Non-Fungible Tokens (NFT) are unique tokenized representations of digital assets such as photos, videos, and audio files that are exchanged on public databases or blockchains. Distributed across networks of computers no single entity owns or controls the database while anyone can access the database, prove ownership, and transfer digital assets through the use of the private keys associated with their crypto wallet.
Unlike cryptocurrencies, NFTs are not fungible, meaning each NFT is unique and cannot be interchangeable with another NFT. This makes them truly unique and highly sought after to create a lucrative market for NFTs. In fact, the global NFT marketplace is expected to reach some $80 billion by 2025 with creatives plying their trades in creating digital assets in the form of NFTs that include artwork, music, videos, collectibles, or in-game assets. If you’re interested in collecting or investing in NFTs you’ll need an NFT wallet. In this article, we offer our guide to the best crypto wallets to store your NFTS. For more on NFTs check out our previous articles on how to create an NFT and how to make money with NFT.
What is an NFT Wallet?
NFT wallets offer similar utility as they do for cryptocurrencies. Crypto wallets help to securely exchange and store NFTs by providing you with a private key to the address where your NFTs and other digital assets are stored in. The private key in return helps you to authorize transactions securely and also track your digital assets across devices. Broadly speaking there are two types of wallet accounts self custody and custodial wallets. Self-custody wallets or non-custodial wallets are considered the safest wallet account type as they give users complete control over their private keys. Only the user has access to the private key that no third party has access to it. While with Custodial the private keys are under a third party which is often the wallet provider or an NFT marketplace.
Why You Should Have an NFT Wallet
Besides storing your cryptocurrencies your NFT wallet is your gateway to the world of NFTs as it helps manage your NFTs. NFT shopping can become a breeze with a well-designed wallet that can hold all your crypto assets under one roof. An NFT wallet will take care of the technical aspects required for you to buy, sell, and transfer NFTs. It helps to store funds to buy or mint NFTs as well as track your digital assets. Most NFT wallets offer the following:
User-friendly: Most NFT wallets offer a user-friendly interface (UI) that helps you to manage your digital assets. NFT wallets that are simple to set up and use can help to easily manage and keep track of your assets and revenues.
Compatibility with multiple NFT marketplaces: Most NFT wallets support several popular blockchains letting you the ability to mint, buy or sell NFTs while offering you access to options in terms of cryptocurrencies and marketplaces.
Offer backup and security: A crypto wallet is a more secure window to the NFT world. It not only securely stores your valuable digital assets but also offers backup to prevent losses.
8 Best NFT Wallets
Like cryptocurrencies, NFTs are stored in crypto wallets. Crypto wallets help to securely store and exchange NFTs. There are several crypto wallets available that include wallets from NFT marketplaces that manage assets on the consumer’s behalf to wallets that give consumers direct control over their digital assets. Below is our pick for 8 top NFT wallets.
1. Math Wallet
Math Wallet supports more than 70 blockchains and comes with its own utility token allowing you plenty of marketplaces to trade in NFTS. You can access this web wallet through desktop, and mobile versions of the wallet that can sync across devices while also integrating with several hardware wallets. With the Math wallet, investors can also stake and swap digital assets with relative ease.
2. Coinbase Wallet
Coinbase is a peer-to-peer marketplace that helps users mint, purchase discover and make NFT transactions. Users can download the Coinbase wallet, choose a username and use their Ethereum coins to buy NFTs. Users can also use their Coinbase Wallets on their mobile phones, to purchase NFTs from the app.
3. Trust Wallet
Trust Wallet which is part of the Binance smart chain offers you an easy way to keep all your crypto NFTs and game assets in one place. This popular mobile-only Ethereum wallet supports multiple blockchains. Thanks to its intuitive design Trust Wallet is beginner-friendly allowing novices to start using cryptocurrency and exploring the world of NFTs. Considered one of the most trusted and secure wallets to store NFTs, users can import their old wallets without having to back up their private keys or install any additional software.
