You will need an NFT wallet if you plan to collect or invest in non-fungible tokens. A NFT wallet is a cryptocurrency wallet that supports the blockchain protocol that NFTs are built upon. In addition, it needs to support the currency you’ll use to buy NFTs, such as Ether (CRYPTO:ETH).
Many Ethereum wallets will work since the vast majority of NFTs use the Ethereum blockchain. Still, some are better than others. The following is a summary of the best NFT wallets and what to look for when choosing one.
The 5 Best NFT wallets
One of the most popular cryptocurrency wallets is Metamask. You can access web3 sites like NFT marketplaces with a few clicks thanks to its browser extension. Additionally, Metamask allows you to create multiple addresses so you can hold your NFTs at an address that is separate from your cryptocurrency, or you can create a single address for each NFT you purchase.
Metamask’s creator, ConsenSys, built a mobile app in 2020. The desktop and mobile versions of the wallet seamlessly sync holdings. The mobile application comes with a built-in browser for decentralized applications, or dApps, and NFT marketplaces.
The Metamask exchange feature can be used to swap currencies when buying an NFT. Additionally, you can limit how much you pay in gas fees, although there’s a risk of the transaction failing. Metamask supports alternative blockchains if you need to use another platform.
- Math Wallet
Math Wallet is a strong alternative to Metamask. Its biggest selling point is that it supports more than 70 blockchains. The wallet is available as a web, desktop, and mobile version that syncs across all devices, and it also has hardware wallet integrations. Math Wallet also lets you create multiple addresses.
Math Wallet includes a dApp browser that allows users to view NFT marketplaces. It includes several other features for cryptocurrency holders — staking, swapping, etc. — and it also offers its own utility token.
Cryptocurrency wallet AlphaWallet is an open-source project. It’s mobile-only and Ethereum-only, but its native support for blockchain games and NFTs make it stand out.
Simple user interface makes it very easy for beginners to use. Simple user interface makes it very easy for beginners to understand. There is a whole section of the wallet dedicated to NFTs and gaming tokens. Users can also add meta tags to their tokens so they can easily search and filter them when browsing their collection.
AlphaWallet integrates directly with OpenSea, CryptoKitties, Dragonereum, and ChainZ Arena, among other NFT marketplaces and blockchain games. Like others, it has a built-in dApp browser to find more NFT marketplaces and direct access to DeFi applications such as Compound.
- Trust Wallet
Trust Wallet is a popular mobile wallet owned by Binance. Despite supporting multiple blockchains, including Ethereum, its affiliation with Binance means it is heavily biased towards smart chain tokens. To that end, if you’re interested in NFT tokens on the Binance smart chain, Trust Wallet may be the best option for you since it’s already set up for BEP tokens.
Trust Wallet includes a dApp browser for finding NFT marketplaces, making it easy to buy NFTs within the wallet. A built-in exchange feature enables users to easily swap currencies so they have the necessary token to exchange for the NFTs they desire.
- Coinbase Wallet
Coinbase (NASDAQ:COIN) is best known for its cryptocurrency exchange. Additionally, it provides a non-custodial wallet for holding NFTs and other tokens. Unlike holding assets on Coinbase’s exchange, holding assets in the Coinbase Wallet gives the user full control over the asset.
In 2021, Coinbase released a browser extension enabling users to use their wallet across devices to buy NFTs and use other dApps. Users can also access dApps through the built-in browser in the mobile wallet.
Coinbase Wallet has the unique advantage of facilitating the transfer of tokens by using usernames instead of public wallet addresses. Having a sense of security knowing that you’re sending assets to the right person can enhance the experience.
You can also back up your private keys using Coinbase’s one-click cloud service, which stores them on your personal cloud drive. In this way, you can ensure that your NFTs or other wallet funds remain accessible.
Importance of using an NFT wallet
NFT wallets don’t work like physical wallets. You don’t actually store NFTs or cryptocurrency in them.
Rather, it provides access to the assets held on the blockchain. A private key is provided to that address, which enables the wallet owner to authorize transactions. Having the private key effectively makes you the owner of anything at that address.
A wallet will handle the technical details for you and provide a nice user interface for buying, selling, and transferring NFTs and cryptocurrency. Also, it can provide increased security with two-factor authentication, and it provides a convenient way to track your assets across multiple devices.
What to look for when choosing the best NFT wallet
Among the most important features to look for when choosing an NFT wallet are:
- Compatibility with the NFT marketplaces you want to buy from. You won’t be able to buy the NFTs you want if it’s not supported, so it’s a non-starter.
- Strong security. Many NFTs are worth thousands or even millions of dollars. You want as much security as possible.
- Easy-to-understand user interface. Buying and selling NFTs will be easier with a good user interface.
- Cross-device use. Having access to your NFTs on both a desktop and mobile device can come in handy.
- Multichain support. Most NFTs are on the Ethereum blockchain, but several other platforms also support them. For easy access to as many NFTs as possible, you’ll want a wallet that’s compatible with as many chains as possible.
Get started with NFTs
Buying and selling NFTs is a great way to learn more about investing in them. Set up a wallet, browse the top NFT marketplaces, transfer the currency to your new wallet, and make your first purchase.
It’s only through first-hand experience that you will learn what features are important to you in an NFT wallet, which marketplaces you prefer, which blockchains your favorite NFTs use, and how the world of digital collectibles works.