NFTs have created a lot of buzz in the digital market. One in two investors is paying their interest in investing in NFT tokens. These tokens are indeed an excellent tool for investing in digital assets and making money out of them. You will find many NFTs marketplaces where you can easily buy and sell the NFTs.
But ever wonder where you will store the NFTs? Well, NFT wallets are available in every marketplace, and surprisingly you will not find just one type of NFT wallet but many. So it will be pretty interesting to learn about an NFT wallet, how it works, what perks it offers, and what The Top 5 Wallets to Get Started Collecting NFTs are.
That is why; here is a guide that will exemplify everything you should know about NFT wallet and help you choose the right wallet according to your need.
What are NFTs wallets?
An NFT wallet is a digital wallet used to collect all your non-fungible tokens. These wallets allow the investor to store NFTs and other cryptocurrencies. Besides, a wallet will provide security and functionality and manage all your NFTs.
Digital wallets are quite different from traditional ones. And they are user-friendly, and you can easily connect them to your NFT marketplace. Additionally, they will provide you with additional features and generation tools that can help you throughout while buying and selling NFTs.
How do NFTs wallets work?
Unlike traditional wallets, where you need to store your NFTs through cash or card, these digital wallets work by storing NFTs on the blockchain. It provides you with a private key that will give you access to your tokens.
This private key is quite essential to access all your digital assets. Besides keeping your wallet secure, it is encrypted and password protected, so there is no chance that anyone can access your NFT information without entering the private key.
Thus, you can easily send and receive NFT tokens and collect them with these wallets. These digital platforms provide high security and are quite challenging to hack by hackers.
What are the advantages are NFT wallets?
Before you decide what type of NFT wallet is right for you, it is crucial to figure out what advantages it will offer you when you use these wallets. So, here is a list of perks you will receive from NFT wallets.
Security
An NFT wallet is a highly secured place to collect your NFTs as it uses blockchain technology to store your funds. That means you do not have to worry about any cybercriminal activities.
Privacy
With NFT wallets, you will get a lot of privacy as it keeps your data encrypted and authenticated. You can only access your data when you enter the private key.
Easy to use
NFT wallets are straightforward, and you can easily use and navigate your NFTs. Besides, if you are a beginner at cryptocurrencies, then it is perfect to use NFT wallets.
Flexibility
An NFT wallet provides a lot of flexibility, and you can easily store multiple types of tokens on one platform.
Mobility
NFT wallets can easily be used on different devices, making this feature a perfect tool for hassle-free ongoing transactions.
These are some of the benefits that you will receive from NFT wallets. If you want to keep your NFT tokens safe and secure, then the NFT wallet is a great place to store your tokens, and it will ensure that you can easily buy and sell the token whenever you get high returns.
A difference between hardware and software wallets
If you are looking forward to NFT wallets, you must have heard about hardware and software wallets. These wallets are also referred to as hot and cold wallets in which the cold wallets are offline while the hot wallets are online.
These wallets have many advantages, often confusing people about what to pick. To solve your confusion and help you choose between both, here is a difference between the wallets and their advantages that will help you pick the right wallet according to your need.
Software wallets
A software wallet is a type of crypto wallet used by investors widely. You can download and install this wallet on your device. People use it to store their digital currencies because it provides high security to the users and protects your information through passwords.
Besides this, the wallet is relatively easy to use for crypto traders and prevents you from high cybercriminal activities.
Advantages of software wallets
Easy restoration of the wallet
As mentioned, the software wallet projects your information through a password that is essential if you want to access your wallets. If you forgot the passcode, you can restore it and recover your funds using the recovery phase available in the wallet. However, you do not need to worry about losing your money by forgetting the password, as the chances are pretty low.
Faster transactions
Unlike other wallets, a software wallet offers you easy and faster transactions. You can easily make the transfer through the exchange platforms available online, and that means you do not have to connect to the external drives to make the transactions which make the process relatively quick.
Software wallets can manage multiple currencies.
In software wallets, you do not have any limit on the number of cryptocurrencies you want to store in your wallet. Although the storage space of the wallet doesn’t allow the user to keep a high proportion, you can store different currencies. Furthermore, if you are an investor, you store multiple NFTs easily in a limited amount.
Hardware wallets
Hardware wallets are considered the safest and most dependable wallets where crypto traders and investors can quickly deal with their bought cryptocurrencies. These are also called cold storage, where you restore the cryptocurrencies in physical devices such as external drives.
However, to store crypto in hardware wallets, you need to plug in your external drive with the online storage or your device. Afterward, you can quickly transfer your digital assets to the wallet and keep them away from the online exchange platforms. Additionally, this cold storage is user-friendly and provides you with great privacy.
Advantages of hardware wallets
Say no to hacking
With private keys and passwords to store your digital assets, the crypto traders say no to hacking. That means a hacker can’t carry out any fraudulent activity. Besides, as the hardware devices are far away from the computer, copying the key is impossible for even a professional
High safety measurement with encrypted pins
The pins used in hardware wallets are not just for crypto traders but also random people. Thus, accessing hardware wallets for cybercriminals with encrypted pins becomes tricky. These pins keep your crypto fund safe and secure and prevent it from any unethical activity.
Besides, if you use the wrong pin continuously, it will block your account for some time to keep it protected.
Keep multiple cryptocurrencies without any limitation.
Unlike other wallets, a hardware wallet has more space, and you can easily store multiple cryptocurrencies. It provides any limit on buying and storing cryptocurrencies, and that means you can save as much as you want without any restriction.
