NFT continues to be the buzzword in crypto. But where do you even store them? The answer: in NFT Wallets. Whether you believe that non-fungible tokens will revolutionize the art industry or whether you’re interested in their economic potential, NFTs have become ubiquitous in the crypto space. Therefore, you should get the best NFT wallet on the market.
Despite the unique positioning of NFTs in the crypto ecosystem, some challenges exist. An obvious one has to do with the safe storage of NFTs. While we did mention NFT wallets, how, in 2022, do we choose the best NFT wallet? What should the wallet’s characteristics be? Where do we find it? And, how do these affect the expanding universe of NFTs? Let’s find out using this short, simple guide that tracks NFT wallets, across several parameters.
Table of contents
How NFTs took over the crypto space
2021 was a great year for NFTs. Sales volume shot up with every house having at least one digital art lover.
However, during the bear market of 2022 there was massive trend change.
A non-fungible token (NFT) represents real-world objects like art, music, videos, and other media. It’s meant to be a unique or highly limited, work. It can be purchased and sold online with cryptocurrency.
NFTs captured the public’s imagination like a few other things. And crypto enthusiasts aren’t the only ones interested in NFTs. In the past couple of years, the term NFT has well and truly entered the mainstream lexicon — despite the drop in popularity they have been experiencing — off-late. What has this meant from an economic standpoint?
The past
DappRadar data shows that in the first half of 2021, NFT sales totaled $2.47 billion. Meanwhile, the platform NonFungible.com estimates this at $1.3 billion. It doesn’t matter what data you use, it still amounts to billions of dollars, and it is a significant increase over the previous year. According to Cloudwards, NFT sales in 2020 totaled “only” $250 million.
The present
Data from Statista shows that while August, September, and October in 2021 were the best months for the NFT ecosystem, 2022 saw the volumes nose-diving. Last month, there were only 25,000 odd NFT sales, across blockchains. Some say that the crypto winter is the primary reason for this dip, with NFT flippers and even HODLers hunkering down in response. Figures suggest that only $3.4 billion worth of NFT sales took place in Q3 2022, compared to $12.5 billion in Q1, 2022.
The future
Despite the dip, a report released by VMR — Verified Market Research — values the NFT market at almost $231, by the end of 2030. And to keep up and make the most of the bullish trends, as and when they show up, you will need NFT wallets.
Blue-chip NFTs and the new art world: new reasons to get NFT wallets
The art world is ever-changing. During the Renaissance, the world’s most famous paintings, usually, depicted religious scenes. Wealthy families or the Catholic Church owned them.
Modern artist Andy Warhol sold his first paintings for a meager $100. In 2013, $105.4 million was the price of this most expensive work. One can view NFTs as an extension of that philosophy. What is considered art and of great value is constantly changing!
CryptoPunks, Art Blocks, Bored Ape Yacht Club, Cool Cats are so popular and expensive that they’ve entered pop culture and are considered as blue-chip NFTs. Moreover, traditional investment firms are recommending that their clients buy-in. NFTs make up 5–10% of the entire portfolio of many crypto investors, on-boarding the advice of market specialists.
Leonardo da Vinci’s Mona Lisa disappeared in 1911. Security measures for great art have improved since then. The world’s art masterpieces are kept under lock and key. Similarly, NFTs should receive the same treatment from their owners. And with NFT wallets you can store NFTs better. But the question is: how do you even track NFT wallets and store NFTs when you get the right one!
Let’s look at how to safeguard your valuable digital assets by looking at different types of NFT-compatible wallets.
Safeguard your crypto-collectibles using different types of NFT wallets
Considering the likely value of an NFT collection, it’s important to protect it. You should certainly consider the best NFT wallets that do so. Of course, this is an area that is still growing. Making only an informed choice can help you to go forward.
NFT wallets allow you to store NFTs or (and) cryptocurrencies in one location. These wallets allow you to receive additional assets and also to purchase digital assets. NFT wallets have been designed to store NFT art that you purchase or mint. Also, an NFT wallet doesn’t actually hold the assets in a digital copy of a bank account.
