The demand for non-fungible tokens (NFTs) continues to grow, with more people wanting to expand their blockchain dossier every single day. Accordingly, the rising popularity of NFTs creates the need for secure NFT wallets. In this article, we are going to guide you through what NFT wallets are, why they are important, and how you can choose the best NFT wallet for your needs to securely buy, sell, and transfer your NFTs.
What are NFT Wallets?
Before we dive into our discussion and lay out the factors that make a wallet stand out as the best digital wallet for NFTs, it is essential to clarify some fundamental concepts, like what an NFT wallet is and how it works.
If you are new to the world of NFTs and still have some unanswered questions about what an NFT is, you can check out our detailed guide first and jump right back into this article.
When you see the term “NFT wallet” for the first time, you might naturally think that there has to be a set of NFT-only wallets for such a term to exist. However, an NFT wallet is actually a cryptocurrency wallet that supports the blockchain protocol NFTs are built on, along with the cryptocurrency you use to buy an NFT.
Unlike some crypto wallets that only support cryptocurrencies, an NFT wallet allows you to store and manage your NFTs as it keeps a record of where your NFTs are written on the blockchain via smart contracts. So, what does this exactly mean, and how will it help when deciding which wallet is the best for NFTs?
Like all other digital assets, NFTs can only exist on a blockchain and not in a digital wallet in the sense that cash and credit cards are kept in a physical wallet. Rather, digital wallets function as a gateway between digital asset owners and the blockchain.
While the majority of NFTs exist on the Ethereum network, different NFT wallets are compatible with different blockchain networks and NFT marketplaces. This means that you should double-check if a wallet supports the blockchain ecosystem you want to be working with when you decide which one of the options is the best wallet for NFTs, depending on your needs.
Importance of Using an NFT Wallet
Even if you are new to the world of web 3.0 and blockchain technology, you probably know that the decentralized open ledgers are cryptographically encoded on blockchains, allowing transactions to be transparent and secure.
That being said, the riskiest way to store your digital assets -such as NFTs, crypto coins, and tokens- is by using custodial web-based wallets offered by cryptocurrency exchanges and NFT marketplaces. Without an NFT wallet, you will have to rely on third-party platforms to store your NFTs, which can be risky.
That is why using a secure and non-custodial NFT wallet through which you have full control over your private key and NFTs is an important factor to keep in mind when you are looking for the best wallet for crypto and NFTs. Otherwise, your NFTs will be vulnerable to cyber-attacks and hackers, as most NFT platforms bear centralized features. Creating an NFT wallet and transferring your NFTs from the marketplace to your wallet ensures that you will be storing them long-term.
Furthermore, different NFT wallets do not provide the same levels of security, ease of use, and compatibility with different blockchain networks, coins, and tokens. That is why the right wallet that suits your needs the most is what will stand out to you as the best crypto wallet for NFTs.
How to Create an NFT Wallet
Creating an NFT wallet is essential if you want to buy and sell NFTs on NFT marketplaces. Here are the steps for creating an NFT wallet:
- Choose a Suitable NFT Wallet: There are several NFT wallets available in the market compatible with different NFT platforms and blockchain networks such as MetaMask, Coinbase, Trust Wallet, and more. But don’t worry, we will list the features of these wallets in detail and guide you through the best wallets for NFT art!
- Download and Install: Once you choose your NFT wallet provider, download the browser extension from the official website or install the mobile app on your device.
- Set Up Your NFT Wallet: Follow the instructions to set up your NFT wallet and create a password and a recovery phrase for your wallet.
- Keep Your Recovery Phrase Secure: Your wallet’s twelve-word recovery phrase is how you will be able to access your wallet and NFTs in the case your device is lost or stolen. The order of the words in your seed phrase is as important as the words themselves, and sharing your recovery phrase with someone will give them full control over your funds. To make sure to keep it secure, write it down on a piece of paper rather than taking a screenshot of it or noting it on your device.
- Fund Your Wallet: To start using your NFT wallet, you need to fund your wallet by transferring cryptocurrency to your wallet address.
- Connect Your Wallet to an NFT Marketplace: Once you have funded your NFT wallet, you visit the NFT marketplace or platform of your choice and connect your wallet to start buying and selling NFTs.
What Makes a Great NFT Wallet?
Whether you are looking for the best Ethereum wallet for NFTs or the best NFT wallet for OpenSea, what makes an NFT wallet great is the level of security provided, the wallet’s compatibility, credibility, and user experience, along with the quality of customer support services.
For example, if you want to buy and collect NFTs like CreatorPass through a platform like Snapmuse.io easily, we recommend using MetaMask as its user-friendly interface and compatibility with DeFi and crypto protocols allow for quick and safe transactions.
Choosing an NFT Wallet
Choosing the right NFT wallet is essential if you want to keep your NFTs safe and secure. Here are some important factors to consider when choosing an NFT wallet:
1. Security
Even if you are just starting your NFT journey and think that you have limited funds compared to other members of the NFT community, an NFT project you choose to support can become more valuable over time.
