Non fungible tokens (NFTs) have grown in popularity in the past year. They provide NFT users with verifiable proof of authenticity and ownership within blockchains. NFTs are representative of both real-world and digital assets such as artwork and property.
Before you jump into investing in or collecting non fungible tokens, you will need to set yourself up with an NFT wallet. Then you’re all set to become a bonafide NFT collector. In fact, NFT wallets are a crucial part of the investment process as they keep your NFT collection and cryptocurrency in one convenient and secure location. So before you invest in NFTs from your NFT marketplace of choice, you should gain an overview of the various NFT wallets available to you.
NFTs have become so popular due to the growing interest in crypto collectibles. This reasoning behind this trend is two-fold: firstly, many NFT collectors like to be able to say they own something rare; secondly, people enjoy owning a digital asset that will grow in value over time, making NFTs valuable investments. While they can certainly be considered a “new-age” investment, they hold a number of advantages over other cryptocurrencies. They can be traded with other collectors on exchanges and are therefore good for long-term investment. NFT collectors can also store their tokens in a wallet like they would do for any other crypto asset.
What is an NFT wallet?
An NFT wallet is a type of cryptocurrency wallet that supports the blockchain the NFTs have been built on. Your NFT wallet will need to also support the cryptocurrency you will use to purchase NFTs, for example, Ether. They provide a safe gateway to managing, buying and selling NFTs. Top NFT wallets serve as your crypto portfolio tracker to keep your NFTs safe.
An NFT wallet doesn’t actually store your crypto and NFTs. They give you access to your digital assets that are stored on a blockchain. The wallet provides you with a private key that allows you to authorize transactions.
A crypto wallet with NFT support removes the need to worry about any of the technicalities of buying and selling NFTs by providing an easy-to-use user interface. With two-factor authentication the norm with most NFT wallets, they provide enhanced security and a convenient way to keep track of your crypto assets.
NFTs are built on various blockchains, so NFT wallets support certain or all blockchains. Here is an overview of the most common blockchains:
- Ethereum: you will find this is the most common blockchain for NFTs. It has an active community who are continuously working on developing new features and bug fixes.
- Solana: this is a very user-friendly blockchain and one of the fastest-growing NFT and cryptocurrency development platforms. Solana hosts a number of Web3 sites, NFTs and Defi applications on a few NFT wallets.
- Polygon: this blockchain provides an affordable platform for users to launch NFT projects on. It is suitable for users looking to establish a large portfolio in the best NFT wallets.
- Cardano: this blockchain uses a proof-of-stake system. This feature makes Cardano a top NFT wallet provider. Users are able to create NFTs and other highly-scalable DeFi applications.
- Tezos: this blockchain uses a proof-of-stake system for NFT wallets. It is an affordable blockchain network which makes it suitable for creators of NFT projects and for the storage of NFTs.
- Binance Smart Chain: this is a simple blockchain network that allows developers to design and launch projects quickly as well as to securely store NFTs. BSC also offers very fast and affordable NFT transactions in some of the best NFT wallets.
Types of NFT wallets
You will need to decide whether you prefer using a custodial NFT wallet or non-custodial NFT wallet. Here is the difference between the two.
Custodial NFT wallets
When you select a custodial wallet, a third-party controls the private key and essentially acts as the custodian. They will guard your key and keep your NFTs secure. These wallets tend to be easier to set up as you do not have to remember a complicated private key. Custodial NFT wallets normally require the completion of a KYC process, which can compromise anonymity.
Non-custodial NFT wallets
A non-custodial NFT wallet allows NFT users to trade and access NFTs on their own. In this case, you are responsible for storing and remembering your private key. Should you lose the private key, you will lose access to the NFT assets forever.
What can you do with an NFT wallet?
NFT wallets take care of all the complicated tasks that come with trading NFTs to make the user experience seamless. However, despite all this happening in the background it is still helpful to know exactly what is going on.
Store NFT private keys
Despite being called NFT wallets, your NFTs are not actually stored in a wallet. They are always stored on the blockchain so you never actually have them in your possession. An NFT wallet will store your private key which gives you access to your NFTs so you can easily manage, buy or sell your NFT assets. Whoever has the private key has access to your NFTs so it is imperative to keep your key safe at all times.
Transfer NFTs to other wallets
In order to purchase most NFTs, you will need to hold cryptocurrency. The best NFT wallets will allow you to hold crypto in your wallet in order to facilitate purchases.
