TOP 5 Crypto Wallets for NFT transactions

Choosing the best NFT app would usually depend on two factors. First, whether you’re a creator or collector. Second, the devices you have at your disposal.

For Creators

Creating NFT art typically involves regularly connecting to marketplaces like OpenSea, Rarible, Nifty Gateway etc.

Creators usually have to upload their files and enable other functionalities. Such operations require the use of a desktop or computer device and are usually difficult to execute on mobile.

Hence, creators are better off using MetaMask or Math Wallet since both wallets are available as browser extensions).

For Collectors

Whether you’re only collecting NFTs from blockchain-based games or artists, you can execute these transactions easily on mobile wallets that support the storage and transfer of these items.

Hence, Metamask’s mobile version, Enjin, AlphaWallet, and Trust Wallet are all ideal for such transactions.

Read more: 7 steps of creating and selling your first NFT

How to get an NFT wallet

This article includes a link to the official website where users can install the cited NFT wallets on compatible devices.

The aforementioned are self-custodial wallets and will typically provide you with a backup seed phrase during the initial setup. You can restore your wallet and assets with the seed phrase if you eventually lose access to your device.

Note that you will need to purchase Ethereum’s native token (ETH) on an exchange or broker, and transfer it to the wallet after installation. For other chains like Binance Smart Chain, you’ll need to buy Binance coin (BNB) and send it to the wallet address.

The purchased amount is used to pay transaction fees for collecting or minting NFTs.

1. Metamask

The foremost choice among the contenders for the best NFT wallet would definitely point out to Metamask. It started off as a browser extension for enabling direct connections between users and decentralized applications. The founding company, ConsenSys introduced the mobile version of Metamask in 2020 with unique features. It included a simple interface to enable the collection of NFT tokens while facilitating interactions with other decentralized applications. 

Metamask can help users in creating an Ethereum wallet for connecting directly with all Ethereum-based platforms for minting and trading. Interestingly, Metamask is one of the most popular NFT wallets for its distinct benefits. First of all, it offers promising ease of setup alongside synchronization of transactions throughout mobile and web extensions. Interestingly, the mobile version of Metamask also offers an in-built browser for exploring DeFi applications and NFTs. 

Pros

  • Everyone can study, distribute and change the software.
  • HD Wallet – automatically generates hierarchical tree of keys from a single point (the seed) instead of the user doing it on their own.
  • Elegant interface for ease of use and smooth experience.
  • Built-In Exchange: easy and time-saving tool to exchange your assets within your wallet.

Cons

  • Browser Access; The wallet itself doesn’t have access to any of your data, but the browser it’s installed on does. Your private codes are safe, but information about when and how you use the app might be gathered.
  • Online Wallet; There is a greater risk of being hacked because it is 24/7 connected to the internet. With other types of wallets like hardware ones, these chances are smaller.

Read more: Why are some NFTs worth millions?

2. Coinbase Wallet

The reputation of Coinbase Wallet as a top NFT wallet comes from the fact that it is suitable for beginners. Coinbase helps users in sending and receiving NFTs with usernames instead of using public wallet addresses. The usernames ensure the flexibility of NFT transactions with similarities to that of a PayPal transaction. Therefore, beginners would not have any difficulty in dealing with NFTs with the Coinbase Wallet.

Most importantly, Coinbase Wallet offers support for the majority of notable names in the crypto world such as Bitcoin, Ripple, Litecoin, Stellar Lumens as well as ERC-20 tokens. As the ideal NFT wallet best suited for beginners, Coinbase Wallet also boasts a user-friendly app that helps in holding your own assets. As a result, you are less likely to lose rights to digital assets in your ownership with Coinbase Wallet.

Pros

  • The company is well-funded to recoup lost or stolen digital assets.
  • It protects user control with two-factor authentication.
  • Coinbase implements multi-signature access for all users.
  • The wallet is completely backed by Coinbase that is a reputable exchange in the crypto world.
  • It has advanced capabilities for providing access as well as restricting access to the digital financial instruments such as NFTs, altcoins, and stablecoins.

Cons

  • The wallet may act as a hosted wallet by storing the private keys elsewhere.
  • The wallet is currently not supporting Bitcoin storage.

