New crypto company wants to secure your NFTs from hackers

In recent months, we have witnessed a record amount of stolen cryptocurrencies. Non-fungible tokens (NFTs) were also not safe, and were often the target of hackers. That has to change, according to a new startup called Tokenproof.

Hackers target NFTs

Token proof is a token-gating platform, which allows you to prove that you own an NFT without exposing it to security risks. Think of it as a kind of cash book for expensive items that are safely stored in a safe.

And that is also necessary, because hackers have started targeting NFTs specifically. For example, Discord servers targeting NFTs have been a popular target recently. Hackers managed to steal more than 200,000 euros worth of tokens. In March, the official Instagram account of Bored Ape Yacht Club (BAYC) was hacked, leading to a loss of 13 BAYC NFTs.

Some NFTs are not only worth an incredible amount for a ‘simple picture’, they also have more and more possibilities. For example, they can be used as an entrance ticket to events, as has been shown with the BYAC NFTs and Cryptopunks. A kind of cash book is therefore of great importance.

Raised starting capital

CoinDesk spoke to Tokenproof CEO Alfonzo Olvera. The digital cash book ensures that your tokens are in cold storage can stay put without missing out on the additional utility of the NFTs. The startup has raised $5 million in seed funding from venture capitalist Penny Jar Capital.

It is not yet clear when we will see the first results of these investments. However, it seems that the platform is already working. You can already connect your Ethereum (ETH) wallet, and the corresponding app is already in the App Store and on Google Play. Perhaps it is therefore mainly about expanding the ecosystem, for example by integrating the techniques on other platforms, such as Facebook and Instagram. Your NFTs may therefore already be securely stored in advance.

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