With rising interest in investing in NFTs, many investors have sought the best NFT wallet to use for their digital collectibles. They keep several features in mind while searching for the best NFT wallet to meet their needs. If you are also searching for the best NFT wallet to use, this article is designed for you.
To begin with, however, what is an NFT? A non-fungible token is a digital asset, stored on the blockchain, that cannot be interchanged for another asset, due to its existing unique features. They are built and stored on the blockchain. NFTs can represent pictures, music, real estate, etc.
An NFT wallet is used to store these NFTs owned by a user. From the wallet, a user can buy, sell, and trade their NFTs. But what is the best NFT wallet to use? To find the answer to the question, let us consider the following:
- What Is an NFT Wallet?
- Where to Get an NFT Wallet?
- Best NFT Wallets to Use
- How to Send NFT From One Wallet to Another?
- How Does NFT Wallet Work?
- Are NFT Wallets Safe?
- Are NFT Wallets Free?
What Is an NFT Wallet?
An NFT wallet is designed to store NFTs belonging to a user. It allows a user to buy, sell, swap, and store their NFTs, commonly called collectibles.
As NFTs come from different blockchain networks, an NFT wallet must support these blockchains to enable you to use them to house your NFTs. Examples of these networks include Ethereum, Solana, Polygon, BNB Chain, etc.
Where to Get an NFT Wallet?
You can get an NFT wallet from the official website of NFT wallet service providers. Such providers include MetaMask, Enjin, Trust Wallet, etc.
Most of these wallets are categorized according to their offered features, such as safety & security, simplicity, and so on. They can also be specially designed to serve retail users or institutional investors.
Interestingly, most of these apps offered by service providers also support storing and trading of cryptocurrencies.
Best NFT Wallets to Use
Having understood the concept of an NFT wallet, let us discuss the best NFT wallets to use. Here are eight (8) of the best NFT wallets you can use:
MetaMask is an NFT wallet that is designed to enable users to access their wallets through a browser extension or mobile application. The platform hosts over 30 million active monthly users globally. MetaMask is classified as a self-custodial wallet as users store their private keys themselves.
It runs mainly on the Ethereum blockchain. Aside from Ethereum, it also supports blockchains such as Polygon, Avalanche, BNB Chain, Fantom, etc.
MetaMask is a multifunctional platform because it allows for buying, selling, swapping, and trading NFTs, cryptocurrencies, and even several decentralized applications (dApps). Additionally, it supports connections to NFT marketplaces like OpenSea and Rarible.
Ledger Nano X
Ledger Nano X is a USB hardware wallet that stores and manages crypto and NFT assets. Using Bluetooth, a user can connect the wallet to a large screen for easy access. It is notable for its security and user-friendly interface.
The hardware wallet enables the storage of NFTs and cryptocurrencies offline. It only gets connected to the internet when confirming a transaction. However, to use the USB wallet, a user would spend some money to purchase the wallet and cover transaction fees.
Trust Wallet is a crypto wallet that enables crypto assets to send, receive, and store their assets. The platform has a dedicated section that supports the trading of NFTs. It also gives a detailed breakdown of the properties of the NFTs stored in the wallet.
Similar to MetaMask, Trust Wallet is a self-custodial wallet, enabling users to have sole access to their private keys. Users can create multiple wallets in the app. The platform supports several blockchains such as Ethereum, BNB Chain, and several others. It is a subsidiary company of the leading crypto exchange Binance.
The mobile app supports multiple blockchain networks. It equally allows for integration with dApps. It is available for iOS and Android devices. It also has a user-friendly interface, making it easy for newcomers to the blockchain to access the services offered on the platform.
Coinbase is an American-based cryptocurrency exchange. Coinbase Wallet is a self-custodial wallet that features the trading of cryptocurrencies. The wallet is termed a wallet for beginners because of its easy-to-understand interface.
In 2021, the company added support for the trading of NFTs. The firm also added a browser extension that aided easy access to NFT trading and other services relating to decentralized finance (DeFi). It boasts a user-friendly interface, enabling new users to easily access its services.
Math Wallet is a crypto wallet that also functions as an NFT wallet. With its dApps feature, the platform allows users to easily connect to NFT marketplaces. It supports over 140 blockchains. Unlike Trust Wallet, Math Wallet enables a desktop and mobile version. The platform also has support for hardware wallet integration.
