Here’s how to prevent NFT theft, according to industry professionals

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BNB Chain growth operations director Alvin Kan also shared that users can use tools like revoke.cash — a way to check wallet status and revoke approvals — and browser extensions that provide risk warnings before signing contracts.

Within the BNB Chain ecosystem, Kan told Cointelegraph that there are efforts from the community to provide more NFT-specific security tools. The executive talked about an NFT tool that detects NFT authenticity called GoPlus and other chain-wide initiatives like DappBay’s Red Alarm and AvengerDAO, which Kan believes helps users stay one step ahead of scammers. He explained that:

“These tools, with the contribution of the ecosystem projects, assess project risk levels in real-time and alerts users of potentially risky DApps so that users do not interact with malicious DApps and contracts.”

After becoming a victim of a hack or scam, Kan highlighted that it’s important to reach out to NFT marketplaces. When all else fails, the executive said that burning the token may be the last resort. Reaching out to the NFT project and asking them to burn the affected or stolen token may be the final solution.