Connect to dapps and marketplaces
The best NFT wallets will be able to connect you to NFT marketplaces. Some of these decentralized marketplaces may require you to link your NFT wallet to the marketplace in order to purchase NFTs. It is important to use an NFT wallet that supports the marketplaces you wish to purchase NFTs from.
Choosing an NFT Wallet: Things To Consider
There are a few important considerations to make when selecting an NFT wallet.
Multichain compatibility
Your NFT wallet should be compatible with as many blockchains as possible. While the majority of NFTs are supported and built on Ethereum, there are an increasing number of blockchains which also support NFTs. Therefore it is important to select a wallet that allows you to easily access NFTs across a number of blockchains.
Security
Selecting a secure NFT wallet is of the utmost importance. Your wallet of choice should offer excellent security to safely protect your NFTs and other digital assets. The best NFT wallets will offer two-factor authentication as a standard security protocol, which adds a layer of security to your account, preventing hackers from gaining access. Your NFT wallet should have secure encryption technology to protect your assets from malicious attacks.
Anonymity
It is important to keep in mind the level of anonymity and privacy the NFT wallet can provide. For example you may find that certain wallets have weak privacy settings that allow anybody to see transactions made. The ones with stricter privacy policies, however, can have a less user-friendly interface because they do not have integrated exchanges. Do keep in mind that personal data is highly sought-after in the current market so selecting an NFT wallet that protects your personal information is a fairly important consideration.
User experience
User experience is an important consideration when selecting an NFT wallet. When the user interface is easy to use and understand, it makes buying and selling NFTs much simpler.
Pricing
Price is another consideration as it can affect the profitability of trades. You need to look into the conversion fees your NFT wallet charges. If you buy cryptocurrency with fiat currency, you may be charged for the currency conversion. Pay close attention to fees related to withdrawing and depositing NFTs as well.
Best NFT Wallets
We have selected the most popular NFT wallets, each with their own set of features. We will highlight their best features and some of their pros and cons below.
Metamask Wallet
Metamask is one of the most popular crypto wallets with a browser extension that provides quick access to NFT marketplaces with a click. Metamask allows token holders to enter multiple addresses when setting up their NFT wallet, making it easier to keep your cryptocurrency and NFTs separate by storing them at different addresses. This way, you could also choose to set up an address for each NFT you buy.
Metamask provides users with a secure login, key vault, token wallet and token exchange, allowing you to manage your digital assets in one convenient and secure spot.
Metamask introduced a mobile app in 2020, making it easier than ever to manage your digital assets across multiple devices. The app includes a built-in browser to access decentralized applications and NFT marketplaces with ease.
Metamask also has a built-in exchange feature, making swapping currencies in order to buy NFTs easy. The NFT wallet allows you to put limits on gas fees, but be wary of this as it can cause the transaction to fail. In addition to these features, Metamask offers multichain support.
Some of Metamask’s best features include:
- Protection against crypto scams
- Browser extension and mobile app for added convenience
- One of the most secure NFT wallets
Coinbase Wallet
Coinbase is ranked as one of the easiest marketplaces for trading cryptocurrency. They also offer an NFT wallet that is considered to be a great starting point for people that are new to digital collectibles. The Coinbase wallet is a non-custodial NFT wallet and has a very user-friendly interface for easy navigation, simplifying the process of buying and selling NFTs. Coinbase wallet is also compliant with regulations in a large number of jurisdictions and supports almost all cryptocurrencies on the market.
Coinbase also allows NFT holders to buy goods and services using their NFTs, increasing their usability. In 2021 they released a browser extension to make it simple for users to use their wallet to purchase NFTs across devices. Users can easily transfer tokens to others by using a username instead of a public wallet address, enhancing security by ensuring tokens go to the correct person.
A common problem with non-custodial wallets is putting the responsibility of storing the private key solely on the user. Coinbase mitigates the risk of permanently losing access to digital collectibles in their crypto wallet by offering users the option of storing the private key on their personal cloud drive.
Some of our favorite features include:
- The ability to manage your crypto portfolio in one place by keeping track of your total balance and the individual values of assets
- Receive alerts for transactions
- Buy and sell NFTs using the cryptocurrency you already hold
- Two-factor authentication
- Quick access to fiat currencies making it quicker for newbies to start trading
Math Wallet
Math wallet considers their platform to be the gateway to the world of blockchain. Math Wallet achieves this by supporting over 86 blockchains and providing web, mobile and browser versions that sync flawlessly across devices for easier crypto management. It has a built-in dApp browser with easy access to NFT marketplaces. Math Wallet also integrates with hardware wallets and offers its own utility token.
