NFT is still a trendy field in the crypto space right now. They are unique digital assets representing art, music, games, sports, and more. They can also be used to prove ownership, identity, or membership. But how do you store and manage your NFTs securely and conveniently?
It would be best if you had an NFT wallet. An NFT wallet is a special type of crypto wallet that supports the blockchain protocol and the currency that your NFTs are built on. For example, most NFTs use the Ethereum blockchain, so you need an Ethereum-compatible wallet. But not all wallets are created equal. Some have more features, security, and user-friendliness than others.
This article will review the top 5 outstanding NFT wallets in the crypto market based on their functionality, compatibility, accessibility, and popularity. Whether you are looking for a hardware wallet, a software wallet, or a hybrid wallet, we have you covered. Let’s dive in!
What is NFT?
NFT is a non-fungible token, which means it is a unique digital identifier that cannot be copied, substituted, or divided. It is recorded on a blockchain, a digital ledger that verifies transactions and ownership. An NFT can be associated with any digital or physical asset, such as art, music, games, or sports. An NFT can be sold and traded online, usually with cryptocurrencies.
Here are some features of NFT:
- Unique – Each NFT has a unique property usually stored in the token’s metadata, such as the creator, the date, the description, etc. NFTs are verified by the blockchain and cannot be copied, substituted, or subdivided.
- Digitally Scarce – NFTs are limited in supply and can create artificial scarcity for digital assets that are otherwise abundant or infinite. NFTs can increase the value and demand for digital assets by creating exclusivity and rarity.
- Indivisible – Unlike cryptocurrencies or fungible tokens, most NFTs cannot be split into smaller denominations or fractions. NFTs can preserve the integrity and identity of digital assets by preventing them from being divided or diluted.
- Ownership – NFTs can certify the ownership and authenticity of digital assets by recording them on the blockchain. NFTs can transfer the ownership and rights of digital assets by allowing them to be sold and traded on online platforms.
- Fraud Proof – Using cryptography and smart contracts, NFTs can protect digital assets from fraud and manipulation. NFTs can prevent counterfeiting and duplication by using unique identifiers and hashes.
What is an NFT Wallet and How to Choose One?
An NFT wallet is a type of cryptocurrency wallet that supports the blockchain protocol that NFTs are built on. It must also support the currency you’ll buy NFTs with, such as Ether (ETH) or Solana (SOL). Since most NFTs use the Ethereum blockchain, most Ethereum wallets will work.
An NFT wallet lets you store, manage, buy, and sell your NFTs securely and conveniently. It also enables you to display your NFTs and connect to various platforms and marketplaces where you can find and trade NFTs.
There are different types of NFT wallets, such as hardware, software, and hybrid wallets. Hardware wallets are physical devices that store your private keys offline, making them the most secure option. Software wallets are applications or websites that keep your private keys online or on your device, making them more accessible but less secure. Hybrid wallets combine both, offering a balance between security and convenience.
To choose the best NFT wallet for your needs, you should consider several factors, such as:
The compatibility with the blockchain and the currency of your NFTs
Different blockchains have different protocols and standards for creating and transferring NFTs. For example, Ethereum uses ERC-721 and ERC-1155, while Binance Smart Chain uses BEP-721 and BEP-1155. If your wallet does not support the blockchain of your NFTs, you may not be able to view, send, or receive them.
Moreover, different currencies have different formats and addresses for transactions. Ether (ETH) uses hexadecimal addresses, while Bitcoin (BTC) uses Base58 addresses. If your wallet does not support the currency of your NFTs, you may not be able to buy or sell them.
Therefore, selecting a wallet that allows you to easily access NFTs across several blockchains and currencies is important.
The security features and the backup options of the wallet
Security features can protect your NFTs from hackers, scammers, and malicious actors who may try to steal or manipulate your digital assets. For example, encryption, cryptography, smart contracts, and web3 firewalls can help prevent unauthorized access, fraud, and counterfeiting.
Backup options can help you recover your NFTs if you lose your device, forget your password, or damage your wallet. For example, seed phrases, recovery codes, multiparty computation (MPC), and hardware wallets can help you restore your access and ownership of your NFTs
The user interface and the ease of use of the wallet
The user interface can affect your experience and satisfaction with managing your NFTs. A good user interface should be intuitive, simple, and attractive, allowing you to access all the features and functions of the wallet without confusion or frustration.
Ease of use can affect your efficiency and convenience in handling your NFTs. A good wallet should be easy to set up, connect, and operate, allowing you to buy, sell, swap, and display your NFTs without hassle or delay.
The wallet’s functionality and features include portfolio tracking, swapping, staking, etc.
Portfolio tracking can help you monitor the performance and value of your NFTs and cryptocurrencies. A good wallet should provide you with real-time data, price alerts, and transaction history of your assets.
Swapping can help you exchange your NFTs and cryptocurrencies with other users or platforms. A good wallet should support various protocols, networks, and marketplaces that allow you to swap your assets easily and securely.
Staking can help you earn passive income from your NFTs and cryptocurrencies by locking them in a smart contract. A good wallet should support various staking options, such as proof-of-stake (PoS), delegated proof-of-stake (DPoS), or liquidity pools.
The popularity and the reputation of the wallet provider
Popularity can indicate the level of trust and satisfaction other users have with the wallet. A popular wallet should have a large user base, positive reviews, and high ratings, showing that it delivers on its promises and meets the expectations of its customers.
Reputation can indicate the quality and reliability of the wallet provider. A reputable wallet provider should have a proven track record, a strong team, and a clear vision, showing that it is competent, professional, and innovative.
