If you want to invest or trade in non-fungible tokens (NFTs), then a good NFT wallet indispensable. So many people, so many wishes, so there is a wide range on the market. How do you make the right choice now? In this article I will take you through the basics about NFTs and NFT wallets, after which we dive into an important topic: security.
A good NFT wallet has various characteristics, which we will all discuss. If you know what to look for, then you are also able to make the right choice. As we always say: DYOR (Do Your Own Research)! Finally we dive in the best NFT wallets of the moment (July 2022), so you can make an informed choice. We give an introduction per wallet, discuss the advantages and share some useful articles and videos.
NFTs are hot and will mean a lot more to us in the future. It is so much more than just digital art pictures, as you will have discovered by now. Read along and immerse yourself in the world of NFT wallets, so that you can buy, sell and store your favorite tokens. Are you ready? Then we will investigate together, because you really won’t miss this boat!
Take a quick look
What are NFTs?
An NFT is an abbreviation of the term non-fungible token. It represents a unique item, such as a digital artwork, a ticket for an event, an in-game item or a unique sneaker in a limited collection. If something is fungible, it means it is easy to replace. As you can guess, something that is non-fungible is therefore unique and cannot be replaced.
There are several tens of thousands of tickets available for an average Ajax football match, but if you buy a ticket you will not have the exact same ticket as your neighbour. You all have the same kind of ticket, in terms of layout, but both have a unique ticket number. Want to dive deeper into what NFTs are, what the pros and cons are, and how you can learn more about these non-fungible tokens?
Read this extensive article by my colleague Matt or watch the video below:
What is an NFT wallet
Now that you know a little about NFTs, let’s move on to the next part: the wallet for your NFTs. When you buy NFTs, you are actually buying nothing more than a token that is on the blockchain. This means that you store a non-fungible token like you store any other token, namely in a wallet! It is good to dive into the protocol.
If you buy an NFT, which is on the Bitcoin blockchain, you cannot store it in. a wallet made for Ethereum tokens. Most NFTs now run on the Ethereum blockchain and use the ERC721 protocol. This is considered the default protocol of NFTs at the time of writing (July 2022). The security of the wallet is also a point of attention, but we will explain this to you below.
This is how you store your NFTs safely
In a world of Web3, NFTs and crypto, security is a precious commodity. If you compromise on security, you can lose all your investments and collections in no time, so don’t compromise on this at all! These are common security issues to consider:
- Scams, such as phishing
- bad links
- Fake accounts and fake sites
It is good to realize that NFTs can become worth a lot and that you attract criminals as a result. There are a number of measures you can take, such as storing your seed phrase offline, using a hardware wallet, using secure passwords, not clicking on corrupted links and activating 2FA. Matt has also recorded a handy video for this:
Features of a good NFT wallet
A good NFT wallet helps you to optimally manage and trade your assets, but how do you make that choice. We will outline the 5 best NFT wallets of this year below, but before we do that I want to tell you a bit about the features. What are things you should pay attention to when choosing the right wallet for your non-fungible tokens?
- Usability is hugely important. You want a clean, intuitive interface that makes it easy to take action. For many beginners, NFTs are already a complex subject, let alone that you also have to think about other difficult choices. Definitely choose a provider that focuses on easy-to-install and user-friendly products, such as a mobile app;
- Cross Chain Compatibility is a stroke of luck, so if you plan on minting on multiple networks, pay extra attention to this. As we discussed above, most NFTs are still on the Ethereum blockchain, so you need a wallet that uses this protocol. If you have a wallet that is interoperable, you can store NFTs from various networks in one wallet;
- Connection to dApps and marketplaces possible to make, that makes your hobby even easier. If you can connect your wallet with, for example, a web browser or NFT marketplace OpenSea, you can switch faster and switch more easily;
- Security and backups are also part of a good NFT wallet. By being able to make backups, you can prevent loss of your assets. And of course security is really key, especially in NFT land, so in addition to the above features, pay plenty of attention to this!;
- Support and Customer Service are extremely useful. When you get stuck somewhere, have questions about security or how it works, you can rely on a solid team and a thriving community.
5 best NFT wallets of 2022
MetaMask is by far the best known and most popular crypto wallet of our time. My opinion does not matter of course, but personally I think this is the best of all wallets in my possession. It is a user-friendly browser wallet, in which you can store your cryptocurrencies as well as your NFTs. Here you can read our extensive blog about the MetaMask Wallet, but for the sake of efficiency I will share the benefits with you here:
- It is open sourceso the entire community can contribute to the development of the wallet;
- By the so-called hierarchical deterministic settings is it possible to get a back up your account – very handy!;
- The wallet has integrated ShapeShift and Coinbase exchanges, so you easily swap ETH and other ERC-20 tokens;
- Intuitive user interface;
- Reliable customer serviceso that you are always helped on your way if you have any questions.