Indeed, the wallet just stores information regarding the blockchain location of your assets. You then have a private and public key — to gain access or have someone send something to your wallet. Therefore, you would have to search for the best NFT wallet that suits your needs. It is important to be aware of the key features of NFT-compatible wallets so that the process of locating one becomes simple.
The top 8 NFT wallets
The market for NFT wallets is growing. As we mentioned, this area is still being developed. It is important to remember that choosing an NFT wallet must be done only after sufficient research. Do not simply download any wallet that you stumble upon online.
To make this process easier, we’ve rounded up 8 NFT wallets that are guaranteed to tick the boxes we’ve outlined earlier. Each has developed a good reputation from the cryptocurrency community.
1. MetaMask
MetaMask is undoubtedly one of the most popular cryptocurrency wallets available. This browser extension allows you to seamlessly access and store NFTs, track marketplaces, and more. Metamask also stores multiple addresses so that you can create an address for each NFT that you purchase.
MetaMask allows you to create an Ethereum wallet that can be used to connect to all EVM-supported platforms for minting and trading these tokens. It is, at the time of writing, the top NFT wallet when it comes to the ease of usage, via browser access.
Who’s behind it?
ConsenSys Software Inc. developed MetaMask, a web-based software company that focuses on Ethereum-based tools. Aaron Davis founded MetaMask, the browser extension that lets you run Ethereum DApps directly in your browser. Before this, Davis had worked for Apple Inc.
Features offered
MetaMask allows users to securely connect to decentralized apps through either a compatible browser or the built-in mobile browser. MetaMask’s advantage is that users can explore DApps on Ethereum platforms without having to run a full Ethereum client, node, or any other DApps.
Supported blockchains
MetaMask can be used as both a browser extension and mobile app to interact with the Ethereum Blockchain, as well as any other Ethereum-compatible networks like Polygon, Arbitrum, and Optimism. MetaMask transactions are recorded on Ethereum Blockchain and made public.
Advantages and disadvantages
The pros of using MetaMask largely outweigh the cons. First of all, MetaMask is easy to set up. Transactions are synced between web and mobile extensions. MetaMask mobile has a web browser built-in for NFT and DeFi apps.
Furthermore, it is easy to switch ETH addresses or to transfer ERC-721 tokens directly into the MetaMask App. Last but not least, this is one of the few NFT wallets that allow users to swap ETH tokens. Celebrities like Madonna and Marshmello own NFTs relevant to the Ethereum ecosystem — making Metamask one of go-to celebrity NFT wallets.
There are also potential downsides to consider. There are many fake MetaMask applications out there, so you need to be careful.
2. ZenGo
ZenGo is a secure and easy-to-use crypto wallet that can connect with all sorts of DeFi DApps and NFT marketplaces. It is available on both Android and iOS. It features biometric protection and 3-factor recovery, one of which includes seamless private key setup.
What makes ZenGo stand out is the inclusion of two secret mathematical shares instead of the quintessential private key.
Who’s behind it?
ZenGo was founded by Ouriel Ohayon, Tal Be’ery, and Omer Shlomovits, who respectively serve as its CEO, CTO, and VP of Research. Its advisory board members include Robert Cohen, Balaji Srinivasan, and Nuseir Yassin.
Features offered
ZenGo also acts as a crypto interest savings account where interest accrues daily for stakers and lenders. Through WalletConnect, you can connect to DeFi DApps, including NFT marketplace OpenSea, and metaverse The Sandbox. As mentioned, it also has biometric security and 3-factor authentication for top-notch security.
Supported blockchains
This is one of the few NFT wallets to support Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Tezos (XTZ), USD Coin (USDC), Tether (USDT), Shiba inu (SHIB), Polygon (MATIC), Voyager (VGX), Alpha finance (ALPHA), The Sandbox (SAND), and Decentraland (MANA).
Advantages and disadvantages
ZenGo’s crypto interest savings account, and strong security mechanisms are its highlights. WalletConnect is also handy as it lets you connect to the market’s hottest DApps.
