What Is An NFT Wallet?

When making any NFT purchase, you would need to use cryptocurrencies. And where does one store his cryptocurrencies? An NFT wallet. NFT wallets are essential to engage in the NFT world. To join these communities and NFT Marketplaces, you need to own and have set up a fully equipped NFT wallet. Just as a wallet can make transactions easy, it also can make integrating into the NFT space easier. Let’s dig in. 

What Is An NFT Wallet?

An NFT or non-fungible token wallet is a digital wallet designed to store, manage, and interact with NFTs. 

An NFT wallet offers a secure and handy way for users to store their NFTs. It usually includes two main components:

Private Key:

An NFT wallet creates and stores a private key, a cryptographic code that allows access to the NFTs owned by a user. The private key must be kept secure since anyone who has it can control and transfer the associated NFTs. 

User Interface:

NFT wallets usually have a user-friendly interface that lets users view their NFT collections, manage their assets, and perform multiple actions, such as purchasing, selling, and transferring NFTs. Some of them provide additional features like bidding on NFT auctions or connecting with Marketplaces. 

NFT wallets can be browser-based, mobile apps, or hardware devices, depending on the platform and the user’s preferences. Moreover, they connect to Blockchain networks, like Ethereum or other Blockchains, to enter and interact with NFTs, as they are stored on these decentralized networks. Choosing a reputable and secure NFT wallet that supports the Blockchain network of your choice is very important.  

Types Of NFT Wallets

There are two types of NFT wallets where you can store your collectibles:

Software Wallet: 

A software wallet or ‘hot wallet’ is a computerized program or application you can install on your computers or mobiles. You can access your NFTs easily from these software wallets. Your private keys will remain available online.

Moreover, it is a convenient and fast way to sell or even trade NFTs through these platforms. There are many software wallets in the market, such as MetaMask, Rainbow Wallet, WalletConnect, and more. 

Hardware Wallet:

When using hardware or a ‘cold wallet,’ your NFTs stay isolated from any internet connection. You will need a physical device like a USB drive to store your digital assets. Once your cold wallet device is plugged into your computer, you will be able to view your NFTs and all their information.

The perk of using a detached wallet is that it makes it almost impossible to digitally steal your assets. It offers a great option if you wish to save your assets for the long term. It also makes it difficult for malware to attack and copy your signature to get information as your private keys stay with these hardware devices. Cold wallets include the Ledger, Trezor, and more.  

How Is It Used?

Regardless of what wallet you choose, there are a few general steps on how to use an NFT wallet:

• Choose A Wallet:  

You can research and select an NFT wallet that caters to your needs and supports the Blockchain network where you store your NFTs. There are a few popular options you can choose from. Like MetaMask, TrustWallet, and Coinbase Wallet. 

• Install Or Access The Wallet:

According to what wallet you chose, you may have the option of installing it on your desktop or mobile. Moreover, if the wallet is web-based, then you can access it through a compatible web browser. 

• Create A Wallet: 

You will need to create a wallet. Most of them will have a guide to help you through the process of setting up the new wallet. This usually involves generating a unique set of cryptographic keys that will be associated with your wallet. 

• Secure Your Wallet:

After creating a wallet, you must secure it. There will be security measures provided by the wallet providers that you can follow. Such as using a strong password,  enabling two-factor authentication(2FA), and backing up your wallet’s recovery phrase or private key. 

• Fund Your Wallet: 

To interact with your NFTs, you will need to have the cryptocurrency corresponding to the Blockchain network where your NFTs are minted. You must transfer the required cryptocurrency to your wallet address to pay gas fees and purchase NFTs. 

• Connect To A Blockchain:

Some wallets will require you to connect to a specific Blockchain network. This will make sure that your wallet can interact with the correct Blockchain where your NFTs are available. 

• View And Manage Your NFTs:

Once your wallet is wired to the Blockchain, you will be able to view your NFT collection. The wallet’s interface will give you options to browse, view and manage your NFTs. You will be able to view details about each NFT, such as its name, description, image, and ownership status.