Note: an online wallet such as MetaMask is more vulnerable than a hardware wallet, as you have the chance of being hacked. The web browser collects user data, so your security is not completely covered. Be aware of this! Watch an AllOverCrypto production about the MetaMask Crypto & NFT Wallet below:
2. Coinbase wallet
The Coinbase wallet also has a lot of brand awareness and that is not for nothing, because the exchange naturally generates a lot of attention. The wallet is suitable for holding NFTs and other tokens, with the aim of total control for the holder. In 2021, they launched a browser extension, making switching easier for users. A big advantage of the Coinbase wallet is the use of usernames instead of wallet addresses, which usually consist of difficult, long codes. The advantages of Coinbase at a glance:
- Good securitythanks to 2FA;
- Multi-signature access for all users;
- Full support from the globally renowned exchange Coinbase;
- Easier access and restriction to NFTs, altcoins and stablecoins, thanks to advanced options;
- Mobile versionfor access via your phone or browser;
- Supports many dApps and coins on ERC-20 protocol, from Aave to ZRX.
Are there also disadvantages? Yes, currently no Bitcoin (BTC) can be stored in the Coinbase wallet. That is not very attractive, especially for beginners in the crypto scene. Watch a popular video about using the Coinbase wallet below:
3. Binance Wallet
Binance, who does not know the exchange. As is the case with Coinbase, this exchange also has a wallet: the Binance Wallet. You also download this online wallet as a browser extension and due to the handy interface, there is no doubt about how it works. Right on target to mint, buy, sell or hold your NFTs. The advantages of this wallet are clear:
- Users can dApps on the platform launch;
- fast Fiat cash out;
- Easy access and simple installation;
- Access to NFTs on your Ethereum wallet and Binance Smart Chain;
- high liquidity and NFT volume;
If we have to point out disadvantages, users indicate that the supply of non-fungible tokens is limited. It is also only possible to work via the web browser, making the NFTs more difficult to access. Watch a video on how to use the Binance Wallet below:
4. Math Wallet
The Math wallet will also appeal to fans of MetaMask. What is striking about this NFT wallet is that it is compatible with no less than 70 blockchains! You have a web, desktop and mobile version, where synchronization is no problem. The advantages for this wallet can easily be summarized as follows:
- Support and access to 70+ blockchains;
- Access dApp stores;
- Optimal security;
- Simple swapping of cryptocurrencies;
- Connect with you quickly hardware wallet.
It may be a disadvantage that the Math Wallet is still under development, which means that the operation and services are sometimes shifted. You can’t pay with card, so that’s also a disappointment. Watch a video of the Wallet below:
5. Alpha Wallet
The last NFT wallet we will discuss today: the Alpha Wallet. If you want to invest in NFTs on the Ethereum blockchain, this is a good choice for you. You can store non-fungible tokens in it and the wallet also supports multiple marketplaces, such as OpenSea and ChainZ Arena. The interface is simple and clear, which makes it user-friendly and also looks fresh. The benefits of AlphaWallet:
- Support for ETH-based NFTs;
- Easy in use – intuitive interface;
- Excellent open source web3 wallet;
- Can blockchain transaction speeds tweaking;
- Optimal safetythanks to Secure Enclave.
The wallet is still under development and is only accessible via the mobile app, which can be a thing for many users. Watch the video below for today’s web3 wallet:
Do you think this list is still a bit short and would you like to consider other options? Then take a look at other wallets, such as:
We have discussed everything about NFT wallets in this article. If you want to buy, sell or store your non-fungible tokens, then you know what to look out for. Is the wallet user-friendly? Does it support the right blockchains and tokens? Is the security in order and does it work to the satisfaction of the users?
We also went through the characteristics of a good NFT wallet, so that you can also research other wallets yourself. I have shared the top 5 NFT wallets with you. At the time of writing (July 2022), these are the best wallets for Non-fungible tokens: MetaMask, Binance Wallet, Coinbase Wallet, AlphaWallet and Math Wallet.
Are you looking for more information or do you have any questions about the best NFT wallets? Or would you like to meet other crypto enthusiasts? In the free Discord channels of our product Money Mastery from AllesOverCrypto you can ask questions and meet thousands of other crypto enthusiasts. Do you have other crypto related questions? The easiest way is to look up your question in our FAQ. Another thing you can do is google your question + Everything AboutCrypto. Let us know what you think about the best wallets for non-fungible tokens!”
Photo by Mo Eid