As for disadvantages, some may feel that the list of supported assets is lacking. Plus, with the Solana-based Magic Eden NFT marketplace booming with participants, not being in the list of NFT wallets for Solana pushes ZenGo back a bit.
3. Coinbase Wallet
Coinbase is best known for its role in assisting users in exchanging cryptocurrency. The Coinbase Wallet, however, can also store NFTs or other tokens. Coinbase gives you full control of your crypto assets as a user. Generally speaking, it is easy to connect your wallet to your exchange account and transfer your assets to the wallet.
Currently, the Coinbase NFT wallet rivals Metamask as the most popular and best-rated wallet of this type. This NFT wallet is the best overall, at press time.
Who’s behind it?
Coinbase is one of the premier crypto exchange services. Brian Armstrong, an ex-engineer at Airbnb, founded Coinbase in June 2012.
Coinbase Wallet allows users to take complete control of their digital art and crypto by securely storing them on locally their own devices. Coinbase makes it a point of stating that it does not own the assets placed in the wallet. As far as NFT-compatible wallets go, the Coinbase Wallet emanates trust and credibility.
Features offered
Coinbase Wallet is available to all users of the platform. On the desktop version, users can access a tab that enables them to view NFTs associated with their wallet address. Also, if you are searching NFT wallets for Solana, Coinbase is the one. It announced the Solana ecosystem integration in March 2022.
There are other mobile NFT wallets that allow you to view your NFT collection. These include Rainbow, Ark, and Argent. However, browser extensions don’t typically have a native NFT gallery.
Additionally, Coinbase Wallet now displays your token balances across all supported networks such as Arbitrum, Avalanche, Binance Smart Chain, Fantom, and Optimism.
Supported blockchains
Coinbase Wallet’s in-app exchange supports assets stored on the Ethereum Blockchain. At this point, EVM-supported assets can be used for crypto-to-crypto conversions. Plus, you can even use the Coinbase as one of the more credible celebrity NFT wallets, owing to the large volume of celebrities flocking the Ethereum ecosystem for purchasing NFTs.
Advantages and disadvantages
Like Metamask, the Coinbase Wallet appears to have more features that are recommended than issues. The wallet can be connected directly to your Coinbase.com account. Furthermore, the interface is simple and easy to use. Also, it is one of the more active NFT wallets, owing to its undisputed popularity.
You will be able to transfer tokens utilizing your username, even if you don’t have a public address. Additionally, you can back up all of your private keys to ensure that your NFTs remain safe and secure.
The main downside now is related to the supported blockchain networks. Coinbase Wallet only holds Ethereum-based NFT tokens.
4. AlphaWallet
Alpha Wallet positions itself as one of the best solutions for those looking to invest in Ethereum-backed tokens. Alpha Wallet allows users to mint, as well as invest in NFTs. It supports NFT markets such as ChainZ Arena and OpenSea. Generally, the UX is user-friendly and minimalistic, making it a safe choice for new users.
Who’s behind it?
A multinational team runs Alpha Wallet. Weiwu Zhang, Victor Zhang, and James Brown are the co-founders. Their official bio states that each has years of experience in the blockchain industry with altcoin projects. Zhang, for instance, states that he worked on three altcoins and seven ICO projects.
Features offered
AlphaWallet can support any token that depends on a smart contract. Actions that take place in the AlphaWallet interface, regardless of whether they are smart-contract related, are rendered from TokenScript files and are not hard-coded.
Although the interface of the wallet is simple to use, the numerous features can make the use of it seem daunting for some. The AlphaWallet website provides a wide range of open-source tools that investors, developers, businesses, and other stakeholders can use. The in-built Web3 browser allows direct access to the DApps, markets, games, and other resources. If you regularly track NFT wallets that support seamless DApp integrations — NFTs or no-NFTs, notwithstanding — AlphaWallet is the one to go.
AlphaWallet offers a 12-word secure key. This is done to improve the user experience as well as security. AlphaWallet also lists tokens that are TokenScript-enabled on its platform, which promises to provide a rich native experience for users.
