5 Best NFT Wallets you should know

NFTs are currently taking over the world of digital art and collectibles. Massive sales to a new crypto-audience are changing the lives of digital artists. Celebrities are joining in as they see a new way to connect with fans. 

 

However, digital art is only one application of NFTs. They can be used to represent ownership of any unique asset, such as a deed for a digital or physical item.

 

NFT wallets are an important part of the investment process because they allow you to store both your cryptocurrency and your NFTs in one place. Because of the NFT industry's rapid growth, there are now hundreds of wallets available for investors, each with its own set of tools and features.

 

This guide will go over the best NFT wallet in detail to help with the decision-making process. We'll go over the top investment options available to you.

 

What is an NFT Wallet?

 

An NFT wallet is a specialized piece of software (or hardware) that can securely store your NFTs. To store your NFTs, the wallet must be compatible with the blockchain on which the NFT is built – for example, if the NFT is built on Ethereum, the wallet must support that network. Most NFT wallets are accessible via a mobile app, though some also include a browser extension.

 

NFT wallets technically only contain the location of the NFT within the network because NFTs are stored on the blockchain. As such, they are an essential part of keeping your NFT secure and retaining ownership of the asset. Aside from keeping your assets safe, the best NFT wallets also provide a number of extra features, such as the ability to view, share, and send NFTs to others.

 

Also Read |  7 Top NFT wallets in 2022

 

Features of NFT Wallet

 

Here are some features to look for while purchasing an NFT wallet.

 

1. Friendly User Interface

 

For beginners, the concept of NFTs is already complicated, and the last thing you need is an app that complicates matters even further. As a result, it is advantageous to select an application that is simple to set up and use.

 

Because the industry is still in its early stages, there is no complete beginner-friendly wallet available. However, some of the few available options (particularly on mobile) can boast of being ideal for someone just getting started with collecting NFTs.

 

2. Multiple Device Support

 

The majority of NFT apps are available as web extensions, mobile or desktop applications, or both. Some, such as Metamask, are available on both devices and can synchronize transactions in real-time, making them ideal for anyone who wants to manage their tokens across multiple platforms.

 

3. Compatibility across Chains

 

Because of its popularity and large developer base, Ethereum is the most popular blockchain for NFT users. As a result, it is not surprising that the majority of wallets support Ethereum-based tokens (ERC-721 standard).

 

Importance of NFT Wallet

 

A physical wallet has more functionality than an NFT wallet. NFTs and cryptocurrency are not stored in your wallet.

 

Instead, it grants access to assets stored on the Blockchain. It assigns a private key to the address in order for the wallet owner to authorize transactions. You can own everything at the address if you have the private key.

 

A wallet can handle all technical details while also providing an easy user interface for buying, selling, and transferring NFTs or cryptocurrency. It can provide two-factor authentication for added security as well as a method to track your assets across multiple devices. 

 

However, if you want to mint, buy, and sell NFTs on other networks, you'll need a wallet that supports the blockchain network you want to use or offers cross-chain compatibility. Tezos, Zilliqa, Binance Smart Chain, and other blockchains that support these tokens are examples.

 

5 NFT wallets One Should Know

 

Below are the top 5 NFT wallets that one should know :

 

1. Metamask

 

One of the most popular cryptocurrency wallets is Metamask. Its browser extension allows quick and easy access to web3 sites such as NFT marketplaces. Metamask also makes it simple to create multiple addresses so you can keep your NFTs separate from your cryptocurrency, or you can create a single address for each NFT you buy.

 

ConsenSys, the company behind Metamask, plans to release a mobile app in 2020. The wallet's holdings sync flawlessly between the desktop and mobile versions. The mobile app also includes a browser for decentralized applications (dApps) and NFT marketplaces.

 

If you need to exchange currencies in order to purchase an NFT, Metamask has a built-in swap feature. You can also limit how much you pay in gas fees, though there is a chance that the transaction will fail. If you need to use a different blockchain, Metamask supports other platforms.

 

Advantages

 

• Metamask is simple to set up for anyone with a basic understanding of cryptocurrencies.
• Transactions are synchronized between mobile and web extension apps.
• Users can easily create and switch between multiple ETH addresses.
• The mobile version of Metamask includes a browser for exploring both NFTs and DeFi applications.
• The mobile app also allows you to send ERC-721 tokens from one address to another.
• Metamask supports direct swaps between Ethereum and other ERC-20 tokens.
• Users can set gas fees to match network activity using optimized and advanced fee customization.

 

Disadvantage

 

• Metamask works best with Ethereum and other EVM-compatible blockchains.
• Concerns have also been raised about the wallet disclosing personally identifiable information to data collection networks.

 

 

2. Coinbase Wallet

 

The fact that Coinbase Wallet is suitable for beginners contributes to its reputation as a top NFT wallet. Coinbase enables users to send and receive NFTs using usernames rather than public wallet addresses. 

 

The usernames ensure the flexibility of NFT transactions, which are similar to PayPal transactions. As a result, beginners will have no trouble dealing with NFTs using the Coinbase Wallet.

 

Most importantly, Coinbase Wallet supports the vast majority of notable names in the crypto world, including Bitcoin, Ripple, Litecoin, Stellar Lumens, and ERC-20 tokens. Coinbase Wallet, the best NFT wallet for beginners, also has a user-friendly app that aids in the storage of your own assets.

 

As a result, with Coinbase Wallet, you are less likely to lose rights to digital assets in your possession.