Safer transaction
While transferring any cryptocurrency, you can verify the transactions through a hardware wallet. That means no one can transfer anything without your consent. This feature makes hardware wallets relatively safe to use, and it doesn’t provide any limitations on your transactions.
List of top 5 wallets you can use to collect your NFTs
An NFT wallet is essential and ensures that your NFTs are safe and secure. Due to expansion, you do not have just one type of NFT wallet but a lot of options to pick from. Thus, you should have an NFTs wallet that provides you with
- Easy sign-ups
- Nice and engaging interface
- Smart features
- Safe and security
- Free to use
- Excellent features with regular updates
Considering all these factors, here is a list of the top 5 NFTs wallets you use to collect your NFTs easily. These wallets provide you with a lot of benefits that you cannot overlook. So let’s check out what those wallets are.
Pillar wallets
Pillar wallets are open-source wallets that transfer and track your cryptocurrencies and NFTs. This wallet involves a unique data management platform and can easily be accessed through android and ios. Pillar is entirely free to use, and it comes with different features. You can create a username that matches your wallet address.
In such a way, it will become easy for you to find out your friends in the NFT marketplace. Besides, it provides badges, security, and a chat room. It has a simple interface, and you can quickly look at your collected assets. There are several benefits of using Pillar wallet, such as
- It provides gamified features
- Easy-to-use wallet
- Address the username of the collector
- It offers excellent UI for NFTs
- It provides you with enough security
- If you choose your phone, then you can restore it wherever possible.
- Add free usage
These perks make Pillar wallet the top choice for collecting the NFT tokens.
Coinbase wallet
Coinbase wallet also called the tosh wallet, is another excellently designed wallet where you can easily collect your NFTs. You can run it on both ios and android. Similar to pillar wallet, it provides you with a user name that matches the wallet address. Besides, in these wallets, you get a view of charts about your NFT tokens.
Another cool feature is that you get a bounty section where you can perform different tasks for your crypto. Along with that, coinbase makes it relatively easy to integrate your bank account, purchase an NFT, convert it into cash, and send it back to the link account. With this wallet, you can entirely rely on customer service and infrastructure. By using this wallet, you get several benefits like-
- Ad free usage
- Dapp browsers
- Easy access
- You can restore the wallet anytime
- Offers effective UI on NFT tokens
- It supports a lot of different coins
Coinbase is a secured digital wallet where you can easily store your NFTs without risk.
Enjin crypto wallet
Enjin is a crypto wallet that supports NFTs, bitcoin, and Ethereum and can use on android and ios. It provides a great feature to the collector. This wallet is password protected and offers an advance transaction mode to set your transaction and gas fee limit. It prevents fraud, increases revenue, and provides an excellent NFT experience. If you use this wallet that you will get several advantages, such as-
- If you are looking for the best mobile-friendly NFT wallet, then enjin is an excellent option.
- It offers high-level security and is easy to access
- It supports all types of tokens.
- You can quickly restore the NFT wallet if you lose your phone.
- The information stored in your wallet is a password project, and no one except you can get access to it.
- The value of all the stored coins is reflected in fiats.
- With these benefits in hand, you might be clear why the enjin wallet comes under the list of top 5 wallets you can pick to collect your NFTs.
Trust wallet
Trust wallet is a mini coin wallet that can be accessed through android and ios. It was officially launched in 2018 to acquire a crypto exchange. After which, it was highly used to collect small NFT tokens. With this wallet, you can trade instantly. It provides you with a decentralized exchange, and can easily access the decentralized application. Like other wallets, it also gives you several advantages, such as-
- High-security features
- Easy-to-use interface
- Good UI for NFT tokens
- Easy to restore wallet
- Ad free usageSupport every cryptocurrency
These are several advantages you will receive from the Trust wallet. Thus, this wallet is an excellent option if you are a beginner and want to store your small NFTs.
Metamask
Metamask is a free and secure digital wallet where you can store your NFTs easily. You can easily install this wallet like any other extension on the browser, and it provides services on Ethereum networks. Besides, if you compare it with digital wallets for holding fiat, then it will top the chart.
This wallet is relatively easy to use and has many strengths and capabilities. Additionally, metamask can be installed in minutes and used on android and ios. However, there are several benefits that you can enjoy while using metamask.
No matter if you have minimal knowledge about cryptocurrency, you can still use set metamask quite easily. All you need is your email address and phone number.
With metamask, you have complete control over all your transactions and funds.
It is an open-source and free resource digital wallet, making it one of the best options.
The process of installing and using a metamask is relatively easy. Besides this, it supports various decentralized apps, limiting the need for centralized exchanges.
It provides you with the high security from hackers. So now, you do not have to worry about using or storing NFTs on local devices. As with metamask, your NFTs are entirely safe.
With metamask, you get access to other applications and features. That means installing additional applications to complete your nodes is not necessary. Besides this, the wallet is effortless for users who are not tech-savvy.
One of the best benefits that you will receive from metamask is that it provides you the option to create your internal wallet that is unique. Besides, you can set a strong password so that no cybercriminal activities occur. Additionally, because of its strong encryption, you can use this feature on public and private WiFi.
It is free-to-use software and provides you with a lot of privacy.
Learn more about 8 Ways to Effectively Promote Your NFT Collection
The final verdict!!
With this list, you now have a brief idea of what NFT wallets are, how they work, and what options you have to choose from. Thus, while collecting NFTs, you must pick the right wallet that offers you security and safety.
Your investment success also depends on your choice of NFT marketplace and wallet. That is why; you have a list of the top 5 NFT wallets you can select to collect your non-fungible tokens at ease.