Survey: Only 10% of NFT owners have never encountered a scam

PrivacyHQ surveyed more than 1,000 people in the United States who actively invest in and own NFTs to find out how they protect their digital collections.

After the results are announced Recently, 9 out of 10 investors have experienced an NFT scam.

Favorite NFT wallet

When asked which NFT wallet they use to protect their assets, respondents also indicated how much they have invested in them and how secure each option is.

On average, survey participants invested $623 in NFT.

The Most Popular NFT Wallet | Source: PrivacyHQ

MetaMask emerged as the top choice for those looking to store NFTs, as well as the only wallet used by more than half of survey respondents (52.8%).

Meanwhile, Math Wallet, Trust Wallet, AlphaWallet, and Coinbase Wallet received between 46.8% and 49.9% ratings from participants.

Coinbase wallet is a leader in terms of total investment, with an average of $675 saved in the wallet by users.

“However, there is no wallet that gives users a total sense of security. MetaMask leads as 63.8% of users feel their investments are safe when hosted here.”

When asked about their preferred wallet for managing their NFTs, respondents chose a desktop wallet (75.5%). Meanwhile, 63.2% said they prefer mobile wallets, and 25% prefer wallets that support multiple devices.

More than half (56.7%) consider cloud storage to be important, while around a quarter (26%) point to cross-chain compatibility as a feature that needs attention.

NFT scam

Less than half of those surveyed said they felt very confident about the security of the NFT, while nearly 15% admitted they did not feel at all confident, despite the majority of surveyors participating actively protecting their assets.

Most Popular NFT Safety Devices | Source: PrivacyHQ

According to research, the majority of NFT owners use complex passwords (67.3%), two-factor authentication (65.2%), and keep recovery phrases in a safe place (55.3%). Additionally, over 33% of respondents performed their NFT backups daily.

The report also shows that a large percentage of users have experienced phishing and security threats.

Most Common NFT Scams | Source: PrivacyHQ

The most commonly reported scam was the complete shutdown of the NFT provider (44.8%), followed by investing in an NFT project that disappeared into thin air.

Another 43.3% fell victim to a fake scam project, while 41.8% participated in a fake NFT giveaway.

While only 1 in 10 respondents said they had never experienced a scam, two in three NFT holders admitted to having experienced volatility and panic selling of NFTs in the past.

However, the vast majority of people who experience an NFT loss (over 90%) are able to regain some of what was lost.

Percentage of investors who lost NFT and regained part of their wealth | Source: PrivacyHQ

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