Best NFT Wallets in the Market

PersonOutlineIconUPYO.comCalendarTodayIcon July 29, 2022AccessTimeIcon 11 Mins Read
PersonOutlineIconUPYO.comCalendarTodayIcon July 29, 2022AccessTimeIcon Mins Read
Best NFT Wallets in the Market Featured Image

The NFT market is booming. So if you want to buy, sell, or trade NFTs, you would require a digital wallet for the transactions. There are multiple digital wallets available in the market. So, the question is, which one is the best fit for you? We have narrowed down the top NFT wallets that you can use to purchase NFT collectibles.

What is an NFT Wallet?

A non-fungible token wallet, also known as an NFT wallet, is a digital wallet that gives you access to the blockchain technology that non-fungible tokens are built on. This digital wallet supports specific cryptocurrencies that you can use to purchase, sell, and trade your unique NFTs.

All NFT wallets operate similarly, wherein they help owners store crypto tokens securely on the blockchain. While some wallets support only one blockchain (like AlphaWallet), others support multiple blockchains (like Coinbase). The best NFT wallet for you will be determined by many criteria, including the sort of tokens you’re keeping, your level of blockchain experience, and your security requirements.

The Best NFT wallets

Here are the top 6 wallets for NFTs in the market.

  • MetaMask:

MetaMask is by far the most popular NFT wallet globally, used by approximately 21 million people worldwide. This open-source crypto wallet is a blockchain app gateway that allows users to access and interact with their Ethereum account. In addition to that, users can access other Ethereum-compatible networks like Arbitrum, Optimism, and Polygon through MetaMask.  

Initially launched as a browser, the wallet provided seamless access to decentralized apps (dApps), including NFT marketplaces and other web3 sites. MetaMask wallet is compatible with the majority of the NFT marketplaces available online. This crypto wallet allows users to store ETH, ERC-20 tokens, ERC-721 tokens.

One of the big reasons MetaMask is widely used for NFT trading is that the wallet allows its users to create multiple addresses to hold every NFT a person owns or buys. Furthermore, users can keep their Ethereum based tokens separate from their NFTs by creating different addresses.  

The company that built MetaMask, ConsenSys, launched its mobile application in 2020. The new mobile app came with a built-in integrated browser for accessing decentralized apps. Moreover, the MetaMask app is compatible with iOS and Android while enabling seamless synchronization with desktops.

Key Features:

  1. The code is entirely open source.
  2. The interface is user-friendly.
  3. MetaMask has a web plugin that interacts with the Ethereum blockchain.
  4. The wallet has a built-in option to swap currencies.
  5. Easy to use activity tab shows all recent transactions.

Pros:

  1. User-friendly setup process.
  2. Seamless synchronization between the mobile application and web extension.
  3. Easy NFT transactions through MetaMask mobile app.
  4. dApps are easily accessible through the browser extension and mobile app.
  5. Easy to switch between different ETH addresses.
  6. Simple process to add or transfer ERC-721 NFT tokens into the wallet.
  7. Supports the swapping of ETH NFT tokens.

Cons:

  1. There is a high risk of hacking due to multiple fake MetaMask wallets.
  2. Page speed is not optimized; hence, the MetaMask mobile app takes time to load.
  3. Visualization of NFTs is still in progress.
  4. Coinbase Wallet:

Coinbase is globally known for its cryptocurrency exchange, the first-ever crypto business to trade on NASDAQ. The Coinbase wallet is popular due to its user-friendly interface that’s perfect for beginners. This non-custodial wallet can hold users’ private keys, cryptocurrencies, and NFTs. Unlike some of its competitors, Coinbase wallet gives its user complete control of their funds.

The Coinbase users can use the digital wallet to buy and sell NFTs without public addresses. Instead, people can use their usernames to transfer NFTs. The most significant advantage of Coinbase is that it supports a wide variety of cryptocurrencies, including Bitcoin, Solano, Ripple, Polkadot, Litecoin, Stellar Lumens, Dogecoin as well as ERC-20 tokens.

Coinbase released its browser plugin in 2021, making it easier to browse dApps and other crypto-friendly websites. It also operates 24/7, allowing users to access and trade through their wallets anytime and anywhere. Coinbase users can purchase crypto tokens from the platform directly by connecting their credit card or bank account.

Key Features:

  1. The Coinbase platform is secure and highly efficient.
  2. The wallet can hold the user’s private keys, cryptocurrency, and NFTs.
  3. This wallet is compatible with hardware wallets such as Ledger, KeepKey, and Trezor.
  4. Coinbase allows users to exchange NFTs through usernames rather than public addresses.