The wallet is accessible to Android and iOS users. It also has the backing of top platforms such as Binance Labs, Alameda Research, and Multicoin Capital.
Enjin Wallet is another wallet that can serve as home to NFTs. The platform allows users to trade their NFTs and even “build a collection of rare NFTs.” Users can also trade their NFTs on the Enjin marketplace. Transactions in the system are powered by its native token, ENJ.
The platform also bolsters gas-free transactions for NFTs and ENJ through JumpNet, a private consensus blockchain utilized on Enjin. Enjin Wallet also supports the trading and storage of cryptocurrencies.
The NFT wallet is available for iOS and Android devices in over 25 languages. Like Trust Wallet, the platform allows for the creation of multiple accounts. It also supports connection to several hardware wallets like Ledger, Trezor, etc.
ZenGo Wallet is a self-custodial mobile wallet that houses NFTs and cryptocurrencies. It is available for download to iOS and Android users.
The platform boasts of its security, saying it is better than “every other wallet.” The framework of its security involves the replacement of manual seed phrases with biometric encryption, three-factor authentication, and wallet encryption. Wallet recovery is “effortless.” Due to its promoted security, it can be termed a wallet for security-focused users.
Alpha Wallet is a self-custodial crypto wallet. It supports the storage and trading of NFTs. It runs on the Ethereum blockchain. This entails that the platform supports all ERC-20, ERC-721, and ERC-1155 tokens. Users can access NFT-related dApps within the app.
The mobile app is available for download to Android and iOS users. Like many other self-custodial wallets, Alpha does not require a know-your-customer (KYC).
How to Send NFT From One Wallet to Another?
It is one thing to own an NFT wallet. However, it is a different thing to send an NFT from one wallet to another. Here, we will use a simple study of MetaMask. When attempting the following steps, ensure you are using the mobile version of the app:
- Ensure you have selected the mainnet of the correct blockchain network, be it Ethereum, Polygon, etc.
- Ensure you have some amount of the native token that will be used to pay for transactions.
- Tap on the NFTs tab on the Wallet page.
- Select the icon of the NFT you wish to send.
- Select the ‘Send’ option at the bottom of the screen.
- Enter the wallet address of the wallet you are sending the NFT into.
- Tap the ‘Next’ option and follow the prompts.
How Does NFT Wallet Work?
The working system of an NFT wallet is similar to a cryptocurrency wallet. As earlier stated, an NFT wallet houses several NFTs owned by a user, where ownership of these NFTs is authenticated on the blockchain.
When an NFT wallet gets created, a private key gets assigned to a wallet address. With the private key, the wallet owner can perform transactions. For this reason, you must secure your private keys so that your account does not get accessed by bad actors.
A user-friendly NFT wallet helps a user take care of the technical parts of running a wallet while offering an easy-to-follow process for trading and storing NFTs. NFT wallet providers should also integrate adequate security to reduce the risk of asset theft.
Are NFT Wallets Safe?
Overall, NFT wallets are safe. However, security measures implemented by several NFT wallet providers vary.
The safety of your NFT wallet is mostly dependent on you. To keep your wallet safe from scammers and hackers, you should avoid phishing sites, connecting wallets to suspicious platforms, and most importantly, never share or misplace your seed phrases. You can also utilize two-factor authentication (2FA) for security purposes if they apply to the NFT wallet you use.
While most self-custodial wallets have a notable record of safety from hackers, the safest NFT wallets are hardware wallets. This is because they are operated offline (away from the Internet). Examples of these hardware wallets include Ledger and Trezor.
Are NFT Wallets Free?
Most NFT wallets are free. However, some hardware devices get sold for money. For example, hardware wallet provider Ledger features a USB wallet. To use the wallet, a user needs to purchase the physical wallet and spend money on transaction fees as well.
Generally, when a user wants to confirm a transaction on the NFT wallet, a transaction fee is used to aid the transaction. This fee varies from network to network, and on the kind of NFT to be traded. Fees get expended when a user seeks to trade or mint NFTs.
In this article, eight NFT wallets were outlined, and seven of them are free. Ledger is the only NFT wallet discussed in this article that requires payment before usage.
In this article, we have come to know what an NFT wallet is. Also, with the aid of eight key examples, we have come to see the answer to the question: “What is the best NFT wallet to use?”
Now that you have broadened your knowledge of the concept of the nascent NFT market, take your time to check out the listed NFT wallets and go for the one that matches your desired features.
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