• Buy, Sell, Or Trade NFTs: 

If you want to buy, sell, or trade NFTs, you can typically do so directly from your wallet or by using decentralized Marketplaces. Wallets are usually compatible with popular NFT Marketplaces like OpenSea or Rarible. 

• Confirm Your Transaction: 

When making any transaction, you will typically need to confirm and sign the transaction using your wallet. This involves reviewing the details of the transaction, confirming gas fees, and approving the transaction to be broadcasted to the Blockchain. 

How To Select One?

Selecting an NFT wallet is very crucial as it serves as a medium to buy, trade, and store your NFTs. Therefore, when selecting an NFT wallet they must possess the following features:

• Compatibility With The NFT Marketplace

When choosing an NFT wallet, make sure it supports the Marketplace where you buy the NFTs. In doing so you will be able to store your collectibles in your wallet. 

• Easy Interface

When picking one, you need to check its interface and that it is easy to navigate. With an easy interface, the process of buying and selling your assets will become easier.

• Security

The wallet will need to have good security measures and features like two-factor authentication. It makes sure that only the correct recipient gets the NFT. This is why some users choose to have a hardware wallet as it stores NFTs offline. 

•  Multi-device Support

If the NFT wallet is compatible with smartphones and computers, you will be able to easily manage your assets from anywhere. You also must make sure that the wallet synchronizes and shows real-time transaction reports through all these platforms. 

Top 7 NFT Wallets

ZenGO

• Supported Cryptocurrencies: 76, like Bitcoin(BTC), Ethereum(ETH), USD Coin(USDC), Polygon(MATIC), and more. 
• Type: Software Wallet (Hot Wallet)

• Price: Free

ZenGo is beginner-friendly with a straightforward design. It also offers a simple verification process making it easier for the users. 

 MetaMask

• Supported Cryptocurrencies: 670,000, such as Ethereum, Avalanche(AVAX), Polygon, Solana(SOL), ChainLink(LINK), and more.

• Type: Software Wallet

• Price: Free

MetaMask is compatible with desktops and mobile. It offers a Key vault, secure login, token wallet, and token exchange. 

Enjin

• Supported Cryptocurrencies: 11, Bitcoin, Litecoin(LTC), Polkadot(DOT), Binance Coin(BNB), Enjin Coin(ENJ), and more. 

• Type: Soft Wallet

• Price: Free

Enjin is a special wallet as it holds a built-in NFT Marketplace. And users can create their NFTs and store them securely.  

Trust Wallet

• Supported Cryptocurrencies: 4,500,000+, including BTC, ETH, LTC, SOL, and more. 

• Type: Software Wallet

• Price: Free

Trust Wallet is a mobile-only NFT wallet, but it offers an easy interface for users to navigate through. 

Math Wallet

• Supported Cryptocurrencies: 140, BTC, SOL, BNB, ETH, and more. 

• Type: web, mobile wallet

• Price: Free

Math Wallet supports decentralized apps and is compatible with 70+ Blockchains. It holds a built-in dApp browser and users can access various Blockchain apps directly from the wallet. It also allows users to create several addresses. 

CoinBase Wallet

• Supported Cryptocurrencies: It supports Bitcoin, Ethereum, Litecoin, USD Coin, and Solana. 

• Type: web, mobile wallet

• Price: Free

It offers a straightforward process for transferring tokens. Coinbase wallet is a non-custodial wallet, which means that users have complete control over their private keys and can transfer their tokens to any wallet at any time. 

Kukai Wallet

• Supported Cryptocurrencies: It supports Texos (XTZ), and all crypto assets built in accordance with the FA1.2 and FA2 standards. 

• Type: Hot and Cold Wallet

• Price: Free

Using Kukai, users can import NFTs from other wallets, google accounts, Reddit, and Twitter. They can also use Twitter and Reddit as an NFT exchange. You can sign in offline using hardware wallets or mobile apps.