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What Is an NFT Wallet | Why You Need NFT Wallet?

What-Is-an-NFT-Wallet-Why-You-Need-NFT-Wallet Learn

Why should you worry about NFT wallets? Let us jump into this NFT wallet article and find out the answer.

Meanwhile, NFTs have instantly turned into an unstoppable force over the past year. They now appear to carry the entire crypto market ahead even when the rest of the crypto ecosystem is confused. However, NFTs are speedily moving on, showing vital signs of growth.

As a result, unique NFTs and digital collections have shown huge traction in the crypto news space today. Besides, this occurred when prices began going ballistic, reaching several millions of dollars. Moreover, a new gaming industry niche entirely based on NFTs is growing as we speak.

Likewise, NFTs have the potential to become more valuable than what it is currently reflecting. With this synergy, it is worth mentioning that investors, collectors, and gamers need the best wallet for storing NFTs.

What Is an NFT Wallet?

As the footage of NFT is still growing, many believe that it can change the old markets for artists and collectors. On the other hand, to ensure support in the emerging domain of NFTs, you need an NFT wallet as a vital tool. Also, it is very important to know NFT wallets and other essential features of NFT wallets before using them.

Briefly, NFT wallets are digital wallets that help support NFT and cryptos in one place. In addition, the wallets allow you to get new assets alongside buying things with the assets in your ownership. The broad surge in NFT investments has also led to the growth of functionalities in NFT wallets for storing the NFT art after minting or acquiring.

Interestingly, an NFT wallet doesn’t have the assets in a digital version of a relevant bank account. In contrast, the wallet only stores the data about the location of your assets on the blockchain. So now, you would come to the other tasks of finding an NFT wallet to fulfill your needs best. Besides, all NFT wallets have various features. But you have to know the primary factors to avoid any confusion.

Importance of NFT Wallets

First of all, it is better to know that NFTs offer a distinct advantage over the simple idea of crypto. However, many new financial systems involve complex trading and lending systems. Moreover, they support diverse asset classes such as artwork, real estate, and lending contracts.

But, NFTs are offering a great advantage for reinventing financial services management foundations worldwide. At the same time, their abilities for enabling digital description of physical assets also point out the desirable promises connected with the domain of NFTs. First, you need the best NFT wallet ready to help you purchase, hold, sell, and trade NFTs. In other words, you need a wallet with the ability to hold NFTs and other cryptos.

Features of the Best NFT Wallet

Each NFT wallet will have a set of unique traits that you will find more or less valuable for your type of usage. However, various essentials should always include:

● High Security

Because NFTs are so valuable, you need to find the most secure NFT wallet possible. Moreover, the best wallet for NFT typically provides more security options, such as 2-factor authentication, a link to a hardware wallet, etc.

● User-friendly

The wallet’s primary goal is to improve the user activity when handling NFTs, despite your skill level. Additionally, because of NFTs’ nature, they can visualize their artworks within the wallet. These traits will allow you to modify them at a glance and help you immensely when managing your collections.

● Multi-platform

A wallet that can synchronize between desktop and smartphone will allow you to control your NFTs more efficiently. So first, you will be ready to mint NFTs from the comfort and safety of your desktop. And second, you can buy and sell NFTs on the go through a smartphone. Also, this can be very valuable when seeking newly-released NFT with lots of profit potential.

● Cross-chain Compatibility

It is undeniable that most of the NFT market resides on the Ethereum blockchain. However, opposing networks like Solana and the Binance Smart Chain become popular homes for NFTs. Therefore, a wallet that will allow you to handle NFTs across various blockchains will make your life easier by preventing you from swapping between multiple wallet apps.

Top NFT Wallets

The fast growth of the NFT space has led to the notable rise of the most famous NFT wallets. At the same time, this aspect has also resulted in a lot of complexities for NFT users. Here are the favorite NFT wallets you can use upon entering the world of NFTs.

● MetaMask

The leading choice among the contenders for the top NFT wallet was MetaMask. Moreover, it started as a browser extension that allows direct connections between users and decentralized applications. However, the founding firm, ConsenSys, launched the mobile version of Metamask in 2020 with unique features.

The mobile version allows the NFT token collections with a simple interface while interacting with other decentralized applications. To clarify, Metamask helps users create an Ethereum wallet directly connected with all Ethereum-based platforms for minting and trading.

As a result, Metamask has become one of the most famous NFT wallets for its distinct benefits. First of all, it offers good ease of setup alongside synchronizing activities throughout mobile and web extensions. Finally, the MetaMask mobile version comprises a browser for exploring DeFi applications and NFTs.

