The popularity of NFTs (Non-Fungible Tokens) is steadily increasing due to an increase in virtual currency collectibles and real-world businesses participating in Web3. NFTs A wallet is like a vault where you store your NFTs and can only be accessed with a unique private key linked to your public wallet address. Private keys can be used to authorize transactions such as buying, selling, or transferring NFTs, along with other supported cryptocurrencies.
But be careful. Anyone who knows your wallet’s private key can access your stored assets and sign transactions on your behalf. Never share your private key with anyone.
Points to note when choosing an NFT wallet
Investors find it important to choose the right NFT wallet as it is difficult to earn money .. but making the ‘right choice’ can be a challenge as there are seemingly endless options for NFT Equally overwhelming for those unfamiliar with crypto trading tools To get the most out of your crypto trading experience. You should choose an NFT wallet that has similar precautions taken.
Let’s take a look at some factors to consider when choosing an NFT wallet.
safety
in the meantime blockchain Because it is immutable, crooks can gain unauthorized access to NFT wallets using sophisticated social engineering attacks. Some standard security features, such as two-factor authentication, can prevent hackers from stealing her NFTs and cryptocurrencies.
type
NFT wallets are generally of two types: hot wallets and cold wallets. Because hot wallets remain connected to the internet, they are vulnerable to cyberattacks. Cold wallets, on the other hand, are hardware wallets that offer significantly more security but less usability.
compatibility
A good NFT wallet is compatible across multiple blockchains. For example, MetaMask supports all ERC-20 and ERC-721 tokens. Similarly, Phantom Wallet supports Solana, Raydium, Serum, USDC, USDT, and more.
Anonymous
Most cryptocurrencies are centrally controlled entities, with records of your personal information (KYC) tied to your custodial wallet address. Therefore, storing long-term crypto assets in exchange wallets is not ideal.
On the other hand, non-custodial wallets like MetaMask and Phantom wallets allow unlimited new account creation without verifying your identity.
Top 5 NFT Wallets for 2022
After testing over 20 different NFT wallets, our team has picked the top 5 NFT wallets to choose from in 2022. Check them out!
Easiest to use: MetaMas
MetaMask is one of the most popular NFT wallets, especially for those who love to invest. ethereum NFTs. It is also the most user-friendly wallet as it is supported by top blockchain applications such as The Sandbox, Decentraland and Pegaxy.
Strong Points
- It has the most user-friendly interface
- Supports all ERC-20 and ERC-721 (eth based) tokens
- Multiple browser extensions
- Quick and easy download and setup
- Multiple wallets can be set up for one recovery phrase
Cons
- I don’t own Bitcoin (BTC)
- no live support
Best Security: Trust Wallet
Trust Wallet is known for its high security. Bitcoin, Ethereum, dogecoin, ripple, more. It also has a dApp browser that allows you to manage your NFT collection.
Strong Points
- Robust security features such as Face ID and Touch ID
- Easy to set up and use
- Support different cryptocurrencies on multiple chains
Cons
- No browser extensions
- Not the best choice for crypto games
Best for managing NFTs: Enjin
Enjin is a mobile wallet that can hold ERC 20, ERC-721 and ERC-1155 assets as well as Litecoin, Bitcoin, Dogecoin, Ethereum and more. You can authorize transactions via a fingerprint scanner and set advanced controls for fees and limits.
Strong Points
- Supports a wide range of assets and tokens
- Easily swap and trade on the go
- You can scan the QR code to send and receive NFTs
Cons
- Only available for mobile users
- Not compatible with SOL and Wax
Best for Solana NFT: Phantom Wallet
Phantom Wallet supports Solana NFT and DeFiIt allows you to exchange tokens on the go and supports various platforms such as Chrome, Android and iOS. A secure and easy-to-use crypto wallet for Solana NFT traders.
Strong Points
- Very user friendly and easy to set up
- Primarily built for Solana DeFi and NFTs
- Redeem on the go
- Available on multiple platforms
Cons
- Lack of support for major coins such as Ethereum and Bitcoin
Best cooler: Ledger Nano X
Ledger Nano X It is like the holy grail of NFT wallets due to its incredible security and compatibility. However, since it is a cold wallet, it must be used on an internet-connected device. This can be a little inconvenient. However, on the other hand, it supports Bluetooth. So you can easily use it on both smartphones and PCs.
Strong Points
- mobile compatible
- Provides the best possible security
- Equipped with functions such as Bluetooth connection
Cons
- Only available in the Ledger companion app
- not waterproof
