First came the world-wide-web, followed by social media platforms, and now we are stepping into Web3 with the advent of cryptocurrencies, blockchain, NFTs, and the metaverse. However, the most frenzied among these is the dynamic sphere of NFTs. NFTs have experienced exceptional growth this year. According to the Chainalysis 2021 NFT market report, approximately $26.9 billion dollars worth of NFTs have been traded across all NFT marketplaces. However, to indulge in NFTs it is first essential to have a widely compatible NFT wallet.
How Do NFT Wallets Work?
NFT wallets don’t have the assets in a digital version of a particular account. Therefore, information like the asset’s location on the blockchain can only be stored on wallets. The wallet does so by giving a private key to the wallet address, which allows the wallet owner to authorize transactions. Anyone with a private key to a particular wallet is the effective owner of everything at that address. Each NFT wallet takes care of all the technical bits for us and offers an excellent user interface for buying, selling, and transferring crypto tokens. NFT wallets also offer increased security with two-factor authentication and an easy way to track our assets across devices.
Popular NFT Wallets: Our Top Picks
Metamask ERC wallet is one of the leading choices among the contenders in the NFT market. It began as a browser extension by ConsenSys, the firm behind Ethereum blockchain. The interface’s simplicity allows users to collect NFTs while facilitating interactions with other dApps. Along with synchronizing transactions on both mobile and web extensions, the platform is known for its distinct benefits.
Metamask is one of the most popular NFT wallets today given its multiple-chain support, including both Layer 1s and Layer 2s. This means you will only need one address across multiple chains to hold your NFTs and cryptocurrencies. The features that set Metamask apart from other NFT wallets available on the market are:
- Cross-device support and extensions for multiple browsers
- Simple UI design
- Built-in swap feature provides currency exchange for NFT purchases
- Multichain support
- Ability to limit your gas
Enjin is an attractive blockchain-based wallet that enables the collection of in-game collectibles. In addition, the wallet allows investors to collect digital collectibles and digital assets together. Moreover, the wallet also has a marketplace where users can trade digital tokens. It is worth noting that the users will have to use ENJ (the native cryptocurrency) in the marketplace. Lastly, the users can find a one-click browser on the platform to access different decentralized applications (dApps).
This hot wallet has the potential to be the up-and-coming NFT wallet for the metaverse. It has gained considerable traction for its fungible as well as NFT support given it is compatible with the ERC-1155 contract.
- Stores all major ERC token standards – ERC-20, ERC-721, and ERC-1155
- Allows minting and creating NFTs of in-game assets.
- Cross-device support
- Additionally stores Bitcoin and Polkadot
Among the most popular NFT wallets, Trust Wallet is another promising choice. With more than five million users, Trust Wallet’s renowned mobile wallet is suitable for NFT collectors. In contrast, the platform does not allow NFT transfers, but it is easy for NFT owners to store and manage their assets on the platform. While it is only available as a mobile application, Trust Wallet efficiently makes up for its lack of cross-device support.
- Supports all BSC tokens
- Specifically set up for BEP tokens
- Low-gas fees
- dApp browser support to conveniently search NFT marketplaces
- Built-in currency swap feature
Coinbase has a non-custodial wallet that supports NFTs.
- Username linked to public keys to reduce complexity of token transfers.
- Cross-device support and browser extension
- Built-in browser in the Coinbase Wallet app facilitates access to dApps.
In 2021, the NFT industry has seen massive growth and has demonstrated to the world the immense financial prospects associated with NFTs. As interest in NFTs has spiked, investors have begun searching for the best NFT wallets to enter and interact with the crypto-collectibles world. However, because we are still in the initial days of NFT collecting and trading, it is important to comprehend the basics before propelling deeper into the ecosystem. Nonetheless, exploring with an NFT wallet that you like is surely recommended.