So, it is important to choose a wallet that offers the highest level of security, like two-factor authentication or biometric authentication, to keep your NFTs safe. Furthermore, opting to choose a non-custodial wallet like MetaMask rather than a custodial one will give you full control over your private keys and full access to your NFTs.
2. Compatibility
Your NFT wallet should be compatible with multiple blockchain networks, different exchanges on platforms, and the NFT marketplaces you want to buy from.
3. User Interface
An NFT wallet that provides a good and smooth user experience makes buying and selling NFTs easier and helps beginners avoid mistakes as much as possible.
4. Cross-Device Use
If you want to access your wallet from your computer, mobile phone, and tablet, you should opt for choosing a wallet that supports cross-device use.
You can add your wallet’s extension to your browser on your computer. If you are considering downloading and using the desktop software, please make sure that you are not downloading a fake desktop wallet from a fraudulent website.
5. Customer Support
An NFT wallet that has a responsive customer support desk will help you through the complications you may face, especially when you are a beginner. Do not forget that you need to rely on yourself to keep your recovery phrase safe, as the customer support services cannot help you recover your seed phrase.
The Best NFT Wallets in 2023
Now that we’ve covered the basics of NFT wallets let’s take a look at the best NFT wallets available in 2023:
1. MetaMask
MetaMask is the most popular software cryptocurrency wallet among seasoned NFT holders and beginners as it provides a user-friendly interface. Metamask is considered to be the best ETH wallet for NFTs by many, as it is also compatible with a wide range of NFT marketplaces and offers a high level of security for storing and managing NFTs.
MetaMask supports the Ethereum blockchain by default, which is the blockchain network that the majority of NFTs are stored in, and the dApps (Decentralised Apps) in its ecosystem, such as Uniswap and Compound.
What makes MetaMask rank high as an NFT wallet is its wide range of compatibility with all EVM networks, such as Binance Smart Chain, Aurora, Avalanche, and side chains like Polygon, Arbitrum, and Optimism.
You can access your MetaMask wallet with the web browser extensions available for Google Chrome, Firefox, Brave, Microsoft Edge, and Opera, and also use the MetaMask mobile app on iOS and Android devices.
Furthermore, MetaMask is also compatible with the best NFT cold wallets like Ledger and Trezor.
2. Trust Wallet
Acquired by Binance in 2018, Trust Wallet is an open-source non-custodial NFT wallet.
Supporting 65 blockchains and more than 4.5 million digital assets, Trust Wallet allows its users to access NFTs on the Ethereum, Solana, Polygon, Binance Smart Chain, Avalanche, Artbitrum, Optimism, and xDai blockchains. It features an in-app DApp browser and supports crypto staking.
Formerly a mobile-only wallet, Trust Wallet has recently launched a browser extension for Google Chrome, Opera, Brave, and Microsoft Edge. Unfortunately, Trust Wallet is not compatible with hardware wallets and can only be used as an online hot wallet.
3. Coinbase
Coinbase is a non-custodial crypto wallet that only supports NFTs that are on the Ethereum Mainnet.
Coinbase provides a high level of security, has a user-friendly interface, and allows its users to send and receive tokens via usernames as an alternative to wallet addresses.
Coinbase users can easily buy NFTs with a debit or credit card and browse NFT marketplaces like OpenSea, Rarible, and Coinbase NFT. Furthermore, Coinbase offers you the option to back up your seedphrase on iCloud and Google Drive with AES-256-GCM encryption.
Coinbase is compatible with hardware wallets like Ledger; however, unlike MetaMask, you need to create a new Coinbase wallet to connect your cold wallet to your Coinbase account.
4. Enjin Wallet
Introduced in 2018, Enjin Wallet offers an easy-to-use interface to buy, store, and trade your NFTs at lower gas fees.
Enjin Wallet supports various blockchains such as Ethereum, Bitcoin, Litecoin, Polkadot, and Efinity, as well as other ERC-20 tokens and ERC-721 and ERC-1155 assets. Users can directly trade NFTs on the Enjin Marketplace without having to transfer NFTs to a different wallet and interact with DApps and DeFi swaps.
5. Crypto.com
Crypto.com’s DeFi wallet is a non-custodial wallet that supports a wide selection of cryptocurrencies, including Ethereum, Bitcoin, Solana, Cronos, Litecoin, and various ERC-20 tokens.
Users can stake, swap, and trade cryptocurrencies and buy, sell, or trade NFTs native to the Ethereum, Solana, Polygon, Cronos, and Crypto.org blockchains. Collectors can also see the rarity traits of Crypto.org NFTs.
While Cronos stakers to carry out transactions at discounted fees on Crypto.com, this process may seem a bit confusing for beginners.
Crypto.com DeFi Wallet is available as a browser extension, desktop wallet, and mobile app in App Store and Google Play Store, and it is compatible with hardware wallet devices produced by Ledger.