4. Enjin Wallet
Enjin’ blockchain-based wallet helps users to collect in-game NFTs as well as other collectibles. It offers an end-to-end solution to launch NFT projects as well as trade NFTs. Users can send their NFTs through QR codes. Users can also manage infinite wallets and even import old wallets and easily track their hardware wallets all in one place.
5. Kukai Wallet
Kukai is a Tezos wallet and is accessible from desktops and other devices with an internet connection. It lets you securely store and access all your digital assets and NFT collectibles. Users can import their existing wallets through their Twitter, Reddit, and Google accounts.
Alpha Wallet is an open-source cryptocurrency wallet that lets you access and manage your NFTs on Ethereum Network. It works directly with OpenSea, CryptoKitties, Dragonereum, ChainZ Arena, and other NFT marketplaces and blockchains games. With this mobile-only crypto wallet, you can mint new NFTs, bid in an auction, transfer/you’re your NFTS. It uses the Secure Enclave on your mobile devices to provide you with enhanced security.
7. Metamask Wallet
Metamask is an Ethereum wallet and blockchain app that helps users to buy or sell NFTs on the Ethereum blockchain and other marketplaces. It works on both your mobile devices and browser while letting you switch between different gas prices depending on the type of transaction. It is compatible with the Binance Smart Chain while its browser extension supports hardware wallets Trezor and Ledger.
Coinomi is a multi-chain wallet designed for both mobile devices and desktops that provides native support to over 125 blockchains and thousands of smart chain tokens. It offers full support for NFTs and crypto tokens where users can store, access, and manage their ETH collectibles.
What to Look for in an NFT Wallet
A good NFT wallet will allow you to easily navigate through your digital assets and keep everything in one place. There are so many options out there as different blockchains require different NFT wallets, and very often, specific marketplaces will choose only a select number of wallet options to be supported by their site. Below Right now, the most widely supported wallet across NFT marketplaces is MetaMask, so this could be a good place to start.
Supports multiple cryptocurrencies: Besides being compatible with the NFT marketplace of your choice your NFT wallet should allow you to work with different cryptocurrencies under one roof. An even better wallet will help you convert one cryptocurrency into another thus opening up more opportunities for you to trade in NFT tokens.
Robust security: The best NFT wallets should offer you security features such as two-factor authentication which is an extra tier to protect from hacks.
Should work with popular NFT marketplace: If you’re an aspiring NFT creator make sure that your NFT wallet connects with popular NFT marketplaces such as OpenSea, Rarible, Mintable, Axie Marketplace, or NBA Top Shot Marketplace to increase your NFT collection.
Support multiple devices: Digital trading is a fast and fluid enterprise and requires you to make trades in real-time and often on the go- NFT wallets which work on both Desktop and mobile devices give you the ability to trade even on the go. When using mobile wallets you should make sure to use secure encryption technology to keep your data private and safe at all times. For more insights check out our article on 8 NFT Scams to Avoid.
What’s the best NFT wallet?
Math wallet is considered the best NFT wallet. It comes with native integration and support for a large selection of blockchains allowing users to manage assets across these networks seamlessly. Available as a mobile and web browser extension it features one-click Decentralized apps that allow you to access NFTs, Decentralized Finance (DeFi apps) while letting you swap cryptocurrencies making it a perfect wallet choice.
How do you get an NFT wallet?
You can create your NFT by following these simple rules:
1. Download an NFT wallet app based on particular requirements and needs.
2. Create your account by following the signup instructions
3. Record and keep safe your recovery phrase. Some wallet apps may allow you to add an extra layer of security such as facial recognition or creating a passcode.
4. Purchase and deposit some cryptocurrency into your wallet.
5. Once finished you can start minting, buying, or collecting NFTs.
If you have decided to make the leap into the world of NFTs check out our articles on How to Buy an NFT and How to sell an NFT.
How many NFT wallets are there?
In recent years NFT trading continues to mushroom by the third quarter of 2021, there were roughly 185,000 unique wallets. With more and more people joining the digital marketplace for NFTs this figure is expected to continue to grow.
This article, “8 Best NFT Wallet Options” was first published on Small Business Trends