In the early days of NFTs, a humorous yet misleading quip circulated: "Can't you just right-click and save an NFT?" The comment ignites a burst of laughter from crypto natives but is equally a solemn nod to the complexities of digital ownership. As NFTs have grown in popularity, their significance has evolved, and understanding has deepened. Today, NFTs are not just digital collectibles; they're recognised as a significant art form, gaining traction in prestigious arenas such as Sotheby’s and Christie’s Contemporary Art Auctions.
Collections like Bored Ape Yacht Club, CryptoPunks, and Doodles are not just digital art; they represent a new era of how we perceive value and ownership in the digital space and beyond. Simultaneously, the rapid ascent of NFTs has brought increased security concerns, with a surge in threats from hackers, phishing scams, and rug pulls. These developments highlight the critical need for robust protection of NFTs. Enter Safe, an onchain asset custody protocol that currently secures approximately $65 Billion in assets. Safe isn't just a response to the security dilemma; it's a proactive solution, a testament to the evolving needs of the NFT market.
Crypto OGs use Safe: 12.94% of CryptoPunks and 11.32% of Nouns, not to mention 8,946 ENS domains, including beer.eth owned by Budweiser find a security fortress in Safe.
2023 was a challenging year in crypto, marked by substantial financial losses. At least $656 million was lost due to crypto hacks, scams, and rug pulls. These figures aren't just numbers; they are stark reminders of the vulnerabilities present in the digital asset space. The NFT market, though brimming with potential, mirrors the early automotive industry's "cars before seat belts" phase, as described by @punk6259— it possesses immense power and opportunity yet lacks the essential safety measures. Safe is the seatbelts you need for self-defence. Safe offers unparalleled security and flexibility for NFT storage. The Safe smart account allows for customisable conditions for asset movement, supporting ERC721 tokens. This capability makes it ideal for creating secure vaults for NFTs for years to come.
A Safe account lets you set bespoke conditions for asset movement.
It upholds ERC721 tokens, perfect for creating fortified vaults.
Since 2018, Safe has securely executed over $75.29B in native transfers.
Visit app.safe.global and connect your wallet
If you don’t have one, Click "Create a new safe"
Choose your chain (Ethereum and 14+ others available).
Name your Safe, e.g., "Safe NFT Vault"
Add your desired signing addresses and configure your owner threshold
Review all details, then press the Create button
Complete the deployment transaction
punk6529’s 3-step TAP Method is a bulletproof way to safeguard against your grail NFTs from being phished. Congratulations!
You're now set up with the most battle-tested NFT wallet and security system! You’ve made a small step towards smarter self-custody, and a giant leap towards empowering true digital ownership.
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*The $183 million market cap calculation for Safe is based on historical sales. In contrast, the $8.48 billion market cap reported by Forbes is derived from the aggregate values of all NFTs in a collection, using the floor price as the basis for this calculation. While this is not a direct apples-to-apples comparison, it serves as a reasonable proxy for assessing market impact.