Author: Eduardo Montero
NFT continues to be the buzzword in the crypto world. Whether you believe that non-fungible tokens will revolutionize the art industry or if you are interested in their economic potential, NFTs have become ubiquitous in the cryptocurrency space.
Naturally, these events create a new set of challenges. One obvious one has to do with the secure storage of NFT. How, in 2024, do we choose an NFT wallet? What should the characteristics of the wallet be? Where do we find it? And, how do these affect the expanding universe of NFT? Let’s find out using this short and simple guide.
How did NFTs take over the crypto space?
A non-fungible token (NFT) represents real-world objects such as art, music, videos, and other media. It is intended to be a one-time or very limited work. It can be bought and sold online with cryptocurrencies.
NFTs captured the public’s imagination like some other things. And cryptocurrency enthusiasts are not the only ones interested in NFTs. In recent years, the term NFT has really entered the mainstream lexicon. What has this meant from an economic standpoint?
Data from DappRadar shows that in the first half of 2021, NFT sales totaled $2.47 billion. Meanwhile, the NonFungible.com platform estimates this at $1.3 billion. No matter what data you use, it still amounts to billions of dollars and is a significant increase over the previous year. According to Cloudwards, NFT sales in 2020 totaled “only” $250 million.
Learning how to safeguard your crypto-collectibles.
Considering the likely value of an NFT collection, it is important to protect it. You should certainly consider the best NFT wallets that do this. Of course, this is an area that is still growing. Making only an informed choice can help you move forward.
NFT wallets allow you to store NFT or cryptocurrencies in one place. These wallets allow you to receive additional assets and also purchase digital assets. NFT wallets are designed to store the NFT art that you purchase or mint. An NFT wallet does not actually hold the assets in a digital copy of a bank account.
In fact, the wallet only stores information about the blockchain location of your assets. Therefore, you would need to look for the best NFT wallet that suits your needs. It is important to know the key features of NFT wallets to make the process simple.
What are the best NFT wallets?
The supply of NFT wallets is growing. As we mentioned, this area is still developing. It is important to remember that choosing an NFT wallet should be done only after sufficient research. Do not simply download any wallet you find online.
To make this process easier, we have put together 7 NFT wallets that are guaranteed to tick the boxes we have described above. Each has developed a good reputation in the cryptocurrency community.
1. MetaMask
MetaMask is one of the most popular cryptocurrency wallets available. This browser extension allows you to seamlessly access NFT, marketplaces and more. Metamask also stores multiple addresses so you can create an address for each NFT you purchase.
MetaMask allows you to create an Ethereum wallet that can be used to connect to all EVM-compatible platforms to mint and trade these tokens. It is, at the time of writing, the best NFT wallet.
Who is behind MetaMask?
ConsenSys Software Inc. developed MetaMask, a web-based software company that focuses on Ethereum-based tools. Aaron Davis founded MetaMask, the browser extension that allows you to run Ethereum DApps directly in your browser. Prior to this, Davis had worked for Apple Inc.
Features offered
MetaMask allows users to securely connect to decentralized applications through a compatible browser or the embedded mobile browser. The advantage of MetaMask is that users can browse DApps on Ethereum platforms without having to run a full Ethereum client, node or any other DApp.
Compatible blockchains
MetaMask can be used as a browser extension and mobile app to interact with Ethereum Blockchain, as well as any other Ethereum compatible network such as Polygon, Arbitrum and Optimism. MetaMask transactions are recorded on the Ethereum blockchain and made public.
Advantages and disadvantages
The advantages of using MetaMask far outweigh the disadvantages. First, MetaMask is easy to set up. Transactions are synchronized between the web and mobile extensions. MetaMask mobile has an integrated web browser for NFT and DeFi applications.
In addition, it is easy to change ETH addresses or transfer ERC-721 tokens directly to the MetaMask app. Last but not least, the app allows users to swap ETH tokens.
There are also potential disadvantages to consider. There are many fake MetaMask apps out there, so you should be careful.
2. Coinbase Wallet
Coinbase is best known for its function of helping users exchange cryptocurrencies. However, Coinbase Wallet can also store NFT or other tokens. Coinbase gives you full control of your cryptoassets as a user. Generally speaking, it is easy to connect your wallet to your exchange account and transfer your assets to the wallet.
Currently, the NFT Coinbase wallet competes with Metamask as the most popular and top-rated wallet of its kind.
Who is behind Coinbase?
Coinbase is one of the leading cryptocurrency exchange services (More info: Which crypto exchanges have the lowest fees?) . Brian Armstrong, a former Airbnb engineer, founded Coinbase in June 2012.