Pros:

  1. The ease of usability makes it perfect for beginners.
  2. Supports a variety of cryptocurrencies (including Ethereum and Bitcoin).
  3. Directly connects the wallet to the account on Coinbase.com.
  4. Enable the transfer of tokens without a public wallet address.
  5. Allow users to access lower fees and better features through Coinbase Pro.
  6. Backup of all private keys can be stored to ensure the safety of NFTs.
  7. Opportunity to earn cryptocurrencies through interests or Coinbase Earn.

Cons:

  1. Higher transaction fees.
  2. Poor customer service.
  3. Suitable for only Ethereum-based tokens.
  4. Lack of access to altcoin.
  5. AlphaWallet:

AlphaWallet is an open-source Ethereum-based wallet. The defining characteristic of AlphaWallet is that it natively supports blockchain games and NFTs. People can use this non-custodial crypto wallet to mint and collect NFTs. However, its disadvantage is that it only supports Ethereum-based networks and is available on mobile devices.

The user interface is beginner-friendly. It has an entire section dedicated to NFTs and gaming tokens, making it easy for users to navigate the application. AlphaWallet allows users to access dApps and Defi applications through SmartTokens or the web3 browser. This non-custodial wallet offers a variety of open-source tools to assist businesses, artists, and developers in leveraging various forms of blockchain-related tokenization.

AlphaWallet supports any token that abides by smart contract standards. Moreover, this wallet directly integrates with multiple NFT marketplaces and blockchain games, including Chainz Arena, OpenSea, CryptoKitties, and Dragonereum.

Key Features:

  1. The software is interoperable with all types of Ethereum based game assets.
  2. AlphaWallet is the world’s first Ethereum wallet to use the “Secure Enclave” technology.
  3. The in-built web3 browser allows users to explore and access dApps and DeFi applications.
  4. Censorship resistance features to ensure that users can keep their money without approval from third-party service providers.

Pros:

  1. The interface is user-friendly and best suited for beginners.
  2. Native support for Ethereum based NFTs.
  3. The built-in browser supports dApps and DeFi.
  4. Software is TokenScript enabled.
  5. No hidden fees or technical expertise is needed.
  6. Allow users complete control of their cryptocurrency.

Cons:

  1. No support for other blockchains; only supports ETH-based NFTs.
  2. The application is only compatible with iOS and Android.
  3. Math Wallet:

Founded by Eric Yu in 2017, Math Wallet is a highly secure multi platform crypto wallet that supports over 80 different blockchains. These blockchains include Bitcoin, Ethereum, Binance, Polkadot, and others. It is considered to be a strong alternative to MetaMask.

Math Wallet allows people to buy, sell, and trade NFTs through its web plugin, mobile app, and desktop version. It has integration with multiple hardware wallets in addition to being synchronized across various devices.

Math has an integrated dApp browser that allows users to access NFT marketplaces and other decentralized applications. Moreover, it also offers features such as swapping, staking, and utility tokens to crypto holders.

Key Features:

  1. Math wallet natively supports multiple public blockchains.
  2. MathChain’sMathChain’s SmartWallet Appchain is built on the Substrate.
  3. The wallet has cross-chain compatibility and cross-device usage.
  4. The best wallet to answer users’ most urgent crypto-related requirements.

Pros:

  1. Allow users to stake on MathWallet validators and get rewards.
  2. Crypto assets are secured through private keys, 2-factor authentication, mnemonic phrases, and other measures.
  3. Interaction with DeFi and NFT applications is a one-click process with the dApp store.
  4. Swapping cryptocurrencies is reasonably easy on this wallet.
  5. Guarantees security through integration with hardware devices.

Cons:

  1. Application has bugs, and there are reports of multiple crashes.
  2. The iOS version has dApp staking issues.
  3. As an ongoing project, new features are being added to the wallet, making it more unstable.
  4. Trust Wallet:

Trust Wallet, owned by Binance, is a popular NFT wallet with 5 million users globally. This versatile wallet natively supports multiple blockchains, including Ethereum. The application has an in-built exchange feature that enables the exchange of cryptocurrencies without leaving the app. Moreover, this non-custodial wallet does not save or store its users’ personal data on the servers.

Trust Wallet is available for both iOS and Android devices. It provides a superior customer experience, which is excellent for beginners in this field. What differentiates Trust Wallet from others is that it can store and manage tokens; however, it cannot be used for transferring NFTs. Trust Wallet provides people one-click access to dApps such as NFT marketplaces.

The users of Trust Wallet are not charged any fees when they install or set up their accounts on the wallet. There are no charges associated with utilizing the wallet’s services. Furthermore, the platform may be downloaded for free from the Google PlayStore or the Apple Store. The only costs levied are the gas fees.

Key Features:

  1. Users can use the wallet to buy Binance Smart Chain and Coin (BNB), Ethereum, Bitcoin, Litecoin, XRP, TRON, Bitcoin Cash, etc.
  2. The wallet allows users to buy cryptocurrency through a credit card.
  3. An excellent UI that supports a graphical representation of NFTs.
  4. Trust Wallet enables users to retain control of the private keys and does not store  personal data in the wallet’s servers.

