If you’re interested in collecting or investing in non-fungible tokens , you’ll need an NFT wallet. An NFT wallet is a cryptocurrency wallet that supports the blockchain protocol NFTs are built on. It also needs to support the currency you’ll buy NFTs with, such as Ether ( CRYPTO:ETH ).
Since the vast majority of NFTs use the Ethereum blockchain, most Ethereum wallets will work. But some wallets stand out above the rest. Image source: Getty Images. Importance of using an NFT wallet
An NFT wallet doesn’t work like a physical wallet. You don’t actually store NFTs or cryptocurrency in your wallet.
Instead, it provides access to the assets, which are held on the blockchain . It does so by providing a private key to that address, which allows the wallet owner to authorize transactions. If you have the private key, you effectively own anything at that address.
A wallet will take care of all the technical bits for you and provide a nice user interface for buying, selling, and transferring NFTs or cryptocurrency . Moreover, it can also provide increased security with two-factor authentication, and it provides a convenient way to track your assets across devices. What to look for when choosing an NFT wallet
The most important features to look for when it comes to choosing an NFT wallet include: Compatibility with the NFT marketplaces you want to buy from. If it’s not supported, you won’t be able to buy the NFTs you want, so it’s a non-starter.
Strong security. NFTs can be worth thousands or even millions of dollars. You want something as secure as possible.
Easy-to-understand user interface. A good user interface will make buying and selling NFTs a breeze.
Cross-device use. Being able to access your NFTs on both a desktop and a mobile device can come in handy.
Multichain support. While most NFTs are on the Ethereum blockchain, several other platforms also support NFTs. You’ll want a wallet compatible with as many chains as possible to give you easy access to as many NFTs as possible.
Image source: Getty Images. Metamask
Metamask is one of the most popular cryptocurrency wallets . Its browser extension provides easy access to web3 sites such as NFT marketplaces with just a couple of clicks. Metamask also makes it easy to set up multiple addresses so you can hold your NFTs at an address that’s separate from your cryptocurrency, or you can set up a single address for each NFT you purchase.
ConsenSys, the company behind Metamask, built a mobile application in 2020. Holdings sync flawlessly across the desktop and mobile versions of the wallet. The mobile application also includes a built-in browser for decentralized applications , or dApps, and NFT marketplaces.
If you need to swap currencies to buy an NFT , Metamask has a built-in swap feature. You can also limit how much you pay in gas fees, though there’s the risk of a transaction failing. If you need to use a different blockchain, Metamask offers support for alternative platforms. Math Wallet
Math Wallet offers a strong alternative to Metamask. Its biggest differentiator is that it supports more than 70 blockchains. It offers a web, desktop, and mobile version of the wallet that sync across devices, and it has integrations with several hardware wallets as well. Math Wallet will also let you create multiple addresses.
Math Wallet has a dApp browser built in that enables users to view NFT marketplaces. It includes several other features for cryptocurrency holders — staking, swapping, etc. — and it also offers its own utility token. AlphaWallet
AlphaWallet is an open-source cryptocurrency wallet. While it has a few limitations — it’s mobile-only and Ethereum-only — its native support for blockchain games and NFTs makes it stand out.
The simple user interface makes it very easy for beginners to understand. There’s a whole section of the wallet dedicated to NFTs and gaming tokens . It also allows users to add meta tags to their tokens so they can easily search and filter them when browsing their collection.
AlphaWallet works directly with OpenSea, CryptoKitties, Dragonereum, and ChainZ Arena, among other NFT marketplaces and blockchain games. Like others, it has a built-in dApp browser to find more NFT marketplaces and direct access to DeFi applications such as Compound. Trust Wallet Trust Wallet is a popular mobile-only wallet owned by Binance. While it supports multiple blockchains, including Ethereum, its association with Binance means that it’s heavily biased toward smart chain tokens. That said, if you’re interested in NFTs […]
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