Coinbase Wallet allows users to take full control of their digital art and cryptocurrencies by storing them securely on their own devices locally. Coinbase insists on stating that it does not own the assets placed in the wallet.
Features offered
Coinbase Wallet is available to all users of the platform. In the desktop version, users can access a tab that allows them to view the NFTs associated with their wallet address.
There are other mobile wallets that allow you to view your NFT collection. These include Rainbow, Ark and Argent. However, browser extensions do not usually have a native NFT gallery.
In addition, Coinbase Wallet now displays your token balances on all supported networks, such as Arbitrum, Avalanche, Binance Smart Chain, Fantom and Optimism.
Supported Blockchains
The exchange in the Coinbase Wallet app supports assets stored on the Ethereum blockchain. At this point, only EVM-compatible assets can be used for crypto-to-crypto conversions.
Advantages and disadvantages
Like Metamask, Coinbase Wallet seems to have more recommended features than problems. The wallet can be connected directly to your Coinbase.com account. In addition, the interface is simple and easy to use.
You will be able to transfer tokens using your username, even if you don’t have a public address. In addition, you can back up all your private keys to ensure that your NFTs remain safe and secure.
The main drawback now is related to compatible blockchain networks. Coinbase Wallet only has Ethereum-based NFT tokens.
3. AlphaWallet
Alpha Wallet is positioned as one of the best solutions for those looking to invest in Ethereum-backed tokens. Alpha Wallet allows users to coin as well as invest in NFT. It supports NFT marketplaces such as ChainZ Arena and OpenSea. Overall, the UX is easy to use and minimalistic, making it a safe choice for new users.
Who’s behind AlphaWallet?
A multinational team runs AlphaWallet. Weiwu Zhang, Victor Zhang and James Brown are co-founders. Their official bio indicates that each has years of experience in the blockchain industry with altcoins projects. Zhang, for example, claims to have worked on three altcoins and seven ICO projects.
Features offered
AlphaWallet can support any token that is subject to a smart contract. Actions that take place in the AlphaWallet interface, regardless of whether they are related to smart contracts, are processed from TokenScript files and are not hard-coded.
Although the wallet’s interface is easy to use, the numerous features may make its use seem daunting to some. The AlphaWallet website offers a wide range of open source tools that investors, developers, businesses and other interested parties can use. The built-in Web browser3 allows direct access to DApps, marketplaces, games and other resources.
AlphaWallet offers a secure 12-word key. This is done to enhance user experience as well as security. AlphaWallet also lists tokens that are TokenScript-enabled on its platform, which promises to provide a rich native experience for users.
Supported Blockchains
AlphaWallet offers native support for Ethereum-based NFTs.
Advantages and disadvantages
AlphaWallet offers several advantages. It supports Ethereum-based NFTs, the most popular digital tokens. The platform is easy to use and the developers promise improvements in the near future. The browser allows users to delve into featured DApps.
There are also a few drawbacks worth mentioning. The wallet only works on a mobile device. Also, it does not include NFTs that are not based on ETH.
4. Enjin Wallet
Enjin is positioned as one of the leading companies in the growing area of in-game NFT. Enjin Wallet facilitates the collection of NFT and other collectible items that are used as in-game items. The platform also has its own marketplace where digital assets can be traded using Enjin’s token, ENJ. The platform includes user-friendly features, a well-designed user interface and early access to various DeFi applications.
Who is behind Enjin Wallet?
Maxim Blagov and Witek Radomski are the founders of Enjin Corporation. Their goal is to create a modern gaming platform focused on the crypto community. Enjin launched an initial coin offering (ICO) in 2017, raising approximately $18.9 million through the sale of ENJ tokens.
Features offered
Due to its ease of use and impeccable design, Enjin Wallet’s user interface is one of the main attractions of the platform. It is worth noting that Enjin has a fingerprint scanner that provides added security to its users.
Enjin’s long list of features includes local currency, multilingual interface, zero ads and trackers. Both beginners and experts can use Enjin Wallet. The application also includes a fee calculator that allows you to calculate and limit your fees.
Supported Blockchains
At the moment, Enjin exclusively supports Ethreum-based NFTs.
Advantages and disadvantages
Enjin benefits from a number of attractive features. The platform looks good and is easy to use. Your designated Enjin marketplace can include native tokenization. Customer support is included. Where Enjin is lacking is in terms of its unique mobile accessibility. It features only Ethereum-based NFTs.
5. Trust Wallet
Binance owns Trust Wallet. It is one of the NFT wallets that can largely boast of its user base. It is a popular wallet with over 5,000,000 users. However, not all users are NFT owners.
