If you want to collect non-fungible tokens, you need an NFT wallet. An NFT wallet is a cryptocurrency wallet that stores the blockchain protocol that NFTs are built on. It should also support the currency you’ll buy NFTs with, such as Ether or Coinbase.
Several non-fungible tokens (NFTs) and how they’re set to revolutionize the market for digital collectors and artists. Nonetheless, an NFT application or wallet is critical for partaking in this fast-growing niche.
There are quite a few available options, but they do not provide the same features and benefits. Although first, there are some essential features you should look for when choosing an NFT wallet.
What are some of the things you should look for in an NFT wallet?
1. Easy to use interface:
The concept of an NFT can be hard to understand and comprehend. When deciding on an NFT, you will need to have a smooth and seamless experience. The last thing you need is an application that is hard to navigate around. Therefore, choosing an easy application to set up and use is essential.
NFT’s are still at their development stages, which means that the industry is yet to witness a user-friendly wallet. However, there are suitable options you can get started with if you’re looking to invest.
2. Support for Multiple Devices
Several NFT apps are available either as web extensions or mobile or desktop applications. Few wallet applications like Metamask are available on both these devices. They can sync transactions in real-time, making it ideal for anyone to manage their tokens on multiple devices.
3. Compatibility and cross-chain usage
Ethereum’s popularity and large creator base make it the largest blockchain for NFT users. Thus, it is not unexpected that several wallets support Ethereum-based tokens.
If you wish to mint, buy, sell and trade NFT tokens on other networks, you need a wallet that provides cross-market or cross-chain compatibility and supports the blockchain network you wish to use in a diverse marketplace. Instances of other blockchains that support these tokens include Ziliqa, Tezos, Binance Smart Chain and many more.
While most of these non-fungible tokens are on the Ethereum blockchain, several other platforms also support the usage of NFTs. You will need an NFT wallet that is as compatible with multiple chains as possible to give you access to many NFTs across each marketplace.
Top 5 Wallets to use to get started with trading NFT’s
Metamask is undoubtedly one of the best NFT wallets for digital creators and collectors.
Through Metamask, you can create an Ethereum wallet to directly connect with all Ethereum-based platforms to mint and trade in these tokens.
- The application is relatively easy to set up with a rudimentary knowledge of cryptocurrencies.
- Transactions are always synced across both mobile and web applications.
- Users can create multiple ETH addresses and switch easily between them
- The mobile version features an inbuilt browser that explores NFTs and DeFi applications.
- The mobile app also supports the direct transfer of ERC-721 tokens
- Optimized and advanced fee customization allows users to set fees to match network activity.
Metamask is primarily compatible with Ethereum and other popular EVM amicable blockchains. There are also a few concerns regarding the wallet sharing confidential user information to data collection networks.
2. Math Wallet
Math Wallet proudly brands itself as “your gateway to the blockchain world,” and is backed by industry-leading firms like Binance Labs and Alameda Research.
Math wallet is another excellent alternative for digital creators and collectors looking for a Metamask substitute.
Math Wallet includes a native integration feature and supports almost 65 public blockchains. It allows users to manage their assets across these networks seamlessly. The wallet is also available on mobile applications, as a web browser extension, and as a web wallet for individual blockchain networks.
Here’s why we love Math Wallet:
- Provides Native support for multiple marketplaces blockchains.
- Cross-device compatibility and synchronization across each device
- One-click dApp store for accessing DeFi and NFT Apps.
- Incredible swap feature for exchanging different cryptocurrencies.
Cons
- Some features are not compatible with specific iOS devices.
- Math Wallet is still being actively developed. Thus users may encounter several application bugs, especially on mobile versions.
3. Coinbase Wallet
Many people know Coinbase for its incredible feature of cryptocurrency exchange.
Coinbase also offers a non-custodial wallet that holds NFTs and other digital tokens. Unlike saving cryptocurrency on Coinbase’s exchange, having assets in the Coinbase Wallet gives the user complete control and ownership over their cryptocurrency.
What we love the most about Coinbase wallet:
- Ease of transferring NFT tokens by using usernames instead of wallet addresses
- Personal security of transactions
- One-click cloud backup
4. Trust Wallet
This is yet another famous mobile wallet option for digital NFT collectors and boasts of having 5 million users on board.
Trust Wallet features a dApp list for art marketplaces, enabling users one-click access to sites like OpenSea, Axie Infinity, MyCrypto Heroes and much more.
What we love about Trust Wallet:
- Has a relatively user-friendly interface that makes it easy for people to use.
- One-click access to several NFT applications.
- Support for multiple blockchains across marketplaces
- It supports built-in currency and has an exchange feature.
Cons
- The application is only available on mobile.
- Does not support the transfer of NFT’s
5. AlphaWallet
This is an open-source Ethereum-based blockchain wallet that incorporates minting and collecting NFTs.
AlphaWallet is also compatible with all in-game Ethereum established digital assets and thus ideal for collectors of NFT’s.
AlphaWallet is currently available to download on mobile applications. The website delivers comprehensive open-source tools for developers, digital art creators and businesses looking to purchase other forms of blockchain-based tokenization.
What we love about AlphaWallet:
- AlphaWallet provides native support for all Ethereum-based tokens.
- The application includes an inbuilt web3 browser to discover other dApps and DeFi applications.
- The application interface is user-friendly and ideal for those who are getting started with Ethereum and NFTs.
Cons
- AlphaWallet only supports Ethereum applications and sidechains.
How to choose the best NFT wallet for yourself:
For Digital Creators
Creating NFT art essentially involves regularly connecting to various marketplaces like OpenSea, Rarible, Makers Place, etc.
Creators usually have to upload their own files and enable other functionalities. Such operations demand a desktop or computer device and are typically challenging to execute on mobile.
For Passionate Collectors
If you’re only collecting NFTs from blockchain-based video games or artists, you can execute these transactions quickly on mobile wallets that support the storage and transfer of these items.
How to get an NFT wallet
You will initially need to purchase Ethereum’s native token (ETH) on an exchange or broker and transfer it to the NFT wallet after installation. For other chains like Binance Smart Chain, you’ll need to buy a Binance coin (BNB) and send it to the wallet address.
The amount is used to pay transaction fees for collecting or minting NFTs.
How to keep your crypto-collectibles safe
Crypto collectibles could potentially be worth a lot more in the future or hold significant memories for the collector. To keep these digital assets safe and secure, keep the following tips in mind:
- Download NFT trading applications and wallets from official websites and app stores.
- Always backup your seed phrase in a secure location that’s offline and not enters it on any website after the initial setup.
- Always bookmark the NFT apps you frequently use to avoid falling victim to phishing websites on your browser.
- Never use public or open-source computers to engage with NFT’s. Make sure you log out or sign out and erase all your data if you do so.
Also Read bitcoin wallets a beginners guide to storing btc
Conclusion
Since it is a part of a relatively new industry, existing NFT applications and wallets are far from perfect and could surely use some improvements. However, a handful of available options deliver advanced functions that serve both digital creators and passionate collectors.
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