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Want to trade and store NFTs? There are a variety of NFT wallets, from physical storage devices to digital services, which can help you manage your crypto assets with ease.
You might have noticed that nonfungible tokens, or NFTs, have exploded in popularity within the last year. One doesn’t have to be an expert in blockchain technology to get involved, but it helps to know a little. We’re breaking down the basics, from how NFTs work to how NFT wallets are used. No matter how active you are in the NFT market — whether you’re trading daily or just watching the trends — we’ve found the best NFT wallets to consider today.
The rise (and fall?) of NFTs
Countless NFT communities have come online since the early days. Essentially, an NFT is a digital asset that is created on a blockchain network, like Ethereum, and which maintains a record of its previous owners embedded in the metadata.
Most commodities, like gold or silver, are fungible goods, which can be interchanged regardless of the item or service being exchanged. Any unique, one-of-a-kind item, like a custom painting, is a non-fungible good. NFTs are encoded to be unique in this way.
NFTs are popular assets because they are purchased using cryptocurrencies, which give them an assigned value, and are, in theory, difficult to falsify or duplicate. With so many tokens to choose from, NFT wallets are an important part of the trading process. Fueled at first by the glitz of celebrity intrigue, NFTs have generated much awareness within the last year. Record-breaking NFTs like one by digital artist Beeple, which sold for $69 million at a prestigious auction, have helped to increase curiosity among bystanders and creators alike.
🚨 The latest #crypto crash has roiled markets and spooked many investors.
But from Ukraine to Gaza to Afghanistan, people facing war or crisis say #cryptocurrencies are still a vital lifeline.
Here's how people in 3 countries have turned to digital coins for survival. 🧵 pic.twitter.com/5kyJepRNWP
— Thomson Reuters Foundation News (@TRF_Stories) June 27, 2022
NFT data company Nonfungible reported in early 2022 that NFT trading topped $17.6 billion in 2021. That’s a bewildering 21,000% increase from the previous year: NFT trading capped around $82 million in 2020. At the time of this writing, the market is extremely lopsided. The Wall Street Journal reported in May that there are about five NFTs for every buyer. Since April, there had been 9.2 million NFTs sold, which were bought by 1.8 million people.
Wondering about the top crypto influencers? See our top picks here.
NFT wallets in an unpredictable market
The laws of economics are upheld by the mighty forces of supply and demand. When the supply for anything outweighs the demand for that thing, the economic outlook is bleak. Some warn that the bubble of interest around NFTs is soon to pop. Others await a more prosperous future for NFTs.
In March 2021, an NFT of the first tweet from Twitter co-founder Jack Dorsey was sold for $2.9 million to Sina Estavi, the chief executive of a Malaysia-based blockchain company called Bridge Oracle. Estavi put the same NFT up for auction earlier this year and didn’t receive any bids over $14,000. Despite its plummet in value, Estavi didn’t sell the NFT. He told the Wall Street Journal that the auction wasn’t a sign of a crashed market, but a standard market fluctuation.
Creators continue to innovate new practical uses for NFTs. Earlier this year, American band The Crystal Method auctioned NFTs tied to a new song. The tokens include backstage passes to a concert and dinner with the band.
TRLab, an NFT art platform, stated in May that internationally-known artist Cai Guo Qiang would sell out his series of 7,000 NFTs. Qiang’s tokens have the capacity to help buyers create their own digital fireworks display. Considering the community-driven heart behind the NFT realm, and up-and-coming marketing channels like NFT gaming, the curious lifespan of NFTs has not yet reached its end.
As a rule of thumb, don’t keep much crypto on exchanges. If you want to be super safe, buy a cold wallet like @Ledger or @Trezor
I keep most of my digital assets in a couple to avoid hacks as well— ThisWayUp / Joe Lee 🇺🇦 (@thiswayup) June 20, 2022
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Choosing your NFT wallets
When NFTs first emerged, only those in the niche corners of the crypto world were able to create and access them. Today, you don’t need a friend in the know to learn how to get involved.
The internet is well-stocked with some of the best NFT YouTube channels and top crypto influencers (check out our lists for specific examples). Experts and influencers will tell you: NFT wallets are essential. These digital banking tools allow users to buy and trade NFTs.
Choosing the right NFT wallet for your needs is the key. Users should consider whether NFT wallets are cross-chain compatible. In other words, know whether you can use the same wallet to store Ethereum-based NFTs and Solana-based NFTs. Think about web-based wallets vs hardware wallets. Some NFT wallets can be accessed from either the web or via a mobile app, and some interface more easily with crypto exchange tools. Assess your specific needs and choose your NFT wallets wisely.
Best NFT wallets right now
The absolute best NFT wallets to look for right now will vary depending on the person. Depending on your knowledge and experience of NFTs, you might consider some options more viable than others. Whatever your needs are, this list is a solid starting point.
MetaMask
One of the most trusted NFT wallets available, MetaMask, developed by ConsenSys, has 30 million estimated monthly active users. Users can use the application to create an Ethereum wallet, which connects to all EVM-supported platforms for trading NFTs, like Axie Infinity. MetaMask interfaces easily with hardware devices and can be used as a browser extension or a mobile app.
Coinbase Wallet
Powered by a cryptocurrency exchange with 98 million estimated users, Coinbase Wallet is a web-based, third-party service for managing NFTs. Users can use their Coinbase account to buy and sell a variety of cryptocurrencies, then transfer those funds directly to the wallet for NFT exchanges. A convenient one-stop option for beginners and adepts, Coinbase Wallet can be used as a browser extension.
Trust Wallet
One of the best-rated free options, Trust Wallet has more than 5 million users to date. The NFT wallet can be downloaded as a mobile app and allows users to easily access NFT trading sites including, but not limited to, the popular NFT marketplace OpenSea. Trust Wallet is also compatible with several esteemed chains, including Ethereum, which is a popular chain for NFTs.
Coinomi
Another versatile option, Coinomi is much like the other software NFT wallets on our list. Able to support more than 507 different cryptocurrencies, Coinomi has been around since 2014. A cost-effective option, users can choose a custom transaction fee or opt for a dynamic fee that offers the highest value at the time of each transaction.
Enjin
The Enjin Wallet 2.0 supports these top #NFT collections. 🤩
Join the Beta 👉 https://t.co/7zGKQjiIOB
Beta is here, spread the word! pic.twitter.com/dq3PR6N4wl
— Enjin (@enjin) June 20, 2022
Developed by the creators of one of the largest online gaming communities, Enjin Wallet supports some of the most popular cryptocurrencies. The interface is known for its intuitive, easy-to-use format, and can be connected to hardware wallets as well. The app also offers built-in exchange options for trading crypto assets. Not just for gamers, Enjin’s security features will protect even the least tech-savvy.
Want to know why brands are using NFTs? Read more here.
Conclusions
Anyone interested in NFTs should thoroughly research NFT wallets before investing. Yes, there are innumerable celebrities and brands using NFTs, but that doesn’t mean the market is meant for everyone.
Just like anything else, there is a learning curve when it comes to the NFT market. For those who are not careful, NFTs can be risky investments that may lead to heavy losses. On the other hand, for those patient and brave enough to dive a little deeper, treasures await.
