# Doubling Down on NFT Security 🛡️ *Author: William M. Peaster* *Published: Jan 27, 2023* *Source: https://www.bankless.com/de/doubling-down-on-nft-security* --- Dear Bankless Nation, Kevin Rose, a co-founder of Proof Collective and projects like Moonbirds, was tragically hacked this week. He was tricked into signing a bad transaction that seemed legit, at which point a hacker was able to swipe out dozens of grail NFTs from one of his wallets. > It looks like @kevinrose wallet was just compromised...Millions and millions in NFTs drained... — Cirrus (@CirrusNFT) [ 6:49 PM ∙ Jan 25, 2023 ](https://twitter.com/CirrusNFT/status/1618320159743303683)[](https://twitter.com/CirrusNFT/status/1618320159743303683) The episode is an unfortunate and stark reminder that in this early crypto frontier, one slip up can be enough to give hackers the in that they need. The good news? There *is *a growing field of resources people can use to prevent these sorts of NFT thefts. For my Bankless Tactic Tuesday post next week I’ll be publishing a guide on how to double down with these security tools, so be on the lookout for that. In the meantime stay vigilante out there, thanks for reading everyone, and have a great weekend ✌️ -WMP --- ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2fa69b1347-e5d6-4fd9-bcea-14055169e25a_1215x308.png) ### **🧠 The big picture** > The cumulative market cap of the NFT space has risen to [8.8 million ETH](https://nftvaluations.com/), or ~$14.2B USD, a week-over-week climb of 6%. At a time when many mainstream critics are writing off NFTs as totally dead, the economy of digital things on Ethereum continues to thrive. ### **📊 This week by the numbers:** > Unsurprisingly, the Sewer Pass access NFTs dominated weekly volume stats as all eyes remain on [Yuga Labs’s Dookey Dash](https://twitter.com/BoredApeYC/status/1618308430225362945) skill-based mint competition. We also saw a really strong volume showing around [The Memes Collection by 6529](https://dune.com/cat/memes-by-6529), which has become an iconic series to watch in 2023. #### **🔝 7D top collections by volume** ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2fd9ff844d-9468-4a44-9719-b97110aad6e0_1600x758-png.jpg)*via [degenz.finance](https://www.degenz.finance/)* #### **🛒 7D NFT marketplace stats** > This week we saw OpenSea break out with a decisive volume lead over Blur once more. Stats-wise, X2Y2 is firmly in 3rd place right now with LooksRare a distant 4th. ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2f445443ec-700f-4d44-bc55-d6115b129287_981x784-png.jpg)*via [degenz.finance](https://www.degenz.finance/)* #### **🛍️ 3 biggest buys this week** > There were more major Yuga Labs transactions this week. One was a BAYC sale and the other was an Otherdeed sale, and both purchases were for over the equivalent of ~$240k USD in ETH. This week we also saw a Fidenza, the crown jewel of the Art Blocks ecosystem, crack the top 3 with a Ξ145 resale. ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2f26da7d89-82f0-4197-bdc6-7cf5b3897eb5_1600x403-png.jpg)*via [cryptoslam.io](https://www.cryptoslam.io/)* --- ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2f3f8b75de-2fc9-4018-80cf-e407c450a673_1216x308.png) ### **📰 General news** - **Floor**, the NFT price tracker service, [acquired NFT analytics platform WGMI.io](https://mirror.xyz/treasury.floornfts.eth/eLoZs5lRYfq84qgRd3eRJwC4Gd1V5btakPYBciBYBoA). - **owl.eth **introduced the [Guardian Contract](https://twitter.com/OwlOfMoistness/status/1512740592236826632), a way to lock NFTs from being stolen. - **Nounlets **kicked off auctions for Noun 129, which was [tributed by Beets DAO](https://twitter.com/nounletswtf/status/1617959954543169536). ### **🏆 Digital collectibles** - **Doodles **announced plans to **1)** acquire [animation studio Golden Wolf](https://twitter.com/_Goldenwolf_/status/1617501806497792000) and** 2)** migrate its [upcoming Doodles 2 collection to Flow](https://twitter.com/poopie/status/1618271090459160577). - **Pudgy Penguins** launched support for cross-chain bridging [Lil Pudgys](https://twitter.com/pudgypenguins/status/1618288231552004100). - **RARE SCRILLA** and other Pepe artists are launching [Fake The Memes of Production](https://twitter.com/jakegallen_/status/1618404315072462853), a dank satirical spinoff of Punk 6529’s [The Memes](https://6529.io/collections/the-memes/). ### **🎨 Cryptoart & music** - **Folia **hosted the [mint for Joan Heemskerk’s CABLE](https://twitter.com/foliafoliafolia/status/1617538868764463104), a collection of 545 on-chain SVGs representing the undersea fiber-optic cables that underpin much of the internet. - **RAC **released [Sonhar](https://www.sound.xyz/rac/sonhar), a limited-edition song. - **Sound **rolled out support for [open edition (OE) mints](https://twitter.com/soundxyz_/status/1617568069999640576). ### **🎮 Decentralized gaming** - **Axie Infinity **published its [January Dev Update](https://axie.substack.com/p/axie-january-dev-update) and introduced the [Budget Axie Challenge](https://axie.substack.com/p/budget-challenge). - **Sorare **rolled out a new [Capped Mode competitions](https://medium.com/sorare/sorare-calendar-game-weeks-342-345-c1ca445f61c5). ### **🌐 Virtual worlds** - **Decentraland **is hosting a [Film Club 2023 contest](https://decentraland.org/blog/announcements/film-club-2023-show-the-world-what-you-love-about-decentraland-and-win-big/) to field 30-second videos showcasing its virtual world. ### **🪙 NFTfi** - **Treasure DAO **voted to sunset its [Atlas Mine $MAGIC staking](https://snapshot.org/#/treasuredao.eth/proposal/0x89c49753bf91a6cf246751fd819d272aad48e15793618278416eb4726b6c4ca1) system. --- ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2f4eeb6ca7-a293-46e4-b1f9-c4b15eb49765_1214x309.png) #### **🎆 Mint spotlight: **[**Sewer Pass**](https://opensea.io/collection/sewerpass) > Released last week by Yuga Labs as a free claim for BAYC, MAYC, and BAKC holders, the Sewer Pass access NFTs have since undergone a trading frenzy as people have been cramming in to try the associated Dookey Dash game + speculating on what the Sewer Pass NFTs will evolve into. The collection has already done over Ξ24,000 in trading, and its [highest-tiered NFTs](https://opensea.io/collection/sewerpass?search[sortAscending]=true&search[sortBy]=UNIT_PRICE&search[stringTraits][0][name]=Tier&search[stringTraits][0][values][0]=4) have already reached a floor price of nearly Ξ8. > The @yugalabs/@BoredApeYC team is on pace to bank $6M-$8M from Sewer Pass secondary sales and $1.5-$3M USD worth of @apecoin in the duration of the Dookey Dash game. And this is just part one of the Trial of Jimmy the Monkey.Moral of the story? Don't. Fade. Yuga. — Steve 🤙 (@NFTbark) [ 5:29 PM ∙ Jan 22, 2023 ](https://twitter.com/NFTbark/status/1617212798249095169)[](https://twitter.com/NFTbark/status/1617212798249095169) #### **🔭 Mint watch:** - [**Balagan**](https://www.gmstudio.art/collections/balagan) — *a generative art series by Sapir Cohen, Balagan’s amazing blocky aesthetics and gm.studio backing make this a compelling drop; reserved mints begin on Jan. 28th* - [**Night Run**](https://twitter.com/night_runnn/status/1618032736853426178) — *developed by the creators of Terraforms, Night Run is a cross between conceptual art, hypnotic music, and a procedurally-generated city driving game; pre-sale minting kicks off today with a public sale potentially slated to start on Jan. 28th if remaining supply allows* - [***Nyan Balloons***](https://twitter.com/PRguitarman/status/1618837401526497281)* — launched by Nyan Cat creator Chris Torres, Nyan Balloons is a burn-to-redeem NFT color changing experiment that doesn’t disappoint in the cuteness department* --- ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2fd41e2d4f-5829-45db-8724-4ef212ed3303_1214x308.png) #### **🙇 3 insightful threads weekly to level up your NFT knowledge!