NFT online communities are an exciting space in the world of crypto. With growing interest in the NFT space, new methods of phishing, fraud, and scams are also taking place.
At Coinbase, the security of your profile and your assets is our top priority. However, safety and security is a shared responsibility, and protecting your private keys and recovery phrase should be your top priority when using your self-custody wallet anywhere. Note that all crypto wallets are self-custodied, meaning that you and only you hold the private keys and Recovery phrase. That means, if you lose the private keys and Recovery phrase, you lose access to your wallet.
We strongly encourage you to write down and store your Recovery phrase in a secure location and private location. If you’re a Coinbase Wallet user, you also have the option to store parts of your Recovery phrase in different online or offline locations to reduce the risk of all your data being exposed in the event of a security breach via encrypted Google Drive or iCloud.