Math Wallet allows users to create multiple addresses for efficient management of crypto portfolios. You can easily buy, sell, trade and withdraw NFTs in a highly secure environment. This is achieved through the system generating passwords and keys, ensuring only the user has access to their holdings, as well as through robust encryption methods.
It has been backed by some of the biggest names in the crypto game, including Binance Labs and Multicoin Capital, so with capital investment developers will continue to improve the wallet’s functionality.
Some of the key features of Math Wallet to note are:
- Supports 122 blockchains
- Continual growth and development
- Highly secure
- Trusted by over 21 million monthly users
Trust Wallet
Trust Wallet offers users a secure non-custodial wallet to easily buy, sell, trade, manage and cash out NFTs. It certainly lives up to its name as it is rated as one of the most trustworthy and popular NFT wallets around.
You are able to import old wallets without time-consuming backups of private keys or software installations. Everything is user-friendly and simplified. You are not required to fill out any forms or go through any KYC process for added privacy and anonymity. It is this ease of use that makes Trust Wallet the best NFT wallet for beginners.
The Trust Wallet app is available for android and iOS devices and as an open-source and entirely decentralized wallet, it supports 53 blockchains.
Trust Wallet includes a dedicated NFT section, supporting assets from the Ethereum blockchain and Binance Smart Chain. You can easily view your NFTs and their individual values to conveniently manage NFTs.
In terms of security, Trust Wallet conducts regular security audits to safeguard wallets from cyberattacks.
Key Trust Wallet features to be aware of include:
- A dedicated NFT section
- Mobile app
- Crypto staking support
Enjin Wallet
If you are looking for the best NFT wallet to manage your NFTs and crypto in one convenient location, Enjin is a great option. Using this NFT wallet, you can collect, exchange and trade digital assets with ease, with a built-in exchange to facilitate quick and easy transactions. Enjin has its own utility token which can also be used to buy NFTs.
You are not limited to creating only one account so you can create separate accounts, for example, one for daily expenses, savings, gaming and so forth. Like Trust Wallet, when importing old wallets you do not need to backup your private key or install additional software. Enjin Wallet allows users to connect several hardware wallets like Ledger and Trezor to their NFT wallet.
The Enjin Wallet supports hundreds of cryptocurrencies for tons of potential trading combinations. One of the most convenient features is the ability to access the wallet using a biometric signature, removing the need to remember complicated passwords.
The Enjin Wallet is the best NFT wallet for gamers, with quick access to decentralized apps and the ability to collect NFTs in-game.
Our favorite features include:
- Tracker-free and ad-free interface
- Transparency by calculating fees upfront before a transaction occurs
- Reward system for gamers who can earn NFTs
ZenGo Wallet
ZenGo has scrapped private keys in favor of encrypted biometrics. While this is not a new concept by any means, ZenGo was the first wallet to adopt these security measures. Users have lost millions of dollars due to losing private keys or unauthorized persons getting hold of private keys, this weak point in NFT wallet security has been removed making ZenGo a highly secure wallet to use.
ZenGo takes things one step further than two-factor authentication with three-factor authentication. This process ensures that:
- only the user is in control of crypto assets
- your wallet is automatically backed up, so if you misplace your phone, you can recover access to ZenGo through a 2-step authentication process
ZenGo provides 24/7 in-app support with real consultants as opposed to chatbots. In addition to this, ZenGo supports over 70 blockchains including Bitcoin and Ethereum.
Some of ZenGo’s best features include:
- Biometric access and 3-factor authentication make it the most secure NFT wallet
- No Know Your Customer process required
- Supports over 70 crypto assets
- 24/7 live support with real people
- This is the best NFT wallet for traders with a preference for high security measures.
Crypto.com Wallet
Crypto.com is a state-of-the-art NFT exchange platform with a huge variety of NFT art. It offers users a dedicated NFT gallery to view digital assets anytime, anywhere. It only, however, supports Ethereum and Crypto.org NFTs which does limit your access to NFTs built on other blockchains. You are also not able to access cryptocurrency on the Binance chain.
With a Crypto.com wallet, you can send and receive Ethereum NFTs. A nifty feature is being able to earn interest on NFTs through an interest-bearing savings account. The amount you earn is dependent on the deal and length of time you choose to keep it in a savings account. This has positioned Crypto.com as one of the best NFT wallets available.