Read more: World’s Top 10 Most Expensive NFT items

3. AlphaWallet

AlphaWallet is an open-source Ethereum-only blockchain wallet that includes a function for minting and collecting NFTs.

Directly supported applications include OpenSea, CryptoKitties, Dragonarium, ChainZ Arena, etc. The app is also compatible with all in-game Ethereum based assets, and thus ideal for collectors.

Although AlphaWallet is only available on mobile, the website offers extensive open-source tools for developers, art creators, and businesses seeing other forms of blockchain-based tokenization.

Pros

  • AlphaWallet provides native support for all Ethereum-based games and tokens.
  • The application includes an inbuilt web3 browser for exploring other dApps and DeFi applications.
  • The interface is user-friendly and ideal for those just starting with Ethereum and NFTs.
  • AlphaWallet is still in active development and can easily integrate new features to match community demand.

Cons

  • AlphaWallet supports only Ethereum applications and sidechains.
  • The app is only available on mobile (Android and iOS).

Read more: Buying and Selling NFTs on Nifty Gateway

4. Enjin

When you are looking for the top NFT wallet, you might also come across Enjin. It is an interesting blockchain-based wallet that enables the collection of in-game NFTs as well as other collectibles. Enjin offers the option for holding NFTs and cryptocurrencies. Furthermore, the Enjin NFT wallet also offers a marketplace to enable the trading of digital assets. You would have to use the native token of the Enjin project i.e. ENJ, in the marketplace.

Pros

  • With the Enjin platform, users can create and integrate next-generation non-fungible tokens (NFT) with their applications, games, and websites.
  • Enjin has its own native wallet that offers users dual encryption and which can handle crypto and NFT trading.
  • The Enjin marketplace has experienced more than a million traded items thus far, helping users discover, buy, and sell rare and unique NFTs.
  • Beam, which is offered by Enjin, can help businesses expand and engage their audiences through NFTs which are embedded with QR codes.
  • Enjin Effinity offers a next-generation blockchain for NFTs which serves as a network that is scalable, decentralized, and cross-chain.

Cons

  • The crypto wallet offered by Enjin is not open-source, therefore lacking adequate vetting.
  • ENJ does not have any physical backing regarding assets, profit, or commodity.

5. Trust Wallet

Trust Wallet is the most ambitious and one of the most popular NFT wallets. It is a mobile wallet option suitable for NFT collectors, with a user base of over 5 million people. Users can discover a list of decentralized apps for art marketplaces on Trust Wallet to ensure one-click access to sites such as Axie Infinity, OpenSea, and others.

Although Trust Wallet does not allow NFT transfers, it can help users store and manage their assets on the platform. Trust Wallet provides native integration for public chains like Ethereum Classic and Binance Smart Chain. The one-click access to NFT applications in Trust Wallet serves as its most promising strength. In addition, the compatibility with multiple blockchain networks could open up additional possibilities in the long run. 

Pros

  • Free and easy download.
  • Stores a huge range of cryptocurrencies.
  • Allows staking and earning returns on multiple digital assets held.
  • Users retain control of the private keys; private keys are not stored in the wallet’s servers.
  • Compatible with both iOS and Android devices.

Cons

  • Not as secure as hardware wallets.

Read more: How to sell NFTs on Rarible?

Bottom Line: How to keep your crypto collectibles safe

Crypto collectibles could be potentially worth a lot more in the future or hold significant memories for the collector. To keep these digital assets safe, keep the following tips in mind:

  • Only download NFT apps and wallets from official websites and app stores.
  • Backup your seed phrase in a secure offline location and do not enter it on any website after the initial setup.
  • Always bookmark on your browser NFT apps that you visit, to avoid falling victim to phishing websites.
  • If you use a wallet offered as a browser extension, always remember to lock or sign out before shutting down your computer.
  • Do not use public computers for engaging with NFTs. If you must, ensure to erase all your data before signing out.

Being a fairly new industry means that existing NFT apps are far from the finished products and could use a lot of improvements. However, a handful of the options available offer advanced functions that can serve both creators and collectors.

This article reviewed five of the best NFT wallets and provided guidance that can help each category of NFT participants choose the one that suits their transactions. It also offered tips to keep your crypto-collectibles safe while the world watches on to see how far the NFT industry can go.

Read more: How to sell an NFT for a pretty penny?

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