NFT Evening NFT Evening
    Facebook Twitter Instagram Reddit
    NFT Evening NFT Evening
    • News
      • Collectibles
      • Crypto Art
      • Blockchain games
      • Metaverse
      • Music
      • Interviews
    • Guides
      • Top NFT Projects
      • Top Blockchain Games
      • NFT Marketplaces and Tools
    • Learn here!
      • What is an NFT?
      • How to keep your NFTs safe
      • NFT Glossary
    • NFT Calendar
      • NFT Drops
      • NFT Conferences
    NFT Evening NFT Evening
    Guides

    Home » Guides » What Is A Crypto Burner Wallet And Will It Save My NFT Collection?

    What Is A Crypto Burner Wallet And Will It Save My NFT Collection?

    By Reethu RaviJune 8, 2022Updated:September 6, 20223 Mins Read
    Contents hide
    What Is A Crypto Burner Wallet?
    Why Do You Need A Burner Wallet?
    Some Tips to Keep in Mind

    Hardly a day goes by in the NFT space without at least one investor falling prey to a scam and losing their NFTs. Just last month, actor and director Seth Green lost several blue-chip NFTs. Of this, one was a Bored Ape meant to be the lead character of his now tanked NFT TV show. As NFT scams continue to rise, a crypto burner wallet might be the solution you’re looking for.

    So, what exactly is a crypto burner wallet and how can it keep your NFTs safe?

    NFT burner wallets what are they how to stay safe nftevening guide
    With NFT scams on the rise, it is important to take all the necessary precautions.

    What Is A Crypto Burner Wallet?

    Put simply, a burner wallet is much like any crypto wallet, the only difference being that it is not permanent. In other words, it is a temporary wallet that you use just for minting NFTs or making any transactions on a dApp. 

    Originally, Ethereum developer Austin Griffith developed a “Burner Wallet” in 2018 to make it easier to use crypto for daily transactions. As ConsenSys founder Joe Lubin explained, it is “sort of, a throwaway wallet for petty cash onto people’s phones, through a QR code.”

    To explain, users could simply scan a QR code on their phones to make payments in crypto. However, today, you can use any wallet (hot or cold) as your burner wallet—you don’t necessarily need a dedicated burner wallet. The idea is to create a wallet separate from your main wallet where you keep only the minimum required amount to mint an NFT and/or pay for gas. 

    Why Do You Need A Burner Wallet?

    Usually, you can use a crypto burner wallet when you are interacting with an insecure site, when you want to transact quickly, or don’t want to reveal your actual holdings. These days, an increasing number of people are using these wallets to mint NFTs. The primary reason for this is the growing instances of NFT scams.

    Often, through phishing attacks and other means, hackers can gain access to your wallet. Before you know it, they can drain your wallet of all the crypto and NFTs, leaving you empty-handed. However, by using a burner wallet, you can keep your primary assets safe.

    Even in a worst-case scenario where a hacker gains access to your burner wallet or a project you minted is a rug pull, only the limited crypto in your account will be at risk. All your remaining assets will remain safe in your main wallet. 

    A ledger wallet surrounded by cryptocurrencies
    You can use hot or cold wallets.

    Some Tips to Keep in Mind

    If you plan to use a crypto burner wallet, make sure to keep these safety tips in mind: 

    • Give a nickname to your wallet so that you don’t mistake your permanent wallet for a burner wallet. 
    • Regularly move funds and assets from your burner to your more secure, permanent wallet.
    • It is a good practice to swap burners occasionally.

    While using a burner wallet is a good step to keep your NFTs space, always do your own research and take enough precautions to stay safe at all times. You can also use the Sunrise browser extension to detect NFT scams.

    Join Our New "To The Moon" daily Newsletter

    Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts & stay on top 👊🌚

    Thank you!

    You have successfully joined our subscriber list.

    .

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    featurednft securityNFT Wallet
    Previous Article‘IMAGINE’ Art Posters to be Auctioned as NFTs for Charity
    Next Article MoonPay Hires 2 New Members Of Staff For Its NFT Concierge Service
    Reethu Ravi
    • Twitter
    • LinkedIn

    Reethu Ravi is a journalist currently based in the UK, covering environment, sustainability, tech and innovation. When not found between the pages of a book, she can be seen catching up on the latest developments in the tech world. A naval architect-turned-journalist, she loves bringing stories of change and innovation to the limelight.

    More great NFT Evening content:

    A Guide to the Glitch Art Movement From Web2 to Web3

    January 27, 2023

    Who is Andr3w? Everything about NFT Influencer Andrew Wang

    January 24, 2023

    The Ultimate Guide To Paying NFT Taxes Around The World

    January 9, 2023

    NFTs of 2022: A Year in Web3 News

    January 2, 2023

    Instagram NFTs: What It’s All About And Why You Should Care

    December 24, 2022

    NFT Christmas Gifts and Festive Mints For The Season

    December 22, 2022

    How To Promote Your NFT Collection: The Top Free and Paid Ways

    December 20, 2022

    The NFT Bubble Has Finally Burst, or Has It?

    December 19, 2022
    Latest NFT News

    Takashi Murakami x Hublot Drop NFTs Linked To Physical Watches

    February 6, 2023

    Louis Vuitton x Yayoi Kusama To Drop 10,000 NFTs

    February 6, 2023

    Are These NFT Twitter Accounts Liking Your Posts? It’s a scam!

    February 6, 2023

    NFTs Driving Change: How Rejell Is Advocating Climate Action With Its First NFT Drop

    February 5, 2023

    Logan Paul Hit With Lawsuit Over Alleged CryptoZoo Rug Pull

    February 4, 2023

    Oscar Award Winning Filmmakers Turn To NFTs For Funding

    February 4, 2023

    Dookey Dash: How to Make a High Score on the BAYC Game

    February 3, 2023

    Satvik Sethi Leaves Mastercard NFT Due to “Harassment” and “Distress”

    February 3, 2023
    Get The FREE Exclusive Report
    CLICK HERE

    NFTevening is the biggest website for NFT news. We cover; breaking news, upcoming mints, plus, interviews with top NFT artists and projects. Put simply, we are the best place for new and experienced non-fungible token fans — making content fun & accessible

    Privacy policy
    Terms and conditions

    Article Categories
    • Blockchain games
    • Collectibles
    • Crypto Art
    • Guides
    • Interviews
    • Metaverse
    • Music
    • News
    • NFT Marketplaces and Tools
    • Sponsored Content
    • Top Blockchain Games
    • Top NFT Projects
    NFT Calendar
    • Today’s NFT Drops
    • Upcoming NFT Drops
    • Solana NFT Drops
    • NFT Calendar
    • NFT Calendar : Add Your NFT Event
    Get In Touch
    • Advertise (Media Kit)
    • Collaboration and Press Releases
    • Job Opportunities
    • About Us
    • Contact Us
    NFT Beginners Guides
    • How to Sell NFT Art
    • How to Create NFT Art
    • How to Display NFT Art
    • How To Make Passive Income With NFTs
    • Best Crypto Wallet
    • Best NFT Coins
    • Best NFT Rarity Tools
    • What is a DAO ?
    • What Are Crypto Gas Fees ?

    Type above and press Enter to search. Press Esc to cancel.