Two aspects of the crypto space are rapidly gaining popularity — Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs). While NFTs have been around for years, they have long trailed DeFi in terms of interest. This has recently changed.
Now, NFTs remain at the frontline of the crypto-sphere alongside DeFi, causing widespread hysteria. However, for DeFi and NFT to be successful, the gateways for interacting with Web 3.0 must be accessible, safe, and intuitive. In the past few years, we have seen significant improvements in wallets and tools to manage assets, allowing collectors and investors to safely and easily access emerging technologies.
Overview of DeFi and NFT Wallets
Web 3.0 wallets are designed to hold crypto tokens in a secure and private space while serving as a single login for all decentralized applications (dApps). They are non-custodial, meaning you can store cryptocurrencies and tokens securely without requiring an intermediary. Considering the fact that middlemen like banks and institutions have always controlled your funds, Web 3.0 wallets are undoubtedly insurgent as they allow you to be in charge of your money.
Besides, they don’t need you to go through rigorous verification processes, thereby preserving your anonymity. We have listed below some of the wallets that can securely hold your funds in DeFi and store your collections of NFTs.
MetaMask is an important application in the Ethereum ecosystem that allows different plugins to be built directly on top, thereby serving as a gateway to DeFi and NFTs. It is ENS compatible, which means collectors and investors can attach a human-readable address to their wallet.
Originally seen as useful for DeFi, MetaMask is becoming increasingly more versatile in its features. In addition to storing ETH and ERC-20 cryptocurrencies, users can now access NFT collectibles. The wallet also allows users to display and transfer NFTs directly, which is an improvement over wallets that only allow the viewing of collectibles.
MetaMask is available as a web browser extension and as a mobile application. It’s important to note that NFTs available on MetaMask’s web browser extension can be traded only. To store their NFTs, users will need to use its mobile app.
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TrustWallet provides users with a browser extension and a mobile application for managing their tokens while also allowing them to be in complete control of the private keys. The wallet includes a built-in Web 3.0 browser that allows users to explore the world of DeFi and NFTs seamlessly and safely. With TrustWallet, users can search for, browse or interact with decentralized exchanges like SushiSwap or Uniswap to access DeFi services- including yield farming, staking, or asset swaps. The wallet also enables users to access the growing NFT space.
Similar to MetaMask, the TrustWallet web browser extension only allows its users to trade NFTs while the mobile app enables the users to store them.
Fully decentralized, JulSwap opens the door for its users to access dApps including DeFi and NFT-based protocols from their smartphones. The wallet offers support to multiple blockchains such as Ethereum, Matic, AvaLanche, etc. while allowing users to retain full custody of their funds.
The wallet also offers a browser through which investors and traders can interact with multiple protocols to access DeFi services. Collectors can also access NFT marketplaces like OpenSea, Rarible, and SandBox to buy or trade digital collectibles.
Unlike its counterparts, JulSwap is available only as a mobile app.
Argent is a non-custodial Ethereum wallet that supports a variety of DeFi protocols including Aave, Compound, Kyber, and many more important DeFi apps. It also allows users to keep ERC-721 tokens (also called collectibles) in their wallets. However, the wallet doesn’t support the ERC-1155 standard, although it allows users to manage such tokens by connecting their Argent wallet with an app that supports NFT tokens, such as Rarible. It’s important to note that only the iOS version of the wallet supports NFTs.
Argent is an Ethereum-only wallet and only supports applications and tokens built on Ethereum. The wallet isn’t an ideal option for users wanting to explore digital assets or artwork on other blockchains.
The main feature of Argent is Guardians. They are people and devices that a user can trust if their phone gets stolen or lost.
It is essential to understand new technologies, software, and languages to explore the world of cryptocurrencies. Although you don’t have to swallow the lexicon all at once, there are fundamental things like Web 3.0 wallets that are important for you to get your head around. Wallets are powerful tools for exploring the decentralized world and an ideal gateway to a whole host of crypto apps running NFTs and DeFi.
In the near future, applications like MetaMask, TrustWallet, Argent, and JulSwap will indubitably become paramount in bridging the gap between existing technologies and the nascent blockchain framework.