If you want to invest or trade in non-fungible tokens (NFTs), a good NFT wallet is 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 into the best NFT wallets of the moment (August 2022), so that you can make an informed choice. We give an introduction per wallet and discuss the advantages.
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.
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.
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?
- User-friendliness is extremely 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 godsend, 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;
- Enabling connection to dApps and marketplaces 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 helpful. 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 #
1. MetaMask #
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 source, so the whole community can contribute to the development of the wallet;
- Due to the so-called hierarchical deterministic settings it is possible to make a backup of your account – very handy!;
- The wallet has integrated ShapeShift and Coinbase exchanges, so you can easily swap ETH and other ERC-20 tokens;
- Intuitive user interface;
- Reliable customer service, so 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.
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 security, thanks 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 version, for 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.
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 launch dApps on the platform;
- 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.
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 to dApp stores;
- Optimal security;
- Simple swapping of cryptocurrencies;
- Quickly connect to your 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.
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 to use – intuitive interface;
- Excellent open source web3 Wallet;
- Can tweak blockchain transaction speeds;
- Optimal security, thanks 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.
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:
- Enjin NFT Wallet
- ZenGo Crypto Wallet
- Crypto.com DeFi Wallet
- Ledger Nano X (cold wallet) – Recommended!
- Kukai Wallet
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 have also gone through the characteristics of a good NFT wallet, so that you can also research other wallets yourself. At the time of writing (August 2022), these are the best wallets for Non-fungible tokens: MetaMask, Binance Wallet, Coinbase Wallet, AlphaWallet and Math Wallet.