Supported blockchains
AlphaWallet offers native support for Ethereum-based NFTs. Therefore, you can consider this as one of the more popular celebrity NFT wallets, especially for those who own BAYC or similar NFTs.
Advantages and disadvantages
The AlphaWallet offers several advantages. It does support Ethereum-based NFTs, the most popular digital tokens. The platform is easy to use, and developers promise improvements in the near future. This is one of the more reliable browser-based NFT wallets that allow users to delve deeper into the featured DApps.
There are some drawbacks worth mentioning as well. The wallet functions only on a mobile device. Furthermore, it does not include non-ETH NFTs.
5. Enjin Wallet
Enjin positions itself as one of the leading companies in the growing area of in-game NFTs. The Enjin Wallet makes it easy to collect NFTs and other collectibles that are used as in-game items. The platform also has its own marketplace where digital assets can be traded using Enjin’s token, ENJ. The platform includes easy-to-use features, a well-designed UI, and early access to various DeFi apps.
Who’s behind it?
Maxim Blagov and Witek Radomski are founders of the Enjin corporation. Their goal is to create a modern gaming platform centered around the crypto community. Enjin launched an initial coin offer (ICO) in 2017, raising approximately $18.9 million through the sale of ENJ tokens.
Features offered
Because of its ease of use and seamless design, Enjin Wallet’s UI is one of the platform’s main attractions. It is worth noting that Enjin has a fingerprint scanner that provides enhanced security for its users. If you prefer to track NFT wallets with biometric security enhancement — Enjin wallet can make a lot of sense.
Enjin’s long list of features includes local currency, multilingual interface, zero ads, and trackers. Both beginners and experts can use the Enjin Wallet. The app also includes a fee calculator that allows you to calculate and limit your fees.
Supported blockchains
At the moment, Enjin supports exclusively Ethreum-based NFTs.
Advantages and disadvantages
Enjin benefits from a number of attractive features. The platform looks good and is simple to use. Its designated Enjin marketplace can include the native token. Included is customer support. Where Enjin lacks is in terms of its exclusive mobile accessibility. It features only Ethereum-based NFTs.
6. Trust Wallet
Binance owns the Trust Wallet. It is one of the NFT wallets that can greatly boast about its user base. It is a popular wallet with over 5,000,000 users. However, not all users are NFT owners. Despite being used for other reasons, this is one of the most active NFT wallets.
Who’s behind it?
Viktor Radchenko is the Founder and CEO of Trust Wallet. It is understood that, officially, Binance — one of the world’s top exchange services — assists in administrative and marketing areas of the company’s operations.
Features offered
Although the wallet is a great way to store and manage your tokens, Trust Wallet cannot be used for transactions. It might not be the best choice for anyone looking to trade or transfer assets, without going through an exchange. Binance’s involvement may make them inclined to cater to Smart Chain tokens.
On Trust Wallet, you can find a list of decentralized apps for art markets to provide one-click access to sites like Axie Infinity and OpenSea.
Similar to the other top crypto wallets for NFTs, Trust Wallet offers a DApp browser. This makes it easy to access NFT applications with just a few clicks. Finally, Trust is one of the better and more compatible NFT wallets for Solana.
Supported blockchains
Native integration is available for chains such as Binance Smart Chain and Ethereum Classic. The company promises more blockchain integrations — allowing you to store NFTs relevant to other ecosystems, including Solana.
Advantages and disadvantages
Essentially, Trust Wallet is a good storage option for digital assets. There are other advantages as well. A smooth graphical interface beautifully renders and displays your NFTs. This wallet supports multiple blockchains. It is useful both as a DeFi wallet and a crypto wallet.
The disadvantages are also clear. It is available only on mobile devices.
7. Math Wallet
Math Wallet promotes itself as one of the most similar options to MetaMask. It supports more than 65 public blockchains. It has been gaining a lot of popularity and is considered by some to be one of the best NFT wallets.
Who’s behind it?
Eric Yu founded Math Wallet in 2017.
