The year 2020 saw a considerable rise in the popularity of cryptocurrency. People got hooked to the point where many invested their life savings into cryptocurrencies. It was a good year for people who were smart and knew when to invest and when to hold back. However, just when people got accustomed to crypto, the internet saw the rise of Non-Fungible Tokens.
In the following year, people switched from investing in cryptocurrencies to investing and minting NFTs. The most significant push for this switch came when a digital painting sold for almost $70 million. That was all the motivation and hope the public needed to trust NFTs to make them rich.
Now that many people are involved in NFT trading, one should also be aware of the best wallets for NFTs. After all, you have got to keep them safe and secure. So, here’s a list of the best NFT wallets in the market right now.
The Best NFT Wallets
Launched in 2016 by ConsenSys, Metamask was a simple crypto wallet until it gained the proper attention of NFT users. It was created as a desktop browser extension, but the high demand and usage led to Metamask’s mobile application development.
It is one of the best wallets for keeping your Ethereum-based NFTs safe. The browser extension and the mobile application both feature an easy-to-use interface. The wallet allows complete access to Web3 sites and NFT marketplaces. You can buy, sell, and trade NFTs and cryptocurrencies through it.
It provides one of the highest security by providing a key vault, token vault, and login key and helps manage NFT trade easily. You can access the wallet through your desktop, phone, or tablet. It can also be synced with hardware wallets for easy accessibility.
The newest feature in the wallet allows crypto swap too. The most significant advantages are the built-in dApps and the no gas fee feature. The only disadvantage with this wallet is it doesn’t showcase the NFTs you have stored.
Coinbase is one of the most popular names in the crypto market. Famous for being the top cryptocurrency exchange and wallet, it has now made a place in the list of NFT wallets too.
It is easy to use and provides great convenience to its users. It supports many cryptocurrencies, which makes it the go-to choice for many. The wallet also has a swap feature so the users can trade in cryptocurrencies that it doesn’t support directly.
Most people prefer using Coinbase above any other wallet because it offers total control of your NFT instead of holding it in its possession. You can easily buy or sell anytime you want. The best part is that Coinbase has real-life use. It allows users to buy services using NFTs and cryptocurrency. You can buy that Tesla through it if you have enough crypto.
The only downside to this wallet is that its security and anonymity aren’t as good as the rest of the NFT wallets. But when you are getting insurance through Coinbase, security can take a back seat.
3. Crypto.com DeFi Wallet
If you are a crypto investor, you know crypto.com is the top wallet for keeping your digital currency safe. Over the years, it has also managed to make a name for itself in NFTs. The crypto.com DeFi wallet is best for every aspect of NFTs.
The 10 million registered users swear by it. And why shouldn’t they when the wallet provides the highest security and open access to NFT marketplaces? Plus, there are no transaction fees for NFT trade!
It can be easily downloaded from the app stores. The wallet can also be used to share your NFTs on social media. The DeFi wallet has a user-friendly interface. It appears as a gallery where all your NFTs can be seen. On top of that, it also provides interest on holdings within the wallet.
However, Like all good things, it also has a drawback. Currently, the wallet only supports two blockchains; the Ethereum-based and the crypto.org chain.
4. Alpha Wallet
Alpha Wallet was created to revolutionize the crypto wallet game. It is the only self-custodial wallet that is 100% open source. Like all wallets, it has a user-friendly interface. Alpha Wallet can only be used through a smartphone; no browser extension has been released.
With its simple outlook and easy-to-navigate app, it has become the wallet of choice for beginners and people who like to keep things hassle-free. Moreover, the wallet has a “Secure Enclave” system that helps provide the highest level of security.
One of the most loved features is that the wallet allows you to limit the gas fee by decreasing the speed of the blockchain.
5. Trust Wallet
Owned and operated by Binance, Trust wallet has gained the trust of more than 5 million users. With its easy-to-navigate system, built-in exchange feature, and compatibility with many blockchains, the Trust wallet is undoubtedly an excellent choice for an NFT wallet.
It offers simplified procedures for trading NFTs and cryptocurrency. You can buy, sell, collect, or trade NFTs through its secure system without any difficulty. The wallet also enables importing from old wallets without sharing private keys to keep the transaction safe.
In addition to compatibility, it also provides a single-click entrance to the world of NFT through sites such as OpenSea, Axie, and Infinity. The most significant advantage is that the wallet operates without users’ personal information and maintains anonymity to the highest level. It is best for managing and storing all your collectibles and NFTs. However, it doesn’t allow the transfer of NFT.
6. Enjin Wallet
Enjin Wallet is famous for being the “ideal home” for your NFTs. It is used for storing, managing, and trading NFTs. It supports numerous blockchains where people can swap from Ethereum, Bitcoin, and other cryptocurrencies. Enjin is another wallet that provides imports from the previous wallet without private keys.
For people interested in NFT-based gaming, the Enjin wallet is the right choice. It facilitates buying collectibles and NFTs within games and keeps them secure. Like many other wallets, it also has a user-friendly user interface.
It might be the best on the market if not for the limitation that comes with it. As of now, it can only be accessed through the mobile phone. Let’s hope the developers can find ways so users can take full advantage of the wallet.
Now that you know about the best NFT wallets let’s look at what to look for when choosing the right one and how to use it effectively.
How to effectively use an online wallet?
● Ease of use: The first and foremost thing to look for in a wallet is its ease of use. Look for a wallet that is simple to use for you, irrespective of what you hear from others. All those technicalities that appear as great features won’t help you when you are constantly worried about your NFTs and how to access them.
● The security offered by the wallet: Not all NFT wallets offer equally good security. Ensure that your wallet provides enough security to keep your assets safe from hackers and fraud.
● Compatibility with exchanges: Your wallet must be compatible with web3 exchanges to ensure smooth trade.
● Multi-chain support: To effectively store and trade NFTs, it is essential to have a wallet that supports multi-chain networks and swapping. Otherwise, you’ll only have limited choices during a trade.
● Multi-device use: A wallet supported by your desktop and your phone is better because you can’t always have access to your desktop or phone. It helps maximize your output and offers easy accessibility and trade.
● Conversion fees: It is essential to look for the kind of conversion fee a wallet offers, especially during NFT transactions. A wallet with a low conversion fee is the obvious choice for storing and trading NFTs.
NFT wallets will become one of the most used dApps as NFTs grow in usage. They are the new “bank locker.” Each NFT wallet has its own perks and drawbacks. You need to know where you can compromise and the top features you want in your wallet. That is why it is important to know everything about the wallet you choose. Make smart decisions now to have a regret-free future later.