Protect Your NFTs with TAP – Three Addresses Protocol

Punk 6529, in his recent threads has explained the TAP; Three Addresses Protocol which must be used by anyone in the NFT/Crypto space to keep their digital assets safe and secure. Here you will find what it is exactly and how to do it!

In the exhilarating world of NFTs, safeguarding your prized digital assets is paramount. One essential technique that can help you secure your grail NFTs and prevent phishing attempts is the Three Addresses Protocol, or TAP. TAP is a simple yet powerful approach that every NFT enthusiast should consider adopting.

The Three Addresses Protocol (TAP) Explained

TAP stands for Three (T), Address (A), Protocol (P). It’s a strategy to ensure the safety of your NFT collection by dividing your holdings into three distinct Ethereum addresses, each serving a specific purpose.

Address 1: Vault

This is your fortress, your ice-cold storage for NFTs you’re not currently selling. The Vault address should never, under any circumstances, connect to external services. It’s where you hold your most valuable NFTs, and you only transfer assets in and out of this address.

Address 2: Transaction

Consider this address as your warm, active hub for NFTs currently on the market. You use it exclusively for selling or buying NFTs on reputable exchanges. Once a transaction is completed, promptly transfer your NFTs to either the Vault or another secure address.

Address 3: Minting

This hot address serves the purpose of creating new NFTs. You maintain no NFTs in this address, and you’re free to mint from it wherever you choose. However, after minting, promptly move your newly created NFTs to the Vault or Transaction address.

Why TAP Matters

TAP is your shield against phishing attacks and unauthorized access to your NFTs. By strictly adhering to this protocol, you disconnect your NFT addresses from tempting but potentially perilous links on social media platforms or messaging apps.

It’s crucial to understand that TAP is wallet-agnostic; it works with any wallet setup. Whether you’re new to the NFT scene or a seasoned collector with a hardware wallet, implementing TAP ensures an additional layer of security.

Hardware Wallets and TAP

While hardware wallets are an excellent security measure against computer malware, they cannot safeguard you if you voluntarily connect your hardware wallet to a suspicious wallet-draining source. TAP complements hardware wallets by emphasizing the importance of address separation and secure practices.

How to Implement TAP

A good TAP setup might involve Minting (MM Address), Transaction (Hardware Wallet Address #1), and Vault (Hardware Wallet Address #2). For added security, you can even introduce a fourth address as your “safe” for extra layers of protection.

Delegation and Beyond

In certain scenarios where you need to mint NFTs based on your existing collection, delegation can be a solution, but it’s essential to approach this with caution.

Conclusion

In the ever-evolving NFT landscape, TAP is your beacon of protection against phishing scams and unauthorized access. Remember, TAP is wallet-agnostic and adaptable to various setups, making it accessible to all NFT enthusiasts. By implementing TAP, you can enjoy your NFT journey with peace of mind, knowing your treasures are safeguarded against threats.

Also you can find the original tweet from punk6529 here!

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