It feels like everybody is talking about non-fungible tokens (NFTs) lately, and with good reason.
They’re set to revolutionize the market, changing not only how artists can monetize and make a living with their work, but how collectors and buyers purchase digital works of art and engage with them.
But buying NFTs raises a lot of questions, namely how do I keep them safe?
Crypto-currencies or NFTs can feel like quite a nebulous thing so keeping your NFTs secure is a valid concern, and is just as important as keeping more traditional forms of currency safe. This is where an NFT wallet comes in.
Before you even think of buying or collecting, you should get one of these wallets to keep track of your NFTs and keep them protected. But which to choose? There are a few options out there, all with unique features.
Below, we have compiled a list of some of the most popular and best wallets out there. We have also included what features to look out for in an NFT wallet, and some information on how exactly they work.
Few people would deny that Metamask is the best NFT wallet for creators and collectors. It is maintained by Ethereum Foundation-backed ConsenSys, and initially only existed as a browser extension that connected users directly to decentralized applications that power NFTs.
However, in 2020 ConsenSys released a mobile version of Metamask with a simpler interface for collecting and interacting with other dApps.
If you’re new to NFTs, Metamask is easy to set up. You can create an Ethereum Wallet and directly connect with all Ethereum-based platforms to mint and trade tokens.
What’s more, transactions are synchronized across both mobile and web extension applications, and you can create and switch easily between the ETH addresses that you own, for a truly seamless experience.
Metamask’s mobile version features an in-built browser for exploring both NFTs and DeFi applications and also supports direct transfers of ERC-721 tokens from one address to another.
What’s more, Metamask provides optimized and advanced fee customization that allows users to get gas fees to match network activity.
However, Metamask is primarily compatible with the Ethererum and other EVM compatible blockchains.
There have also been concerns regarding wallets sharing identifiable information to data collection networks, which may make Metamask not entirely secure.
If you’re new to the world of NFTs and Ethereum, then the user-friendly AlphaWallet may be the best pick for you. AlphaWallet is an open-source blockchain wallet that includes a function to mint and collect NFTs.
It also directly supports applications such as OpenSea, CryptoKitties, Dragonereum, ChainZ Arena, and more, including all in-game Ethereum based assets. This makes it an excellent choice for collectors.
But while AlphaWallet is only available on mobile (Android and iOS), their website still offers extensive open-source tools for developers, artists, and other content creators, as well as businesses interred in other forms of blockchain-based tokenization.
It also includes an inbuilt Web3 browser for exploring other dApps and DeFi applications, and because AlphaWallet is still in development, you won’t have to worry about it lagging behind as new features become more in demand.
The only downside to AlphaWallet is that it only supports Ethereum applications and sidechains, so if you’re interested in other blockchains it may not be for you.
If you haven’t heard of Coinbase, then you’ve probably heard of ‘Tosh Wallet.’ Coinbase acquired Tosh Wallet and rebranded itself, but is still a great wallet that supports multiple coins, and has NFT and Coinbase integration.
Available on IOS and Android, what makes Coinbase unique is their username feature. You can create a username to correspond with your wallet address, which makes it easier for you to find your friends also using Coinbase and makes for a more communal experience.
Another fun, unique feature is the bounty section, that sets you tasks to gain crypto.
Coinbase also supports ERC-271, ERC-20 tokens, and other major coins, as well as supporting dApp browsers, like the Web3. Set-up is easy, and if you lose your phone, restoring the wallet is incredibly easy.
If you do lose your phone, there is no need to worry about your personal data being compromised by Coinbase as it secures it all. Not only that, but Coinbase is free and doesn’t run ads.
The only drawbacks to Coinbase is that the username feature only works with other Coinbase Users, and features are still being developed.
Besides just offering an option for holding cryptocurrencies and tokens, Enjin’s wallet also includes a marketplace for trading digital assets using ENJ, which is the project’s native token.
Plus, their built-in exchange feature allows you to easily convert one cryptocurrency to another.
Enjn’s blockchain wallet too, does not only offer one of the best UI for collecting NFTs but it also provides a one-click browser for accessing many Ethereum-based dApp like those used for decentralized finance (DeFi).
More excitingly, Enjin is also in the process of integration that will lead to it being featured in Samsung S10 devices as an in-built blockchain wallet, making it even easier to keep an eye on your NFTs.
Enjin is also highly secure, with advanced security features including biometrics and auto-lock. And for further support, Enjin has a customer support desk, giving it the edge over other wallet providers.
The drawbacks to Enjin however, is that it only supports Ethereum based NFTs and assets, and is only available on mobile.
Backed by industry-leading incubators like Binance Labs and Alameda Research, Math Wallet brands itself as ‘your gateway to the blockchain world,’ and is a great alternative to Metamask.
Math Wallet includes native integration and support for an impressive 65 public blockchains, which makes managing assets across these networks seamless.
You can also manage your assets practically anywhere with Math Wallet, as it is available on mobile, as a web browser extension, and a web wallet for separate blockchain networks.
It also features a one-click dApp store that allows you to access NFT and DeFi apps, as well as a swap feature for exchanging cryptocurrencies.
