In light of the latest GameFi hack all over the news where $625 million was stolen from the blockchain that one of the top blockchain games Axie Infinity operates on, it’s totally understandable that some would be wary of the dangers of DeFi and blockchain. Honestly, in this day and age, hacks like the Axie one are still an anomaly. Although such anomalies are hard to predict and hence protect yourself against, there are still several ways you can keep your earnings and savings safe in the risky yet rewarding land of crypto.
Here are the four things you should always do to protect yourself in GameFi, or even the DeFi land:
- Have a good, secure wallet
To start with, it’s crucial to have a good, secure wallet with 2FA. Many wallets out there don’t have 2FA and can also be quite complicated to use. An example of an ideal digital wallet would be the MetaPocket digital wallet that has 2FA features and supports all the top blockchain platforms and games, whether it be Ethereum, Binance Smart Chain, Polkadot, Fantom, Axie Infinity, The Sandbox, Mobox and much more. You can participate in multiple GameFi projects and earn from all of them within the MetaPocket app. It prioritizes usability and security – two things that many wallets out there still cannot claim. You would want a wallet that makes navigation easy especially when anything feels unsure, so that you can take control of the situation quickly.
- Never put all your eggs in one basket
As the Axie Infinity case has taught us, no matter how popular a game is, there is no one game that will ever be 100% safe, whether it be from a hack or from the game tokens losing value. We would recommend for you earn from multiple GameFi projects, so that any investments you make would not go down the drain in any unfortunate case that occurs. Some of the top games to participate in include Decentraland, Mobox, The Sandbox, Aavegotchi and more. If you prefer a certain style of game, you can do some research on that too to participate in a few of the similar style games.
- Be wary of scams
Crypto is rife with scams and nobody can deny that. While the rewards are extremely high, there are risks too. Before you invest in any project, do remember to DYOR on the project and find out how it works. You can also join their community chats to voice out any concerns you may have. Don’t give away your funds blindly!
- Don’t invest more than you can afford
You’ve probably heard this before – not to invest more than you can lose. It’s not to say that you will lose your money (in that case, nobody would invest) but given the risks involved with all things crypto, the money you intend to grow should be money you won’t need in the short term.
Stay safe, and keep the gains coming!