If you have digital assets, such as cryptocurrency and NFTs, you must learn how to manage them effectively. The best you can do is to set up a well-structured management system for your digital assets so that you can improve security, asset discoverability, and simplify collaboration.
With that said, here is a list of the best practices that you can implement to keep your digital assets well-managed.
Establish Your Goals
The first thing to do is to establish your goals regarding why you need to manage your digital assets and what you want to achieve. Once you have clearly defined your goals, you will find it easier to choose the right software and tools, along with the successful implementation of the software and tools. A good way to start is to analyze your current pain points.
For instance, you might have trouble locating your digital assets due to slow speed. Your CMS might be inefficient in supporting the growing digital asset libraries. Once you know the pain points, you can subsequently establish your goals.
Opt for A Custody Wallet
You can effectively manage all your digital assets with the help of a custody wallet, which is where designated custodians will manage the assets on your behalf. Depending on the digital asset custody, you may have direct access to the private keys. If you forget your password by any chance, as it can happen, your custodian will help you verify your identity so that you can regain access and also ensure that you haven’t lost any of your digital assets.
According to BitGo, the goal of custody wallet services is to provide you with the same level of protection and services that you enjoy for your traditional assets, such as bonds and cash. The services of a custody wallet include secure storage and the capability to swiftly access, buy, and sell digital assets.
Integrate Security Standards
To manage your digital assets effectively, you must integrate security standards. With that said, you might want to integrate administrative and technical controls to maintain the security of your sensitive information and assets and prevent it from falling into the wrong hands. Now, when it comes to technical controls, you might want to integrate encryption of all your sensitive data. Use firewalls to block any unauthorized access.
You can also make the most of multifactor authentication to ensure that only you or designated authorities can access your digital assets.
On the other hand, administrative controls can include the formulation of incident response plans for effectively dealing with security risks. Also, with administrative controls, you can have a backup plan to ensure that your assets can be safely recovered.
Final Thoughts
To manage your digital assets effectively, you might want to focus on internal collaboration, too. Make sure that all communication takes place on a single interface, ideally within a dedicated digital assets management system. With dedicated software in place, you can massively improve team collaboration and make sure that everyone is on the same page while working on the same storage drive. The software can also help you improve your team’s workflow and customer relationship management.