The hype around NFTs is real. Non-fungible tokens have proved their capabilities as exceptional tools for tokenization of real-world and digital assets with a better assurance of value. NFTs (non-fungible tokens) basically refer to a unit of data on the digital ledger, referred to as the blockchain. The blockchain provides certification for uniqueness and non-transferability of the concerned digital asset. Therefore, NFTs have the value of uniqueness which lead to their higher valuations. At the same time, it is also important to take a look at the most popular NFT wallets. Why should you worry about NFT wallets? Let us find out the answer in this following discussion.
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Importance of NFT Wallets
First of all, it is important to understand that non-fungible tokens offer a distinct improvement over the comparatively simple idea of cryptocurrency. Many new financial systems involve complicated trading and lending systems with support for diverse asset categories such as artwork, real estate, and lending contracts. NFTs are basically offering a formidable advantage for reinventing financial services management infrastructures all over the world.
At the same time, their capabilities for enabling digital representation of physical assets also point out the favorable promises associated with the domain of NFTs. However, you would need the best NFT wallet available for helping you purchase, hold, sell or trade NFTs. You would need a wallet with the capabilities for holding cryptocurrencies and NFTs. According to the currencies accepted by your NFT provider, the NFT wallet should offer the ability for purchasing cryptocurrency like Ether.
Must Read: Understanding The Different Types Of NFTs
Understanding NFT Wallets
Even if the domain of NFTs is still growing, it has the potential for revolutionizing the traditional markets for artists and collectors. On the other hand, you would need a top NFT wallet as a compulsory tool for ensuring participation in the emerging domain of NFTs. However, it is also important to know the function of NFT wallets and the essential traits you must look for in the best NFT wallet.
NFT wallets are digital wallets that help your store NFTs and cryptocurrencies in one place. The wallets help you in receiving additional assets alongside purchasing things with the assets in your ownership. The massive upsurge in NFT purchases in recent times has also led to the development of functionalities in NFT wallets for storing the NFT art after minting or purchasing. Interestingly, an NFT wallet does not actually have the assets in a digital version of a particular bank account.
On the contrary, the wallet only stores the information regarding the location of your assets on the blockchain. Now, you would come across another trouble of finding an NFT wallet best suited for your needs. All NFT wallets have different features and you have to look out for the essential traits for avoiding any confusion.
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Distinct Features to Look for in Most Popular NFT Wallets
The most important features that can help you find the ideal NFT wallet according to your requirements include the following.
The foremost trait you should look for in the best NFT wallet is a friendly user interface. Non-fungible tokens are already a complicated concept for beginners. So, you wouldn’t need a complicated user interface in your NFT wallet to make matters worse. Therefore, it is important to look for NFT wallets that offer improved ease of setup and usability.
The next crucial aspect to find in a top NFT wallet refers to cross-chain compatibility. The popularity of Ethereum alongside the massive base of developers makes it the preferred platform for NFT users. Therefore, you can find the majority of wallets supporting ERC-721 standard-based tokens. At the same time, you should note that if you have to mint, buy or sell NFTs on other networks, you need a wallet that features cross-chain compatibility.
Must Check: ERC20 Vs. ERC721 – Key Differences
Multiple Device Support
Another notable aspect for answering ‘Which wallet is best for NFT’ is the support for multiple devices. You should be able to use the wallet as web extensions or desktop and mobile applications. What’s better? An NFT wallet that runs on two devices while enabling real-time synchronization of transactions.
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List of Top 5 NFT Wallets
The rapid growth of the NFT space has led to the prominent rise of the most popular NFT wallets. At the same time, the phenomenon has also resulted in a lot of complexities for NFT users. Here is an outline of five of the top NFT wallets you can use for entering the world of NFTs.
The foremost choice among the contenders for the best NFT wallet would definitely point out to Metamask. It started off as a browser extension for enabling direct connections between users and decentralized applications. The founding company, ConsenSys introduced the mobile version of Metamask in 2020 with unique features. It included a simple interface to enable the collection of NFT tokens while facilitating interactions with other decentralized applications.