** > 1.** underground** on how to trade NFTs based on market momentum: > NFT Momentum Trading Guide 🧵Oftentimes the NFT market presents “momentum trade” opportunities whereby a project has more buyers (demand) than sellers (supply), causing the price to breakout to the upside, giving you an opportunity to profit on the momentum. — underground (@underground) [ 6:32 PM ∙ Jan 25, 2023 ](https://twitter.com/underground/status/1618315818839986178)[](https://twitter.com/underground/status/1618315818839986178) > 2. **GameFi Guide **on how to start playing The Beacon: > Feeling Adventurous for a New Web3 Game? 🧙Test your skills in a randomized dungeon battle in @The_Beacon_GG & win NFT loot. 💎Then customize your house with your treasures &show off to your friends. ⚔️🐲🧵 Game Thread 🧵Let's Dive in.👇1/22 — GameFi Guide 🧙‍♂️ (@GamefiGuide) [ 8:02 PM ∙ Jan 20, 2023 ](https://twitter.com/GamefiGuide/status/1616526668516188160)[](https://twitter.com/GamefiGuide/status/1616526668516188160) > 3. **Ian Rogers on **security tips for Ledger hardware wallet users: > 1/ We were heartbroken last night over the attack on @kevinrose's wallet. Not only because we felt Kevin’s pain, but because of what it tells us about the state of security across the whole NFT ecosystem.We would like to share some thoughts on staying safe in this thread 🧵👇 — ian c rogers (@iancr) [ 4:17 PM ∙ Jan 26, 2023 ](https://twitter.com/iancr/status/1618644203516628992)[](https://twitter.com/iancr/status/1618644203516628992) --- ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2f96b6fb36-9c71-4daf-846a-8ffb1254f16a_1214x309.png) #### **✨ My NFT tool of the week: **[**Terminal**](https://www.terminal.co/) > Developed by web3 launchpad Forefront, Terminal is an awesome dashboard for tokenized communities. You can use this site to track live DAO auctions, review governance proposals, sort projects by various metrics, and more. If you’re looking to keep tabs on a range of NFT DAOs, this platform is a great place to start. > [🟪 Terminal changelog — #2+ New Listings+ New Metrics on Rankings+ Marketplace sort feature+ Other improvements↳ ](https://twitter.com/viaterminal/status/1618700310842581006)[terminal.co](http://terminal.co/) — Terminal (@viaterminal) [ 8:00 PM ∙ Jan 26, 2023 ](https://twitter.com/viaterminal/status/1618700310842581006)[](https://twitter.com/viaterminal/status/1618700310842581006) --- ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2f8e68df74-8f96-49ea-91b0-7263c1083f88_1216x309.png) #### **💥 You might be paying more **Ξ in **gas than necessary!** > Are you a regular MetaMask user who always uses the default gas settings when conducting your wallet transactions? Then you may be paying up to x10 more in ETH than you need to! Here rayzhu.eth suggests a priority fee of ~0.2 gwei as a more than sufficient lower alternative for your transactions: > Are you using metamask to send transactions?You're probably paying too much in gas!Metamask sets the default (market)🦊 priority fee to 1.5 gwei, low🐢 to 1 gwei, aggressive🦍 to 2 gwei.In reality, you need about 0.2 gwei for your priority fee! even that is usually too much. — rayzhu.eth🚯 (@rayzhueth) [ 12:17 AM ∙ Jan 23, 2023 ](https://twitter.com/rayzhueth/status/1617315540942585856)[](https://twitter.com/rayzhueth/status/1617315540942585856) --- ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/02/https-3a-2f-2fsubstack-post-media-s3-amazonaws-com-2fpublic-2fimages-2f8a861787-300f-47eb-b3c0-c1e2bc32d98c_1216x308.png) #### **😜 NFTs are so back…** > You know how you can tell? There’s seemingly an *endless* stream of interesting projects to keep track of again, yet only so much time in the day to do so: > — Rooshy.eth (@ILikeNFTs) [ 5:33 AM ∙ Jan 25, 2023 ](https://twitter.com/ILikeNFTs/status/1618119974081679361)[](https://twitter.com/ILikeNFTs/status/1618119974081679361)