A non-fungible token, or NFT, is a digital asset that is becoming popular nowadays. They come with unique identification codes that make them different from other tokens. The whole process takes place through a blockchain.
Those interested in purchasing NFTs should take some time to pick a reliable NFT wallet. Thanks to the best NFT wallets, you can rest assured that your digital assets are safe. On top of that, you can use them to buy or sell such assets without any hassles.
Follow our guide to learn more about the best options on the market.
What are NFT Wallets
Many people think an NFT wallet is the same as a crypto wallet, but they are wrong. Generally, the best NFT wallets can be used to store and exchange crypto. Still, it doesn’t always work the other way around. The reason for this is simple – not all blockchain protocols support NFTs.
Even though there’s no universal definition accepted by everyone regarding NFT wallets, the best way to describe them is as a digital wallet that supports NFT-friendly blockchain protocols. A good example is Ethereum, a blockchain used for NFT development by many people. The best NFT wallets work with users’ cryptocurrencies to buy non-fungible tokens.
A good solution will help you manage virtual assets in various forms (animations, digit art, tunes, game characters, and other things). With its help, you can store, purchase, sell, or exchange NFTs. Thanks to the growing popularity of these digital assets, the number of NFT wallets is going up too.
How do NFT Wallets work?
Once you create an NFT wallet, this virtual device will create seed phrases (strings of words). With the help of these phrases, every user gets a set of unique private keys that confirm wallet ownership. It goes without saying that private keys/seed phrases shouldn’t be shared. Doing the opposite may result in theft because everyone that knows these keys and phrases can redirect the NFTs to another wallet.
Another interesting thing about NFT wallets is that you can recover your digital assets even if you delete their content. As long as you have the seed phrase, everything will be back in place once you enter that phrase into a wallet.
Why do I need an NFT Wallet?
The only reason you should get an NFT wallet is pretty simple – investing in non-fungible tokens or storing them without such a wallet is impossible. Of course, not all options are the same; some are way better than others. To stay safe, we recommend using the best crypto wallets for NFT.
What to look for when choosing the best NFT wallet?
There’s more than one thing every NFT enthusiast should take into account when choosing the best NFT wallet. Of course, the security provided by these solutions should be on a high level. So, when selecting an NFT wallet, look for an option that includes several security tools and measures like two-factor authentication. The best solutions have the latest encryption technology implemented in their software. They also update the firmware (in cases of cold wallets) to protect your assets from the latest malware.
As we already mentioned, Ethereum is the most popular blockchain for NFTs. However, it would be even better to find an NFT wallet that supports other NFT-friendly blockchains enabling users to access their digital access from different places. Have a look at some popular NFT collections here.
Non-fungible tokens have not been around for a long time, meaning they are still something new for most people. The same goes for the wallets related to these assets. It would be wise if you find a wallet that promises user-friendliness. The top NFT wallets make every action you need just a click away. They come equipped with modern screens and features that make selling, storing, buying, or exchanging these things easy.
Another good idea is to use a wallet that lets you open it on two or more devices like your smartphone and your computer. The data stored in your wallet will be synchronized fast, regardless of the device you use. Furthermore, there are many NFT marketplaces, Like Binance NFT or Opensea and the best options support the most popular ones. In addition, check for battery life, design, and other things when you are interested in hardware wallets.
How to create an NFT wallet?
Before we discuss creating an NFT wallet, we should mention the different types. One of the most used NFT wallets today is the hardware wallet. This so-called cold wallet represents a physical device that often reminds people of USB sticks, even though it usually has a screen. Typically, you can use it on your computer through a USB port, on mobile devices via Bluetooth or wi-fi, or independently, directly from its memory and screen. They are considered to be the safest solution.
We also have software wallets/hot wallets that come in the form of apps or computer programs used on mobile devices or computers. They are cheaper and more convenient than their hardware counterparts. There’s also an option to store and exchange NFTs through wallets available on websites specialized in this field. This is another suitable solution, but it’s not very safe.
Creating an account will work differently depending on the type of NFT wallet you choose. For a hardware option, you should purchase the device and follow the instructions provided in the package. The apps/programs require downloading and installation. Finally, a web-based wallet also comes with on-screen instructions. Generally speaking, it’s not difficult to create an NFT wallet for your valuable assets. The more important thing is to find the best among them.
Top 5 NFT wallets
To help our readers make the right decision, our team has analyzed and tested several popular NFT wallets. As a result, we created a list of the top 5 NFT wallets found below.
Ngrave is among the NFT wallets with the most attractive designs. The device looks modern and futuristic, mainly thanks to its big screen. This is another option that works entirely offline which is ideal for users who want more protection from hackers. With its help, you can expect support for the most used cryptocurrencies. Also, you can use it to trade over 1,500 coins and tokens. The only downside is the price, but you get what you pay for.
Ledger has been one of the best crypto wallet solutions for a long time now. Their latest edition, Ledger Stax will continue this triumph but the praise is true for both previous models, Ledger X and Ledger Nano S. Today, many NFT fans also use it as an NFT wallet. It is considered one of the safest solutions on the market. Another thing they like is the fair price and responsive customer support. We should also note that it has an in-app NFT marketplace and supports other marketplaces. Regarding currencies, it supports more than 5,550 coins and tokens.
The Ellipal wallet was introduced in 2018. Today, NFT enthusiasts can use the Ellipal Titan Mini and Ellipal Titan to store and manage their non-fungible tokens. This option is isolated from the Internet, giving users an extra security layer. Furthermore, it supports more than 10,000 tokens and coins and has a good screen size. It’s a cold wallet solution at a relatively reasonable price.
Safepal, or Safepal S1, to be more precise, was revealed in 2019 by a company that comes from Seychelles. Even though it is often found on top lists dedicated to the safest wallets, it’s also one of the cheapest among them. Safepal accepts over 10,000 coins and tokens.
From Malaysia comes Prokey, a crypto/NFT wallet launched in 2020. It’s a device that has one of the best firmware solutions. The latter is upgraded continuously in a safe way. When it comes to coins and tokens, over 3,200 of them are supported by Prokey. It’s fair to say that Prokey is a simple task, even for beginners. Another advantage is the fair price.
NFT wallets in a nutshell
To keep your NFTs safe, you will need an NFT wallet. They hold private keys and are protected by passwords or other tools that prevent hackers or other unauthorized parties from accessing these assets. Even the free versions of these wallets are owned by their users.