8 Best NFT Wallet Options
Non-fungible tokens (NFTs) are unique symbolic representations of digital assets such as photos, videos, and audio files that are traded on public databases or blockchains. Spread across computer networks, no one entity owns or controls the database, while anyone can access the database, prove ownership, and transfer digital assets through the use of private keys associated with their crypto wallet.
Unlike cryptocurrencies, NFTs are not fungible, which means that each NFT is unique and cannot be interchangeable with another NFT. This makes them truly unique and highly sought after to create a lucrative market for NFTs. In fact, the global NFT market is expected to reach some $80 billion by 2025, with creatives plying their trade in creating digital assets in the form of NFTs including artwork, music, video, objects collection or game assets. If you want to collect or invest in NFTs, you will need an NFT wallet. In this article, we offer you our guide to the best crypto wallets to store your NFTS. To learn more about NFTs, check out our previous articles on how to create an NFT and how to make money with NFTs.
What is an NFT Wallet?
NFT wallets provide similar utility to cryptocurrencies. Crypto wallets help securely exchange and store NFTs by providing you with a private key to the address where your NFTs and other digital assets are stored. The private key in return helps you securely authorize transactions and track your digital assets across devices. Broadly speaking, there are two types of self-custody wallet accounts and custodial wallet accounts. Self-custody wallets or noncustodial wallets are considered the most secure type of wallet account because they give users full control over their private keys. Only the user has access to the private key and no third parties have access to it. Whereas with Custodial the private keys are the responsibility of a third party which is often the wallet provider or an NFT marketplace.
Why should you have an NFT Wallet
In addition to storing your cryptocurrencies, your NFT wallet is your gateway to the world of NFTs as it helps you manage your NFTs. NFT purchases can become a breeze with a well-designed wallet that can hold all your crypto assets under one roof. An NFT wallet will take care of the technicalities needed to buy, sell and transfer NFTs. It allows storing funds to buy or mint NFTs as well as tracking your digital assets. Most NFT wallets offer the following:
User-friendly: Most NFT wallets offer a user-friendly user interface (UI) that helps you manage your digital assets. Simple to set up and use NFT wallets can help you easily manage and track your assets and income.
Compatibility with several NFT marketplaces: Most NFT wallets support several popular blockchains allowing you to mint, buy or sell NFTs while giving you access to options in terms of cryptocurrencies and markets.
Offer backup and security: A crypto wallet is a more secure window into the NFT world. It not only securely stores your valuable digital assets but also offers backup to prevent loss.
8 Best NFT Wallets
Like cryptocurrencies, NFTs are stored in crypto wallets. Crypto wallets allow NFTs to be stored and exchanged securely. There are several crypto wallets available, including NFT Markets wallets that manage assets on behalf of the consumer and wallets that give consumers direct control over their digital assets. Below is our selection of the 8 best NFT wallets.
1. Math Wallet
Math Wallet supports over 70 blockchains and comes with its own utility token allowing you many markets to trade in NFTS. You can access this web wallet through desktop and mobile versions of the wallet which can sync across all devices while integrating with multiple hardware wallets. With the Math Wallet, investors can also stake and trade digital assets with relative ease.
2. Coinbase Wallet
Coinbase is a peer-to-peer marketplace that helps users create, buy, discover, and transact NFTs. Users can download the Coinbase wallet, choose a username, and use their Ethereum coins to purchase NFTs. Users can also use their Coinbase wallets on their mobile phones to purchase NFTs from the app.
3. Trust Wallet
Trust Wallet, part of the Binance Smart Chain, gives you an easy way to keep all your NFT crypto and game assets in one place. This popular mobile-only Ethereum wallet supports multiple blockchains. Thanks to its intuitive design, Trust Wallet is beginner-friendly, allowing novices to start using cryptocurrency and explore the world of NFTs. Considered one of the most trusted and secure wallets for storing NFTs, users can import their old wallets without having to back up their private keys or install additional software.