Metamask can help users in creating an Ethereum wallet for connecting directly with all Ethereum-based platforms for minting and trading. Interestingly, Metamask is one of the most popular NFT wallets for its distinct benefits. First of all, it offers promising ease of setup alongside synchronization of transactions throughout mobile and web extensions. Interestingly, the mobile version of Metamask also offers an in-built browser for exploring DeFi applications and NFTs.
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2. Coinbase Wallet
The reputation of Coinbase Wallet as a top NFT wallet comes from the fact that it is suitable for beginners. Coinbase helps users in sending and receiving NFTs with usernames instead of using public wallet addresses. The usernames ensure flexibility of NFT transactions with similarities to that of a PayPal transaction. Therefore, beginners would not have any difficulty in dealing with NFTs with the Coinbase Wallet.
Most importantly, Coinbase Wallet offers support for majority of notable names in the crypto world such as Bitcoin, Ripple, Litecoin, Stellar Lumens as well as ERC-20 tokens. As the ideal NFT wallet best suited for beginners, Coinbase Wallet also boasts of a user-friendly app which helps in holding your own assets. As a result, you are less likely to lose rights to digital assets in your ownership with Coinbase Wallet.
Also Read: Top 5 DeFi Wallets For 2022
The next notable addition among answers to ‘Which wallet is best for NFT’ will take you to AlphaWallet. It is basically an open-source blockchain wallet based on Ethereum and supports the function of minting NFTs and collecting them. Some of the applications supported directly in AlphaWallet include ChainZ Arena, OpenSea, CryptoKitties and many others.
In addition, the AlphaWallet app also ensures compatibility with all the in-game assets based on Ethereum. Some critics of AlphaWallet also point out to the fact that it is available only on mobile. However, the website presents a wide range of open-source tools to help businesses, art creators and developers capitalize on different variations of blockchain-related tokenization. The inbuilt web3 browser in AlphaWallet also enables the functionality for exploring other DeFi applications and decentralized apps.
When you are looking for the top NFT wallet, you might also come across Enjin. It is an interesting blockchain-based wallet which enables the collection of in-game NFTs as well as other collectibles. Enjin offers the option for holding NFTs and cryptocurrencies. Furthermore, the Enjin NFT wallet also offers a marketplace to enable trading of the digital assets. You would have to use the native token of the Enjin project i.e. ENJ, in the marketplace.
Users can get a one-click browser to access different types of decentralized apps based on Ethereum, like DeFi applications. The most promising factor in favor of Enjin is that it offers the best NFT wallet with an appealing UI for NFT collection. Furthermore, Enjin also offers the facility of a customer support desk which differentiates it from the other wallet providers.
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5. Trust Wallet
You could also find Trust Wallet as another promising choice among the most popular NFT wallets. It is a renowned mobile wallet option suitable for NFT collectors with more than 5 million users. Users can discover a list of decentralized apps for art marketplaces on Trust Wallet for ensuring one-click access to sites such as Axie Infinity, OpenSea and others.
Even if Trust Wallet does not allow NFT transfers, it can help users in storing and managing their assets on the platform. Interestingly, Trust Wallet provides native integration for renowned public chains like Ethereum Classic and Binance Smart Chain. The one-click access to NFT applications in Trust Wallet serves as its most promising strength. In addition, the compatibility with multiple blockchain networks could open up additional possibilities in the long run.
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As of now, we are in the middle of a massive revolution in the world of technology. The year 2022 showed us the immense financial prospects associated with NFT. Slowly, many people started showing interest in NFTs. Subsequently, the demand for the best NFT wallet would also increase when more users will seek entry into the NFT domain. However, it is important to note that we are in the initial days of NFT collection and trading. Therefore, it is quite important to get the basics such as a NFT wallet to have the best of this new and emerging domain. So, it’s time to go ahead and take your pick among the top NFT wallets before diving into the world of NFT.
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*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. Do your own research!