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If you're interested in collecting or investing in non-fungible tokens, you'll need an NFT wallet. An NFT wallet is a cryptocurrency wallet that supports the blockchain protocol NFTs are built on. It also needs to support the currency you'll buy NFTs with, such as Ether (CRYPTO:ETH).?
Since the vast majority of NFTs use the Ethereum blockchain, most Ethereum wallets will work. But some wallets stand out above the rest. Here's a summary of the best NFT wallets as well as what to look for when choosing one.
Here are some of the top NFT wallets available right now.
Metamask is one of the most popular cryptocurrency wallets. Its browser extension provides easy access to web3 sites such as NFT marketplaces with just a couple of clicks. Metamask also makes it easy to set up multiple addresses so you can hold your NFTs at an address that's separate from your cryptocurrency, or you can set up a single address for each NFT you purchase.
ConsenSys, the company behind Metamask, built a mobile application in 2020. Holdings sync flawlessly across the desktop and mobile versions of the wallet. The mobile application also includes a built-in browser for decentralized applications, or dApps, and NFT marketplaces.?
If you need to swap currencies to buy an NFT, Metamask has a built-in swap feature. You can also limit how much you pay in gas fees, though there's the risk of a transaction failing. If you need to use a different blockchain, Metamask offers support for alternative platforms.
MathWallet offers a strong alternative to Metamask. Its biggest differentiator is that it supports more than 150 blockchains.?It offers a web, desktop, and mobile version of the wallet that sync across devices, and it has integrations with several hardware wallets as well. Math Wallet will also let you create multiple addresses.
Math Wallet has a dApp browser built in that enables users to view NFT marketplaces. It includes several other features for cryptocurrency holders -- staking, swapping, etc. -- and it also offers its own utility token.
AlphaWallet is an open-source cryptocurrency wallet. While it has a few limitations -- it's mobile-only and Ethereum-only -- its native support for blockchain games and NFTs makes it stand out.
The simple user interface makes it very easy for beginners to understand. There's a whole section of the wallet dedicated to NFTs and gaming tokens. It also allows users to add meta tags to their tokens so they can easily search and filter them when browsing their collection.
AlphaWallet works directly with OpenSea, CryptoKitties, Dragonereum, and ChainZ Arena, among other NFT marketplaces and blockchain games. Like others, it has a built-in dApp browser to find more NFT marketplaces and direct access to DeFi applications such as Compound.
Many people know Coinbase (NASDAQ:COIN) for its cryptocurrency exchange. It also offers a non-custodial wallet suitable for holding NFTs and other tokens. Unlike holding cryptocurrency on Coinbase's exchange, holding assets in the Coinbase Wallet gives the user full control over their crypto.
Coinbase released a browser extension in 2021, making it easier for users to use their wallet across devices to purchase NFTs and use other dApps. Users can also access dApps through the built-in browser in the mobile wallet.
One unique advantage of Coinbase Wallet is the ease of transferring tokens to others by using usernames instead of? public wallet addresses. It can make transactions feel more personal and provide a greater sense of security knowing that you're sending assets to the right person.
Coinbase also offers a one-click cloud backup for your private keys, storing them on your personal cloud drive. That can help ensure that you don't lose access to your NFTs or other funds held in the wallet.
Ledger is a hardware wallet -- a small piece of kit that's usually around the size of a USB. You can use it to keep your crypto assets offline in what's known as "cold storage." Generally speaking, hardware wallets are more secure than hot wallets, which are connected to the internet. There are several hardware crypto wallets that work with NFTs, including Trezor. However, Ledger stands out because it connects to top NFT marketplaces such as OpenSea and Rarible.
Ledger has several different devices at different price points. Each of them support multiple cryptocurrencies as well as NFTs. You can connect all Ledger products to Windows and Mac systems. Be aware the Ledger Nano S Plus, which is the lowest cost option doesn't connect to iPhones or iPads. Ledger also suffered a security breach in 2020. While no crypto assets were lost, hackers accessed customer information and the company's reputation took a hit.
An NFT wallet doesn't work like a physical wallet. You don't actually store NFTs or cryptocurrency in your wallet.
Instead, it provides access to the assets, which are held on the blockchain. It does so by providing a private key to that address, which allows the wallet owner to authorize transactions. If you have the private key, you effectively own anything at that address.
A wallet will take care of all the technical bits for you and provide a nice user interface for buying, selling, and transferring NFTs or cryptocurrency. Moreover, it can also provide increased security with two-factor authentication, and it provides a convenient way to track your assets across devices.
The most important features to look for when it comes to choosing an NFT wallet include:
One of the best ways to learn more about investing in NFTs is to get started buying and selling them. Download and set up a wallet, browse the top NFT marketplaces, transfer the necessary currency to your new wallet, and make your first purchase.
It's only with firsthand experience that you can learn what features are important to you in an NFT wallet, which marketplaces you like, which blockchains your favorite NFTs use, and how the world of digital collectibles works.
NFTs are an extremely new asset class and it's important to understand the risks involved. As collectibles, prices can swing wildly depending on the latest trends. There are issues with scams, copyright infringement, and fraudulent practices such as wash trading. Plus, it's a new industry and there's a lot of regulatory uncertainty -- and not a lot of investor protection.
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