Features offered
As mentioned, Math Wallet supports more than 65 blockchains. In addition to the various versions, it can also be integrated with multiple hardware wallets. Users can also create multiple addresses, which is a notable feature in itself.
The built-in DApp Browser allows users to view NFT markets and provides features such as staking, trading, etc. Math Wallet also has its own utility token. All of these elements make it a good asset to crypto users.
Supported blockchains
Math Wallet supports 65 public blockchains.
Advantages and disadvantages
Math Wallet is gaining popularity because of the number of features it has included. In doing so, the wallet has answered most of the NFT owners’ most-pressing crypto-related needs.
The biggest selling point for Math Wallet is the fact that it contains native support for numerous blockchain networks. The wallet also has a classic option for exchanging cryptocurrencies and allows easy access to DApp stores. The security aspect is also important.
Its downsides are related to the project’s growth. Still being added are various features. Moreover, the interface has contained bugs at various points during its development. An expanding project will invariably have issues.
8. Coinomi
Coinomi presents itself as a multi-chain, security-first wallet. Both mobile and desktop versions exist. It offers native support for 125 blockchains.
Who’s behind it?
George Kimionis created Coinomi in 2014 to provide secure solutions for blockchain applications. Coinomi’s seed funding round went live in July 2021, led by Vertex Ventures.
Features offered
Coinomi has SegWit support and provides 168 fiat currency representations that can be read in 25 languages. The built-in exchanges can help instantly exchange the supported assets. Coinomi offers multi-seed support, which includes custom and dynamic mining fees and allows users to interact with DeFi apps. There are also no fees for transactions.
Supported blockchains
Coinomi offers native support for Bitcoin and many other altcoins. Officially, it helps integrate 125 blockchains.
Advantages and disadvantages
Coinomi has high-security features. It also distinguishes itself by the number of blockchain networks that it integrates. There are no fees. This is of great help to frequent NFT buyers and sellers.
The platform is unregulated. This is worth noting. The platform also does not support fiat currency, which may bother some users looking to use the exchange option.
How to choose the best NFT wallet
Now that we’ve looked at the features of the 8 best NFT wallets in 2022, how do we make a choice? The best way to decide on which NFT wallet to use is to make sure that the one you choose addresses a few essential issues.
Your wallet should provide security for your assets. It should be easy to use and compatible with your devices. To get the best out of your wallet, you need to consider its presence on different platforms.
Most NFTs support Ethereum due to its popularity with developers and industry alike. If you wish to buy NFTs on different chains, you will need a wallet compatible with these chains and their properties.
If the wallet that you are about to choose caters to those needs, you should feel well at ease about using it.
What are the best NFT wallets in 2022?
NFTs represent technology and a market that only looks to be growing in 2022. Over 200,000 NFT wallets were active in 2021, according to estimation. And the number seems to be growing in 2022, despite the slump in sales volumes.
Technological advancements are already present in many types of NFT wallets. Apps like MetaMask or Coinbase Wallet are very popular. However, NFT-related technology is improving.
All of the NFT wallets listed here have pros that outweigh the cons. Make sure to investigate their features, and you will make an informed decision about how to safeguard your NFTs.
NFTs can be hard to keep up with, so why not join BeInCrypto’s Discord server to ensure you’re on top of everything?
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Frequently asked questions
Which wallet is best for NFT?
There are several NFT wallets that include numerous features and that are very popular. These include MetaMask, Math Wallet, or Coinbase Wallet. When choosing an ideal option, consider items such as security, user-friendliness, cross-chain compatibility, and device usage.
What are NFT wallets?
NFT wallets allow users to safely store and trade their non-fungible tokens. An NFT wallet supports the blockchain protocol that NFTs were built on. It must also support the currency that you will use to buy NFTs, such as Ethereum. Wallets such as MetaMask and Math Wallet are designed for these purposes.
How many NFT wallets are there?
It is estimated that there were approximately 280,000 buyers and sellers of NFTs by Aug. 2021. There are currently nearly 200,000 active NFT wallets.
Can you send NFTs to Coinbase wallet?
Yes, Coinbase Wallet’s browser extension allows users to send NFTs.
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