Which Wallet is Best for Storing NFTs?

Currencies / Nanotech Oct 14, 2021 - 05:34 AM GMT

NFTs have been taking the world by storm over the last year or so. With some NFTs selling for millions of dollars, lots of investors and collectors are joining the craze all hoping to make a lot of money or collect unique digital art. The value of NFTs will differ, depending on how popular they are or who created them.

To store or exchange non-fungible tokens, users must have an NFT wallet. If you are looking to get into the NFT game, you should first find a wallet that suits your trading requirements. It's not possible to exchange NFTs without having a crypto wallet. Luckily, there are plenty of wallets out there to choose from. It is vital that you get a reputable wallet that protects your NFTs from fraud and hackers.

Although we are still at the early stages of NFTs, they have the potential of completely changing traditional markets for collectors and creators of art. Wallets can store both NTFS and cryptocurrencies in the same location. Your wallet will store all of the important information on where your digital assets are located on a blockchain. Finding a reliable and safe wallet can prove tricky, especially if you are new to the NFT world. Keep in mind that each wallet has different features, so a little research could prove beneficial.

What Should I Look For In A Wallet?

Nobody wants a wallet that is not easy to use, so you will want to find one that is user friendly. Each one has a different interface, some are easy to get the hang of, while others can make storing, buying and selling NFTs and cryptocurrencies even more complex. You will want a wallet interface that is easy to set up, and makes exchanging NFTs straightforward. Also, you might want to access your wallet using either your mobile device or your computer. Even if you spend all day in front of a desktop computer, there might be times where you will want to use your wallet on your mobile device, so it's best if you find a wallet that is compatible with different devices.

Getting a wallet that supports ERC-721 standard based tokens is of vital importance. This allows for cross-chain compatibility. Those who hope to mint, invest or sell NFTs on a variety of networks will require a wallet that has cross-chain compatibility. If you are looking for more information about NFT wallets and want to join an NFT community, check out NFT Wolf.

Enjin

If you are interested in collectecting in-game NFTs, you should consider getting an Enjin wallet. Although it allows you to hold other digital assets, a lot of folks in the blockchain gaming community are using Enjin at the moment. Although storing NFTS and cryptocurrencies is just one feature the wallet allows, it also includes a marketplace for trading in-game NFTs.

The interface on Enjin is user-friendly, so it won’t take you long to figure out how it operates. There is an in-built exchange feature that makes converting one cryptocurrency to another possible. The wallet’s developers offer fantastic customer support, which is one of the reasons the wallet is growing in popularity. They use highly secure features to ensure their customer’s cryptocurrencies and other digital collectibles remain safe.

Unfortunately, if you want to access your wallet, you can only do so on your mobile device. It is an app solely for mobile devices, as the Enjin wallet is not yet available on desktop computers. Unlike other NFT wallets, it only supports Ethereum based NFTs.

MathWallet

Unlike Enjin, MathWallet allows users to access the wallet on multiple devices, including mobile and desktop. It has a password-free payment feature, so users don’t have to put in their password when they make a transaction in MathWallet. Users are able to confirm their payment by using a face ID or fingerprint. It has an extremely powerful browser extension. At the moment, the wallet supports 65 public blockchains.

The MathWaller is convenient for those wanting to swap cryptocurrencies. The wallet has a reputation of being highly secure. The interface, both on the app and desktop version is user-friendly. It offers native support for a variety of blockchains.

However, some of its users have complained that the wallet is unstable at present, and those accessing the app on an iOS device have said there have been a few dApp skating issues that haven’t been fixed.

MetaMask

Currently, the most popular NFT wallet out there is the MetaMask wallet. The setup is simple, so users can easily create a new wallet. It has a browser extension, and you can access MetaMask on a variety of browsers, such as Brave, Chrome, and Firefox.

MetaMask is motivated to get as many people as possible using the Ethereum network, which is why they have posted an easy to follow introductory video on their homepage to encourage new users to join. You can find a support page on their official website just in case you have any problems. Because a lot of new users hold a MetaMask wallet, the interface is extremely easy to use. Sending and receiving currencies is like child’s play.

Although MetaMask won’t be able to access any of your sensitive data, the browser on your device will. Although it won’t be able to reveal your private codes, it might be able to collect data on your app usage. A lot of NFT and crypto users worry about the information certain browsers collect. Some users refuse to use MetaMask wallets for this reason.

How to Keep Your NFT Wallet Secure?

Make sure everything is above board before you decide to send digital assets, sensitive data, or coins to another wallet. Take a look at the wallet provider to ensure that everything is safe. Unfortunately, there are a lot of wallet scams out there that you should watch out for, so do some research. Make sure that the URL is correct, as a lot of scammers will create a URL that looks legit, but there might be one or two differences between the real URL and a URL a scammer has created. Several NFT wallet holders post honest reviews online, so it might be worth your while checking some of them out.

Make sure you use a secure password. Avoid using the same password that you are currently using to access your email accounts, social media platforms, etc. Create a unique password that makes cracking it almost impossible. It is important that you keep your private keys private. Find a secure location to store these private keys, and under no circumstances should you share this sensitive information with others.

If you haven't already invented a reputable antivirus software, it's time you get one. Quality antivirus software will protect your wallet against malware and viruses. If you have already employed an antivirus package, make sure that it is updated on a regular basis.

Before you get a wallet, read up on the safety features the wallet has to offer. When you start using the wallet, don’t forget to take advantage of these useful features, such as multi-signature transactions. These features can be used to increase the protection of your wallet.

By Sumeet Manhas

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.