Eric Siu explains why you should move valuable NFTs from hot wallets like MetaMask into cold storage. Malicious Chrome extensions and phishing scams can drain your wallet, but paying gas fees to transfer high-value NFTs is worth the security.
Generally, you wanna put stuff into cold storage at the end of the day. You want things to be secure. There's a lot of MetaMask scams that are going on right now, and it's really easy for someone to scam you right now because the scams look so believable. I mean, people are making like Chrome extensions, I believe, that look like MetaMask. That's more of like a hot wallet. So whatever you can do to secure your own stuff, you wanna do so 'cause it's still very much the wild, wild west right now. Let's say you spend a good amount of money, maybe you've invested, I don't know, half of your life savings into something. You don't want it to just go poof. I've seen that happen to a lot of people. Let's say you invest, I don't know, something, an NFT that's maybe worth $10,000. You know, it appreciates to $400,000, And you want to hold onto it, it's generally not safe to just kind of leave it into MetaMask. So even paying these gas fees to move them off, you're going to generally have more peace of mind because a good chunk of your net worth is in that. So that's something to just keep in mind. If you're going to be playing this game and if you're going to be trying to buy and hold, you want to be looking at these as assets. This is your form of digital art at the end of the day.