You also don’t need to worry about your stored assets being insecure, as hardware devices like Ledger include a Math Wallet integration.
However, as Math Wallet is still being developed it is prone to bugs, especially on mobile. iOS users, in particular, reported having issues with dApp staking.
While most wallets provide handy features and keep your NFTs safe, Pillar provides a unique experience in that it wants you to have fun. If you are a part of a network of collectors who use the app, then Pillar could be the wallet for you.
While some have written off Pillar’s features as gimmicky, that doesn’t detract from the quality of the wallet and others applaud Pillar for being so innovative.
Pillar has a simple interface, letting you flick through your assets that are grouped into subcategories.
There is a handy total that is displayed at the top which gives an overview of the predicted worth of all your assets, displayed in a currency of your choice.
Pillar is also packed with gaming features, such as a badge system. The more you use Pillar, the more features you unlock and unique badges you collect. They also run a no-loss lottery.
You purchase tickets to enter into a draw to win a weekly jackpot surprise. If you decide to leave the lottery, the tickets are then sold on.
Much like Coinbase, Pillar allows you to attach usernames which makes it easier to swap or exchange items with friends also using Pillar.
With over 5 million users, Trust Wallet is one of the most popular NFT wallets out there.
With a user-friendly interface, the app features a dApp list for art marketplaces, giving you one-click access to OpenSea, MyCrypto Heroes, Axie Infinity, and more, and while Trust Wallet does not support the transfer of NFTs you can still use the app to store and manage your assets.
Trust Wallet also includes native integration for public chains such as Binance Smart Chain, Ethereum Classic, TomoChain, ThunderToken, GoChain, and Calisto.
However, because Trust Wallet is affiliated with Binance it does promote Binance-based products over Ethereum-based ones.
You can also use Trust Wallet as a cryptocurrency and DeFi wallet, and the app has an in-built cryptocurrency exchange feature.
However, Trust Wallet is only available on mobile.
What should you look for in an NFT wallet?
User-friendly Interface: NFTs are new and exciting, but can also be pretty complicated especially for beginners, and this can be overwhelming. The last thing you need is a wallet that is difficult to use.
You want to feel confident and sure using your wallet. If you’re a beginner, you should prioritize a wallet that is easy to use.
However, because NFTs are still developing, it is hard to have a completely beginner-friendly wallet. Some of our picks are perfect for beginners, and mobile wallets are considered easier to use than desktop wallets.
Cross-chain Compatibility: Thanks to its popularity and large developer base, Ethereum is the largest blockchain for NFT users and it’s unsurprising that most wallets support Ethereum-based tokens (ERC-721 standard).
But if you’re interested in minting, buying, and selling NFTs on other networks too, then you should opt for a wallet that offers cross-chain compatibility or supports the blockchain network you wish to use.
Tezos, Zilliqa, Binance Smart Chain among others are blockchains that support these tokens.
Works on Multiple Devices: Most NFT apps are only available either on mobile or as web extensions and rarely both.
Metamask is available on both and can synchronize transactions in real-time, so is perfect for those who want to manage their tokens on multiple devices.
How do I choose the best NFT wallet?
Now you have an idea of what features are important to look for in an NFT wallet, you may be wondering what the best one is for you. The answer to this question will be different, depending on whether you’re a creator or collector.
If you’re a creator, creating NFT art typically involves connecting regularly to marketplaces like OpenSea, Rarible, or Makers Place.
You usually have to upload your files and enable other functionalities which need to be done on a desktop or computer device, as they are usually difficult to execute on mobile.
We would recommend MetaMask or Math Wallet for creators, as these wallets are available as browser extensions.
However, for collectors, we would recommend Enjin, AlphaWallet, Trust Wallet, and the mobile version of Metamask, as collecting NFTs from blockchain-based games or artists can be easily executed on mobile wallets.
How do I get an NFT Wallet?
If you’re interested in the above wallets, they can be installed onto a compatible device by visiting their respective websites.
The wallets we have picked out today are self-custodial wallets that will usually provide you with a backup seed phrase during the initial setup. If you ever lose access to your device, you can restore your wallet and assets with the seed phrase.
Be aware that you will need to purchase Ethereum’s native token (ETH) on an exchange or broker and transfer it to the wallet once installed.
If you’re using another chain like Binance Smart Chain, you will need to buy Binance coin (BNB) and send it to the wallet address. The purchased amount is then used to pay transaction fees for minting or collecting NFTs.
How do I keep my crypto-collectibles safe?
As crypto-collectibles are growing in popularity and could be worth a lot in the future, it is important to keep them safe. But how do you do this? A wallet is essential, but here are some more tips for keeping them safe.
Firstly, only download NFT wallets and apps from their official websites and app stores. Next, only back up your seed phrase in a secure offline location and never enter it on any website after the initial setup.
To avoid falling victim to phishing websites, always bookmark on your browser the NFT apps you visit. Also, always remember to lock or sign out of your browser extension wallet, for extra security.
You should always avoid using public computers for engaging with NFTs, and if you have to make sure all your data is erased before signing out.