 

Advantages

 

• The company is well-funded to recover lost or stolen digital assets.
• It safeguards user control with two-factor authentication.
• All users have access to the wallet through multi-signature.
• The wallet is completely backed by Coinbase, a well-known cryptocurrency exchange.
• The wallet has advanced capabilities for granting and restricting access to digital financial instruments such as NFTs, altcoins, and stablecoins.

 

Disadvantages

 

• By storing the private keys elsewhere, the wallet can function as a hosted wallet. 
• The wallet does not currently support Bitcoin storage.

 

 

3. AlphaWallet

 

AlphaWallet is a cryptocurrency wallet that is free and open source. While it has some limitations (it's only available on mobile and only on Ethereum), its native support for blockchain games and NFTs sets it apart.

 

Beginners will appreciate the simple user interface. The wallet has a separate section for NFTs and gaming tokens. It also allows users to tag their tokens with meta tags, allowing them to easily search and filter them when browsing their collection.

 

AlphaWallet has direct integrations with OpenSea, CryptoKitties, Dragonarium, and ChainZ Arena, as well as other NFT marketplaces and blockchain games. It, too, has an in-built dApp browser to help you find more NFT marketplaces and direct access to DeFi apps like Compound.

 

Advantages

 

• All Ethereum-based games and tokens are natively supported by AlphaWallet.
• The app comes with a built-in web3 browser for exploring other dApps and DeFi apps.
• The interface is simple and ideal for those who are just getting started with Ethereum and NFTs.
• AlphaWallet is still in active development, so new features can be easily added to meet community demand.

 

Disadvantages

 

• Only Ethereum applications and sidechains are supported by AlphaWallet.
• The app is only available on mobile devices (Android and iOS).

 

 

4. TrustWallet

 

Among the most popular NFT wallets, Trust Wallet is another promising option. With over 5 million users, it is a well-known mobile wallet option suitable for NFT collectors. Trust Wallet users can find a list of decentralized apps for art marketplaces to ensure one-click access to sites like Axie Infinity, OpenSea, and others.

 

Despite the fact that Trust Wallet does not support NFT transfers, it can assist users in storing and managing their assets on the platform. Surprisingly, Trust Wallet supports native integration for well-known public chains such as Ethereum Classic and Binance Smart Chain. Trust Wallet's most promising feature is one-click access to NFT applications.

 

Furthermore, compatibility with multiple blockchain networks may open up additional opportunities in the long run.

 

Advantages

 

• Multiple blockchains are supported natively.
• Compatibility and synchronization across devices
• MathWallet includes a one-click dApp store where you can access NFT and DeFi Apps.
• For exchanging cryptocurrencies, the app includes a swap feature.
• Hardware Devices such as Ledger include Math Wallet integration, ensuring additional asset security.

 

Disadvantages

 

• iOS users are reporting dApp staking issues.
• Math Wallet is still under active development. As a result, users may encounter bugs, particularly on mobile versions.

 

Also Read | How to choose NFT platform?

 

 

5. Enjin

 

When looking for the best NFT wallet, you may come across Enjin. It's an intriguing blockchain-based wallet that allows you to collect in-game NFTs as well as other collectibles. Enjin allows you to store both NFTs and cryptocurrencies. 

 

Furthermore, the Enjin NFT wallet includes a marketplace for trading digital assets. You would have to use the Enjin project's native token, ENJ, in the marketplace.

 

Users can use a one-click browser to access various types of Ethereum-based decentralized apps, such as DeFi applications. The most promising aspect in Enjin's favor is that it provides the best NFT wallet with an appealing UI for the NFT collection. Furthermore, Enjin distinguishes itself from other wallet providers by providing a customer support desk.

 

Advantages

 

• Enjin's blockchain wallet has one of the best user interfaces for collecting NFTs.
• The app has a marketplace where you can trade in-game NFTs and other digital collectibles.
• Users can also convert one cryptocurrency to another using the built-in exchange feature.
• Unlike other wallet providers, Enjin has a customer support desk.
• Advanced security features such as biometrics and auto-lock are also included in the app.

 

Disadvantages

 

• Enjin wallet is only available on mobile devices.
• Only Ethereum-based NFTs and assets are supported by the app.

 

How does NFT Work?

 

So, how exactly do these NFT wallets work? As previously stated, the wallets handle all of the complicated tasks in the background, ensuring a smooth user experience. Even so, it's critical to understand what goes on behind the scenes in order to protect your NFTs.

 

NFT wallets typically perform the following functions:
 

Contains Your Private Key – A common misconception is that NFTs are stored in the wallet; however, this is not the case. NFTs are stored on the associated blockchain network, so owners can never truly 'have' them. 

 

NFT wallets, on the other hand, store your 'private key,' which represents ownership of a specific asset. Anyone who possesses this private key has access to the NFT – thus, this key must be safe

 

Allows You to Hold Crypto – If you're looking into how to invest in NFTs, you'll notice that the vast majority of NFTs are denominated in cryptocurrency. As a result, you must have some cryptocurrency on hand to make NFT purchases. The best NFT wallet will also handle this aspect, allowing you to safely store your cryptocurrency holdings.

 

Can communicate with NFT marketplaces – Finally, NFT wallets are ideal for establishing connections to NFT marketplaces. To make NFT investments, users will need to link their wallets to decentralized marketplaces like OpenSea. 

 

As a result, if you want to use a decentralized platform like this, you must first create an NFT wallet that supports the network on which the marketplace's NFTs are built.

 

If you want to collect or invest in non-fungible tokens, you'll need an NFT wallet. An NFT wallet is a cryptocurrency wallet that supports the NFT blockchain protocol. It must also support the currency used to purchase NFTs, such as Ether.