‘Accounts’ tab displayed in the Ledger Live.
- If we look at the list of accounts that made transactions with the contract, select the account with the suspicion of NFT.
- On the page, scroll down to the ‘NFT Collections’ of the artist’s gallery and click ‘See Gallery’.
- To actually hide it, go through the list of collections and projects, search for the project chosen for the task, and click on the ellipsis to the right of the desired NFT.
- In the options, select the ‘Hide NFT Collection’ option and click OK to proceed. This is a good example of how to handle unknown or malicious one.
Remember that this action only ‘buries’ the NFT within Ledger Live, but it remains on the wallet and the Blockchain.
Unhiding an NFT
If you have hidden your NFT and wish to unhide it, perhaps after validating its authenticity, the process is just as straightforward. The process is just as straightforward:
- To access the Settings section, click the ‘Settings’ tab in Ledger Live.
- Then click that, which will lead you to the ‘Accounts’ tab.
- Find ‘Hidden NFT Collections’.
- But wait, there are many more NFTs hidden here. To reveal, simply click on this arrow on the right side.
- To unhide an NFT, one needs to hover his eyes on the right side of the product, where the NFT icon is located and click on it.
A Word of Caution
As you may find some of the NFTs you come across during your research to be real and of some value, there is also the possibility of scams. While actively engaging in this new frontier of digital opportunities, it is critical to learn the risks involved, avoid fake web locations and use secure devices. One must always be aware of how to handle unknown or malicious NFTs to stay safe.
It is safe to say that with the progression of the future market and the development of more NFTs, people will be willing to invest safely; thus, it is crucial to be up-to-date and aware of security measures.
Image Source: Adobe Stock
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used for legal, tax, investment, financial or other advice.
