NOV 3, 2023
How to Protect Your NFTs from Malicious Smart Contract Approvals
Anyone who has a dear or valuable NFT has a very similar concern:
We don't want to lose our NFTs to a malicious contract approval or a wallet hack.
So, by reason, any valuable NFT should be safely stored in a cold wallet.
But, in some situations, we cannot use cold wallets to interact with dApps and web3 applications so we may be missing opportunities.
Or, we don't want to use our most valuable hot wallets, where we keep our most valuable crypto assets, because we don't want to expose those wallets to hacks, scams or accidents.
Now, what do we choose:
- To keep our NFTs safely stored in cold wallets or secured hot wallets, and protect them from hacks?
- Or to use our NFTs for what they are intended, which is to interact with dApps and web3 applications?
Fortunately, with delegate.xyz we can delegate NFTs while keeping them safe and, also, not exposing our valuable wallets to hacks. For example:
- We can delegate our NFTs safely stored in a cold wallet to a hot wallet
- Or we can delegate our NFTs safely stored in a secure hot wallet to a burner hot wallet
So we can safely use our NFTs while keeping them fully protected.
What is a Malicious Contract Approval?
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