The popularity of NFTs (non-fungible tokens) is steadily on the rise due to an increase in crypto collectibles and real-world businesses onboarding into Web3. NFT wallets are like vaults that store NFTs and can only be accessed with a unique private key linked to your public wallet address. You can authorize transactions such as buying, selling, or transferring the NFTs along with other supported cryptocurrencies using the private key.
A word of caution, though. Anybody who knows your wallet’s private key can access your stored assets and sign transactions on your behalf. Never share your private key with anyone!
What to consider when choosing an NFT wallet
Investors find it crucial to choose the right NFT wallet because the amounts are hard earned.. However, making the “correct choice” is equally overwhelming for someone new to NFTs because of the seemingly unlimited choices. Most traders would be picky about a crypto trading tool to make the most of their crypto trading experience. One should choose an NFT wallet with the same precautions in place.
Let’s look at some factors that you should consider in choosing an NFT wallet.
Security
While blockchain is immutable, con artists can still gain unauthorized access to your NFT wallet by using sophisticated social engineering attacks. Some standard security features, such as two-factor authentication, can prevent hackers from stealing your NFTs and cryptocurrency.
Type
NFT wallets are generally of two types: hot wallets and cold wallets. Hot wallets remain connected to the internet, which makes them vulnerable to cyber-attacks. On the other hand, cold wallets are hardware wallets that offer significantly better security but are less convenient to use.
Compatibility
A good NFT wallet is compatible across multiple blockchains. For instance, MetaMask supports all ERC-20 and ERC-721 tokens. Similarly, the Phantom wallet supports Solana, Raydium, Serum, USDC, USDT, and more.
Anonymity
Most cryptocurrencies are centralized entities have records of your personal information (KYC) tied with a custodial wallet address. So, keeping your long-term crypto assets on an exchange wallet is not ideal.
On the other hand, non-custodial wallets such as MetaMask and Phantom wallet allow you to create unlimited new accounts without verifying your identity.
The Top 5 NFT Wallets in 2022
After testing over 20 different NFT wallets, our team picked up the top 5 NFT wallets you can choose from in 2022. Let’s check them out!
Most user-friendly: MetaMask
MetaMask is among the most popular NFT wallets, especially for those who prefer investing in Ethereum NFTs. It is also the most user-friendly wallet since it is supported by the top blockchain applications such as The Sandbox, Decentraland, Pegaxy, and more!
Pros
- It has the most user-friendly interface
- Supports all ERC-20 and ERC-721 (eth-based) tokens
- Multiple browser extensions
- Quick and easy to download and setup
- You can set up multiple wallets on a single recovery phrase
Cons
- Does not hold Bitcoin (BTC)
- No live support
Highest security: Trust Wallet
Trust Wallet is quite well-known for its high security. It is a non-custodial wallet that supports many assets such as Bitcoin, Ethereum, Dogecoin, Ripple, and more. It also has a dApp browser that allows you to manage your NFT collections.
Pros
- Robust security features such as Face ID and Touch ID
- Simple to setup and use
- Supports different cryptocurrencies across multiple chains
Cons
- No extension for browsers
- Not the best choice for crypto gaming
Best for managing your NFTs: Enjin
Enjin is a mobile wallet that can hold ERC 20, ERC-721, and ERC-1155 assets along with Litecoin, Bitcoin, Dogecoin, Ethereum, and more. It allows you to approve transactions via a fingerprint scanner and set advanced controls for fees and limits.
Pros
- Supports a wide range of assets and tokens
- Allows you to swap and trade on the go easily
- You can scan QR codes to receive and send NFTs
Cons
- Only available for mobile users
- It does not support SOL and Wax
Best for Solana NFTs: Phantom wallet
Phantom Wallet is the prime choice for Solana NFTs and DeFi. It allows you to swap tokens on the go and offers support for various platforms such as Chrome, Android, and iOS. It is a safe and user-friendly crypto wallet for Solana NFT traders.
Pros
- Very user-friendly and easy to setup
- Primarily built for Solana DeFi and NFTs
- Allows you to swap on the go
- Available on multiple platforms
Cons
- A lack of support for major coins such as Ethereum and Bitcoin
Best cold storage: Ledger Nano X
Ledger Nano X is like the holy grail of NFT wallets due to its incredible security and compatibility. However, it is a cold wallet, so you will have to use it with an internet-connected device. This might make it slightly inconvenient. But on the flip side, it comes with Bluetooth compatibility. So you can easily use it with both your phone and PC.
Pros
- Compatible with mobile
- Offers the highest possible security
- It comes with features such as Bluetooth connectivity
Cons
- You can only use it with the Ledger companion app
- It is not waterproof