● Coinbase Wallet

The reputation of Coinbase Wallet as one of the top NFT wallets comes from the fact that it is fit for novices. Instead of using public wallet addresses, Coinbase allows users to send and receive NFTs using only the usernames. But, the usernames ensure the compliance of NFT transactions and must be similar to a PayPal transaction.

Therefore, beginners would not suffer from any trouble in dealing with NFTs with the Coinbase Wallet. Most importantly, Coinbase Wallet proposes support for most famous names in the crypto world, such as Bitcoin, Ripple, Litecoin, Stellar Lumens, and ERC-20 tokens.

Furthermore, the ideal is to suit the NFT wallet for beginners. Coinbase Wallet also claims a user-friendly app that helps hold your assets. As a result, you are less likely to lose rights to digital assets in your possession with Coinbase Wallet.

● AlphaWallet

The next addition among answers to “Which is the best NFT wallet” will take you to AlphaWallet. It is an open-source Ethereum-based blockchain wallet and supports minting NFTs and collecting them. In addition, AlphaWallet directly supported some applications, including Chainz Arena, OpenSea, CryptoKitties, and many others.

In addition, the AlphaWallet app also secures deals with all the in-game assets based on Ethereum. Some experts of AlphaWallet also point out the fact that it is available only on a mobile. However, the website offers a broad range of open-source tools to help businesses, art creators, and developers benefit from several variations of blockchain-related tokenization.

Furthermore, the AlphaWallet built-in web3 browser allows users to explore other DeFi and decentralized apps.

● Enjin

When you are looking for an NFT wallet, you might also count Enjin. Besides, it is an engaging blockchain-based wallet that allows the in-game NFT collections and other collectibles. In addition, Enjin gives the benefit of holding NFTs and cryptos.

Furthermore, the Enjin NFT wallet also provides a marketplace to enable the trading of digital assets. But, of course, you would have to use the native token of the Enjin project, i.e., ENJ, in the market.

Users can take a one-click browser to access various decentralized apps based on Ethereum, like DeFi applications. However, Enjin’s NFT wallet offers promising features and an appealing UI for the NFT collection. Furthermore, Enjin also presents the facility of a customer support desk, which separates it from the other wallet providers.

● Trust Wallet

You can also consider Trust Wallet as another top choice among the most famous NFT wallets. But, it is a well-known mobile wallet fit for NFT collectors with more than 5 million users. In addition, users can browse a list of decentralized apps toward marketplaces on Trust Wallet. It ensures one-click access to sites such as Axie Infinity, OpenSea, and others.

However, it can help users’ assets store and manage them on the platform, even if Trust Wallet does not allow NFT transfers. Additionally, Trust Wallet provides native integration for renowned public chains like Ethereum Classic and Binance Smart Chain.

Therefore, the one-click access serves as its most promising strength to NFT applications in Trust Wallet. In addition, the harmony with several blockchain networks could open up added chances in the long run.

Added Tips To Keep Your NFTs Safe

Now that you know how to use the best NFT wallets let’s look at some of the best practices to keep your assets safe.

● Never share your 12-word passphrase

Your mnemonic phrase is the secret key to your wallet. Besides, it gives full access to your assets and always keeps them private. In other words, please don’t share it with anyone online. Also, avoid sending it through an email and even hold it in a digital file on your PC or mobile phone. In other words, it is much better to write it down on a piece of paper and keep it offline at all times.

● Store your mnemonic phrase somewhere safe

In addition to writing it down offline, you should store your piece of paper securely, for example, in a safe fireproof and waterproof box or even a safety deposit box. For additional protection, you can even laminate it to protect it from damage.

● Enhance your security with a hardware wallet

Finally, you can add 2-factor authentication to MetaMask by connecting it to a hardware wallet such as Tresor or Ledger. Through a hardware wallet, even if your wallet phrase gets hacked, the hacker can’t spend your funds without access to the physical device.

Conclusion

As of now, we are at the heart of a huge change as far as non-fungible tokens (NFTs) are concerned. The year 2021 has shown the world how prominent financial prospects have a huge interest in NFTs.

Finally, the need for the NFT wallet will increase when more users try to enter into the NFT domain. But, first, it is important to note that we are in the initial phase of NFT collection and trading.

Expanding further, knowing the basics is a must-have thing in this new and rising market of NFTs. So, it’s time to move forward and pick the best NFT wallet of your choice. However, first, we will advise you to do your research well before diving into NFTs.

Disclaimer: This material must not be used as the basis for making any investment decisions. This serves only as informative material about NFT. Trading digital assets involve risk and can result in the loss of investment capital. Hence, always make sure to do in-depth research before engaging or investing in any cryptocurrencies.

A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.