Who is behind Trust Wallet?
Viktor Radchenko is the founder and CEO of Trust Wallet. It is understood that, officially, Binance, one of the world’s leading exchange services, assists in the administrative and marketing areas of the company’s operations.
Features offered
While the wallet is a great way to store and manage your tokens, Trust Wallet cannot be used for transactions. It may not be the best choice for anyone looking to trade or transfer assets. Binance’s involvement may make them inclined to cater to Smart Chain tokens.
At Trust Wallet, you can find a list of decentralized applications for art marketplaces to provide one-click access to sites like Axie Infinity and OpenSea.
Like the other major cryptocurrency wallets for NFT, Trust Wallet offers a DApp browser. This makes it easy to access NFT applications with just a few clicks.
Supported Blockchains
Native integration is available for blockchains such as Binance Smart Chain and Ethereum Classic. The company promises further blockchain integration.
Advantages and disadvantages
Essentially, Trust Wallet is a good storage option for digital assets. There are other advantages as well. A fluid graphical interface beautifully represents and displays your NFTs. This wallet supports multiple blockchains. It is useful both as a DeFi wallet and as a cryptocurrency wallet. The disadvantages are also clear. It is available only on mobile devices.
6. Math Wallet
Math Wallet is touted as one of the most similar options to MetaMask. It supports more than 65 public blockchains. It has gained a lot of popularity and is considered by some to be one of the best NFT wallets.
Who is behind Math Wallet?
Eric Yu founded Math Wallet in 2017. He is backed by Alameda Research.
Features offered
As mentioned, Math Wallet supports more than 65 blockchains. In addition to the various versions, it can also integrate with multiple hardware wallets. Users can also create multiple addresses, which is a remarkable feature in itself.
The integrated DApp browser allows users to view NFT marketplaces and provides functions such as staking, trading, etc. Math Wallet also has its own utility token. All these elements make it a good asset for cryptocurrency users.
Supported Blockchains
Math Wallet supports 65 public blockchains.
Advantages and disadvantages
Math Wallet is gaining popularity due to the number of features it has included. In doing so, the wallet has answered most of the most pressing cryptocurrency-related needs of NFT owners.
Math Wallet’s biggest selling point is the fact that it contains native support for numerous blockchain networks. The wallet also has a classic option for exchanging cryptocurrencies and allows easy access to DApp stores. The security aspect is also important.
Its disadvantages are related to the growth of the project. Several features are still being added. Also, the interface has contained bugs at various points during its development. An expanding project will always have problems.
7. Coinomi
Coinomi presents itself as a multi-chain wallet that prioritizes security. Mobile and desktop versions are available. It offers native support for more than 125 blockchains.
Who is behind Coinomi?
George Kimionis created Coinomi in 2014 to provide secure solutions for blockchain applications. The company currently has less than 20 employees and has never reported external funding.
Features offered
Coinomi has SegWit support and provides 168 fiat currency representations that can be read in 25 languages. Integrated exchanges can help to instantly exchange supported assets. Coinomi offers multi-seed support, which includes customizable and dynamic mining fees and allows users to interact with DeFi applications. There are also no transaction fees.
Supported Blockchains
Coinomi offers native support for Bitcoin and many other altcoins. Officially, it helps integrate more than 125 blockchains.
Advantages and disadvantages
Coinomi has high security features. It is also distinguished by the number of blockchain networks it integrates. There are no fees. This is helpful for frequent buyers and sellers of NFT.
The platform is not regulated. This is worth noting. The platform also does not support fiat currency, which may annoy some users looking to use the exchange option.
How to choose the best NFT wallet?
Now that we have analyzed the features of the 7 best NFT wallets in 2024, how do we make a choice? The best way to decide which NFT wallet to use is to make sure the one you choose addresses some essential issues.
Your wallet must provide security for your assets. It should be easy to use and compatible with your devices. To get the best out of your wallet, you should consider its presence on different platforms.
Most NFTs are compatible with Ethereum due to its popularity among developers and industry alike. If you want to buy NFT on different chains, you will need a wallet that is compatible with these chains and their properties.
If the wallet you are about to choose meets those needs, you should feel comfortable using it.
NFTs represent technology and a market that only appears to be growing in 2022. Nearly 200,000 wallets were active in 2021, according to one estimate.
Technological advances are already present in many NFT wallets. Applications such as MetaMask or Coinbase Wallet are very popular. However, the technology related to NFT is improving.
All of the NFT wallets listed here have advantages that outweigh the disadvantages. Be sure to research their features and you will make an informed decision on how to protect your NFTs.
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