Pros:

  1. Supports 53 blockchains.
  2. Equipped with a smooth interface that allows the application to be opened in one click.
  3. Exchange features allow users to convert cryptocurrencies.
  4. It can be used as both a crypto wallet and a DeFi wallet.
  5. Easy access to NFT marketplaces.
  6. Compatible with Android and iOS devices.
  7. It has staking features and allows users to earn rewards on multiple digital assets.

Cons:

  1. Lacks security in comparison to hardware wallets.
  2. Software is available only as a mobile app.
  3. Enjin Wallet:

Enjin Wallet is a secure digital wallet that is perfect for storing NFTs and other crypto tokens. Enjin has its own marketplace where different digital assets can be traded with the native Enjin token (ENJ). The wallet supports other tokens such as Ethereum (ERC-20 and ERC-1155 Tokens), Bitcoin, Binance Chain, and Litecoin.

Created in 2018 by the Enjin Group, this wallet is well-known for its seamless UI design. It has enhanced security measures such as secure keyboard, two-layer encryption, screenshot blocking, RAM encryption, etc. Moreover, it is a feature-rich application that is compatible with both iOS and Android devices.

Enjin users can use a one-click browser to access various Ethereum-based decentralized apps, such as DeFi apps. It also provides a customer service desk as part of its offering, which sets it apart from other wallet providers.

Key Features:

  1. Enjin allows users to deal with dApp and DeFi swap without leaving the app.
  2. The wallet has a fingerprint scanner as part of its enhanced security.
  3. Crypto tokens can be automatically added based on the users’ exchanges and history.
  4. Its user-friendly multilingual interface is appropriate for beginners and expert users.
  5. Additional features include a QR code scanner, marketplace for NFT trading, and wallet for game collectibles.

Pros:

  1. Easy conversion of cryptocurrencies through its in-built exchange feature.
  2. A top-notch customer service department.
  3. Advanced security measurements such as auto-locking and biometrics.
  4. In-built calculator for users to evaluate gas fees.

Cons:

  1. Available for mobile users only.
  2. Features only Ethereum based NFTs.

Factors to Consider While Choosing an NFT Wallet

The most important features you should consider when choosing an NFT wallet include the following:

  • Interface:

A user-friendly interface is crucial to consider while choosing the best crypto wallet for NFT. It’sIt’s especially useful for newcomers who have just started trading in NFTs. A good interface would enable menu options to be easily accessible. Moreover, the content must be separated into various categories to manage your NFT collections most efficiently. When shopping for a crypto wallet, look for one that’s easy to set up, navigate, and utilize.

  • Security:

NFTs have the potential to be extremely valuable. Therefore, the essential factor to consider while selecting the best wallet for NFT is security. A trustworthy NFT wallet must provide its user with a private key. The private key is a one-of-a-kind binary code that grants you access to and identifies you as the legal owner of the NFT you purchased.

Furthermore, reliable NFT wallets provide seed phrases as an extra layer of security. This is a master password made up of a succession of words produced at random. If you choose a wallet that employs these safeguards, you can be assured that your valuables will be safe.

  • Cross-chain compatibility:

Another vital characteristic to look for in an NFT wallet is cross-chain compatibility. Cross-chain compatibility is the capacity of independent blockchains to “communicate.” It entails the exchange and transfer of NFTs between different blockchains. Ethereum is the most popular blockchain with cross-chain connectivity. Select a digital wallet with cross-chain compatibility for efficient NFT management since it will help you overcome the limits of a single blockchain.

  • Customer service:

Since NFT trading is a new digital phenomenon, it might be difficult for newcomers to comprehend how it works. That is why the top NFT wallets provide a high-quality customer care service that is available around the clock.

Any query should be responded to as quickly as possible by the multilingual staff of specialists via several communication channels such as live chat, email, and a hotline. Therefore, select a platform with a proactive customer service team available on multiple channels.

  • Cross-device usage:

Most NFT wallets are available as web extensions or web plugins. However, the best non-fungible token wallets are accessible as desktop software and mobile apps for iOS and Android. It is vital to select an NFT wallet that is compatible with numerous devices so that you may access your digital assets at any time and from any location. A multiplatform wallet will ensure that you can trade without any complications from any device.

Wrapping Up

In 2021, the NFT sector witnessed explosive growth, demonstrating to the rest of the world the enormous financial potential of NFTs. Today, investors and collectors are looking for the most efficient NFT wallets to participate in the transaction of crypto collectibles. They need to find secure and cost-effective networks that enable them to trade crypto assets profitably.

Since NFT trading is still in the nascent stages, it is critical to understand the fundamentals before diving deeper into the NFT ecosystem. We advise everyone to do their research and weigh the pros and cons of each wallet before settling for one.

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