Some of Crypto.com’s highlights include:
- Earning rewards when purchasing crypto using debit or credit cards
- The ability to exchange cryptocurrency for NFTs
- Support for NFTs from organizations like UFC and Formula 1
- Good security measures including 2-factor authentication
- Support for fiat currencies such as USD and Euro
- Ability to view top NFTs in the marketplace
- No fees
Ledger Nano X Wallet
Ledger Nano X Wallets are hardware wallets (also referred to as cold wallets) where you can store, buy, sell and trade NFTs and cryptocurrency. It is an offline wallet that is run off of software, you only use the internet when confirming a trade. This bolsters the wallets security. To access the wallet, a 14 to 24 word seed phrase is required for authentication.
Ledger Nano X has relatively high fees at around 25% per contract and requires an upfront fee to use the wallet.
Ledger Nano’s best features include:
- Offline NFT storage
- Support for some of the best NFT collectibles, including stable coins
- Access to NFT marketplaces
- User-friendly interface
- Fast transactions
Kukai Wallet
Kukai Wallet is an open source wallet most suited to experienced NFT collectors. It is an exclusively web-based NFT wallet to store NFTs built on the Tezos blockchain. With Kukai, users can import their NFTs from other wallets, Google accounts, Reddit and seamlessly transfer storage of NFTs and digital collectibles.
Kukai has no hidden gas fees and a fast user verification process so you can get started with trading your NFTs within 5 to 10 minutes. The wallet integrates seamlessly with third-party systems like Nano Ledger S for cost-effective cold NFT storage.
Kukai allows you to sign in offline through a hardware wallet for added privacy and security. The downside to Kukai is a less user-friendly interface than other NFT wallets, hence why it is more suited to experienced NFT traders. The Kukai wallet also only used the Tez token which can be a bit limiting.
However, there is lots to like about Kukai crypto wallets, which includes:
- One-click access to Google, Reddit and Twitter for wallet imports
- An active trader education programme
- Offline sign-in options for added security
- Free platform with no hidden fees
XDEFI Wallet
Despite being a newcomer in the NFT wallet marketplace, XDEFI has quickly established its status as the go to NFT wallet for both new and experienced traders, especially for multichain collectors.
The wallet includes NFTs from Ethereum, Avalanche, Binance Smart Chain, Polygon and Terra with its main drawcard being an overview of all NFTs from various blockchains in one gallery. XDEFI will soon be adding support for Fantom, Solana, Arbitrum, Aurora, and NEAR. This is great if you need a wallet compatible with multiple blockchains.
Aside from using XDEFI wallets for NFT collecting, it can also be used to buy, sell, store and exchange over 10000 cryptocurrencies across 11 blockchains. It is this multichain compatibility that makes it one of the best NFT wallets.
It has a very simple and user-friendly interface, but don’t be fooled into thinking it is a “simple” platform. It has top-class security and easy hardware wallet connectivity, making it one of the top NFT wallets.
Some of XDEFI’s best features include:
- Displays NFTs from different blockchains in a single gallery
- Use one seed phrase for all wallets
- Cross chain exchanges
- One of the most secure wallets
AlphaWallet
AlphaWallet is an open-source, non-custodial Web3 wallet that gives you full control over your NFTs and crypto. If you want to manage your NFTs on your own, this is one of the best NFT wallets. While it does have a few limitations by being mobile-only and Ethereum-only, its simple user interface and native support for blockchain games, makes it a stand out option. In fact, AlphaWallet has been developed with crypto traders in mind for easy management of client portfolios.
Users can add meta tags to tokens to make it easier to search for and manage your tokens. AlphaWallet works with a number of popular NFT marketplaces including OpenSea and Dragonereum. It has a built-in decentralized application browser for direct access to other NFT marketplaces and DeFi applications.
Despite being only an Ethereum wallet, AlphaWallet has some wonderful features which include:
- Hardware-grade security measures
- Smart chain tokens powered by TokenScript
- Fully customizable interface
- A robust design and development process for continual improvements and top-class UX design
Bottom Line
As we have established, there are plenty of good options available to you when choosing the best NFT wallet. It is important to take your time when selecting the best one for you to ensure it covers all your needs. The best NFT wallets will empower you to search for, buy, sell and trade NFTs in a highly secure environment.
All the NFT wallets we have discussed above will allow you to focus on collecting NFTs while storing your digital assets safely. It is quite vital to select a wallet that supports the blockchain your NFTs have been built on. For example if you purchase an NFT built on the Solana blockchain but your wallet only supports NFTs built on the Ethereum blockchain, you have not chosen the right NFT wallet for your needs. Also always keep costs in mind as high fees can impact on the profitability of buying, selling and exchanging NFTs.