4. Enjin Wallet
Enjin’s blockchain-based wallet helps users collect in-game NFTs and other collectibles. It offers an end-to-end solution for initiating NFT projects as well as trading NFTs. Users can send their NFTs via QR codes. Users can also manage infinite wallets and even import old wallets and easily track their hardware wallets in one place.
5. Kukai Wallet
kukai is a Tezos wallet and can be accessed from desktop computers and other devices with an internet connection. It allows you to securely store and access all your digital assets and NFT collectibles. Users can import their existing wallets through their Twitter, Reddit, and Google accounts.
6. Alpha Wallet
Alpha Wallet is an open-source cryptocurrency wallet that lets you access and manage your NFTs on the Ethereum Network. It works directly with OpenSea, CryptoKitties, Dragonereum, ChainZ Arena, and other NFT marketplaces and blockchain games. With this mobile-only crypto wallet, you can create new NFTs, bid in an auction, transfer/you are your NFTS. It uses Secure Enclave on your mobile devices to give you enhanced security.
7. Metamask Wallet
Metamask is an Ethereum wallet and blockchain application that helps users buy or sell NFTs on the Ethereum blockchain and other marketplaces. It works on both your mobile devices and your browser while allowing you to switch between different gas prices depending on the type of transaction. It is compatible with the Binance Smart Chain while its browser extension supports Trezor and Ledger hardware wallets.
Coinomi is a multi-chain wallet designed for both mobile and desktop devices that provides native support for over 125 blockchains and thousands of smart chain tokens. It offers full support for NFTs and crypto tokens where users can store, access, and manage their ETH collectibles.
What to Look for in an NFT Wallet
A good NFT wallet will allow you to easily navigate your digital assets and keep everything in one place. There are so many options that different blockchains require different NFT wallets, and very often specific markets will only choose a certain number of wallet options for their site to support. Below Currently, the most widely supported wallet on NFT Markets is MetaMask, so this might be a good place to start.
Supports multiple cryptocurrencies: Besides being compatible with the NFT market of your choice, your NFT wallet should allow you to work with different cryptocurrencies under one roof. An even better wallet will help you convert one cryptocurrency to another, opening up more opportunities for you to trade NFT tokens.
Robust security: The best NFT wallets should offer you security features like two-factor authentication which is an extra level to protect you from hacks.
Should work with popular NFT market: If you are a budding NFT creator, make sure your NFT wallet connects to popular NFT marketplaces such as OpenSea, Rarible, Mintable, Axie Marketplace or NBA Top Shot Marketplace to increase your NFT collection.
Supports multiple devices: Digital trading is a fast and fluid business and requires you to trade in real time and often on the go. NFT wallets that work on both desktop and mobile devices allow you to trade even on the go. When using mobile wallets, you should ensure that you use secure encryption technology to keep your data private and secure at all times. For more information, see our article on 8 NFT scams to avoid.
What is the best NFT wallet?
The Math wallet is considered the best NFT wallet. It comes with native integration and support for a wide selection of blockchains allowing users to manage assets on these networks seamlessly. Available as a mobile and web browser extension, it offers one-click decentralized apps that allow you to access NFTs, decentralized finance (DeFi apps) while also allowing you to trade cryptocurrencies, this which makes it a perfect portfolio choice.
How to get an NFT wallet?
You can create your NFT by following these simple rules:
1. Download an NFT wallet application according to special requirements and needs.
2. Create your account by following the registration instructions
3. Record and store your recovery phrase in a safe place. Some wallet apps may allow you to add an extra layer of security, such as facial recognition or password creation.
4. Buy and deposit cryptocurrency into your wallet.
5. Once done, you can start minting, buying or collecting NFTs.
If you’ve decided to take the plunge into the world of NFTs, check out our articles on How to Buy an NFT and How to Sell an NFT.
How many NFT wallets are there?
In recent years, NFT commerce continues to proliferate in the third quarter of 2021, there were approximately 185,000 unique wallets. With more and more people joining the digital NFT market, this number is expected to continue to rise.