Top 5 outstanding NFT wallets in the crypto market
Metamask
Metamask is a popular crypto wallet that supports the Ethereum blockchain and its compatible networks, such as Polygon, Binance Smart Chain, and Harmony. It allows you to store, send, receive, and manage your cryptocurrencies and NFTs securely and conveniently.
Metamask is available as a browser extension for Chrome, Firefox, Brave, and Edge and a mobile app for iOS and Android. It also lets you connect to various web3 applications and platforms to find and trade NFTs, such as OpenSea, Rarible, Decentraland, and more.
To use Metamask for NFTs, you need to follow these steps:
- Download and install Metamask on your browser or device from the official website: https://metamask.io/
- Create a new account or import an existing one using your seed phrase or private key
- Choose the network that your NFTs are on, such as Ethereum Mainnet or Polygon
- Add some ETH or other cryptocurrencies to your wallet to pay for gas fees
- Import or view your NFTs in your wallet by clicking on the NFT tab and entering the NFT address and ID
- Buy or sell NFTs on web3 platforms by connecting your Metamask wallet and approving transactions
Pros and Cons of Metamask Wallet for NFTs
Pros:
- Easy to use and widely accepted on web3 applications
- Supports multiple networks and currencies
- Browser extension and mobile app available
- Supports many hardware wallets for extra security
Cons:
- Only view NFTs on the mobile app, not a browser extension
- Tech support can’t reset your password if you lose it
- Limited variety of cryptocurrencies and non-EVM blockchain supported
Trust Wallet
Trust Wallet is a multi-crypto wallet that supports various blockchains, such as Ethereum, Binance Smart Chain, Solana, Polygon, Tezos, and more. It allows you to store, send, receive, and manage your crypto assets, including non-fungible tokens (NFTs).
Trust Wallet offers you an easy way to keep all your unique ERC721 and ERC1155 crypto NFTs and game assets in one place. You can also browse and buy NFTs from various online marketplaces, such as OpenSea, Rarible, AirNFTs, and more, using the Trust Wallet DApp Browser.
Some of the pros of using Trust Wallet as an NFT wallet are:
- It supports multiple blockchains and NFT standards, giving you more options and flexibility to store and access your NFTs.
- It has a user-friendly interface and a built-in DApp Browser that lets you explore and interact with various NFT platforms and communities.
- It is secure and decentralized, meaning you have full control over your private keys and funds.
Some of the cons of using Trust Wallet as an NFT wallet are:
- It can only store NFTs, and users need to connect to OpenSea/ Marketplace to be able to trade.
- It may not have some of the advanced features or functionalities that some dedicated NFT wallets or platforms may offer.
- The number of dApps for users directly connecting to the wallet is still limited.
Coinbase
Coinbase is one of the leading cryptocurrency exchanges that allow you to buy, sell, store, and manage various crypto assets, such as Bitcoin, Ethereum, Litecoin, and more. It also offers Coinbase Wallet, a self-custody crypto wallet that gives you complete control of your crypto, keys, NFT, and data.
You can store and manage all of your crypto, NFTs, and multiple wallets in one place. You can also explore the decentralized web on your phone or browser and interact with hundreds of thousands of tokens and dApps.
One of the advantages of using Coinbase Wallet as an NFT wallet is that it supports both Ethereum and Polygon NFTs, which means you can access a wide range of NFT marketplaces and collections. You can also easily view and showcase your NFTs in your wallet app.
One of the disadvantages of using Coinbase Wallet as an NFT wallet is that Coinbase wallet only supports showing NFT from the Ethereum network and only available in the mobile version.
Coin98
Conii98 Wallet is a crypto wallet that is part of the Coin98 Super App, a non-custodial wallet that is used to store, manage, trade, and swap digital assets and NFTs across multiple chains and sources.
Coin98 Wallet is available as a mobile app for iOS and Android devices. It also lets you connect to various web3 applications and platforms where you can find and trade NFTs, such as OpenSea, Rarible, BakerySwap, and more
Pros:
- Supports multiple networks and currencies
- Mobile app and extension available
- Supports portfolio tracking, swapping, staking, etc
- Supports issuing tokens and NFTs
- Compatible with native NFT marketplace – Dagora
Cons:
- Due to the mechanism of the multichain wallet, the chains will display simultaneously, or there will be errors of not displaying in the wallet or not displaying the graphics of the NFT
- Some projects need to be supported by the wallet to display NFT
Phantom
Phantom Wallet is a popular crypto wallet that supports the Solana blockchain and its compatible networks, such as Ethereum and Polygon. It allows you to store, send, receive, and manage your cryptocurrencies and NFTs securely and conveniently.
Phantom Wallet is available as a browser extension for Chrome, Firefox, Brave, and mobile apps. It also lets you connect to various web3 applications and platforms where you can find and trade NFTs, such as Solanart, DigitalEyes, Magic Eden, and more.
Pros:
- Supports multiple networks and currencies
- Browser extension available
- Supports portfolio tracking, swapping, staking, etc.
- Supports NFT grouping and filtering
Cons:
- Limited variety of cryptocurrencies supported
- Only focus on the Solana blockchain.
CONCLUDE
Ensure you have a good NFT wallet before you trade and store NFTs. This is one of the most crucial things to remember. We thoroughly evaluated the top NFT software wallets in order to assist you in choosing the wallet that best suits your needs. The reputation and security of the wallet you select are the most important factors to consider because your meticulously chosen collection is at risk.
