The Best NFT Wallets to Use in 2022

Discover all types of NFT wallets and identify the best option for you.

If you plan to invest in NFTs, one of the most important decisions you can make comes before buying your first NFT. We’re talking about NFT wallets, of course. Now, you may have the following questions:

• What is an NFT wallet?
• What are the best wallets for NFTs?
• Which one should you choose?

Together, we’ll go over all this in detail and discover the best NFT wallet for you.

What Are NFT Wallets and Why Use Them?

An NFT wallet is a digital space where you store your NFTs. There are different types of NFT wallets, including mobile apps, browser extensions, and wallets that look like USB sticks.

There are two types of broadly classified NFT wallets: software and hardware. First, let’s identify software wallets and look at their features.

Sofware wallets are browser extensions, desktop apps, and mobile apps that connect you with the NFT world. With a software wallet, you can easily buy NFTs and store them.

The Public Key and Private Key

Each NFT wallet has a public key and a private key.

The public key is the wallet address that you can share to buy or receive digital assets. This is the address you’ll use to connect your wallet with NFT marketplaces or websites to mint NFTs.

The private key should always be kept private, as it allows you to access the blockchain and your digital assets. Never share your private key. The person who owns the private key owns all the assets stored in that wallet.

It’s recommended to write down your private key on paper and store it somewhere safe.

Features to Look For in NFT Wallets

Before searching for the best NFT wallets, you need to pay attention to a few key features. These will help you understand more about NFT wallets, learn about their features, pros and cons, and choose the relevant NFT wallet for your needs.

User-Friendliness

The first feature you need to consider when choosing the best NFT wallet is its user interface. You want to use an intuitive, appealing, and convenient app. You want to have a joyful interaction with the NFT wallet. That’s why the wallet you choose shouldn’t be complicated or challenging to understand and use.

Security

The NFT space is full of scams, cheaters, and hackers. If you are active on Twitter or knowledgable in the NFT space, you may know that hackers often steal valuable NFTs from wallets. Secure wallets will prevent hackers or anyone else from accessing your assets. Security is the most important point to pay attention to.

Multiple Device Support

As discussed earlier, software NFT wallets are mobile apps, desktop apps, and browser extensions. You may notice that some wallets (even top wallets) support only mobile apps or browser extensions. Make sure the wallet you choose has multiple device support, which will help you conveniently process transactions using a mobile device.

Cross-Chain Compatibility (Supported Blockchains)

There are two types of wallets: single-chain and multi-chain. Single-chain wallets are professional wallets used by developers, miners, and app users. Single-chain wallets aren’t for NFT buyers. People who buy and store NFTs use multi-chain wallets instead.

A multi-chain wallet can hold multiple public-chain digital assets at the same time. For example, a wallet that will support two or more digital assets such as Bitcoin, EOS, and Ethereum. The number of public chains is increasing every day, and users are on the lookout for wallets that can hold all their NFTs in one place. If you have different wallets, installing and trading from them can also be cumbersome.

MetaMask is one of the wallets that allows users to hold ETH and any ETH-based token (erc20, 721, and more).

Integration With NFT Marketplaces and Metaverses

You may find a secure, user-friendly NFT wallet that isn’t well-known. With this disadvantage, you may not be able to use the wallet wherever you desire because main marketplaces and metaverse DApps won’t support the wallet. Pay attention if the wallet is well-known and can integrate with marketplaces you like. Check top marketplaces such as Opensea and Looksrare to find out what wallets they support.

Non-Custodial vs. Custodial Wallets

NFT storage falls under two categories: custodial and non-custodial.

With custodial wallets, you give control and access to your digital assets to a third party. This is similar to traditional banks, where you trust a third party to control your wallet and give you access to use it whenever you need it. Custodial wallets are suggested for beginners. While custodial wallets provide you with safety and security, they may come with risks. Third parties may freeze your account and set limitations.

By using non-custodial NFT wallets, you’ll have total control over your NFTs and assets. No other parties may access your assets, and it’s considered more secure than custodial wallets. In this case, you take full responsibility, and if you face certain challenges, no one will be able to help you.

Best NFT Wallets: Top 5 Picks

Now that you know the features of NFT wallets, let’s take a look at the five best NFT wallets and choose the most relevant one for you.

MetaMask

When talking about NFT wallets, we can’t help but mention Metamask first. Metamask is the best non-custodial NFT wallet based on the ETH blockchain. It’s a browser-based wallet created by the company ConsenSys. In late 2020, they made a mobile app with unique features and a simple interface. The Metamask wallet displays your NFT on the mobile app.

You can use Metamask on Chrome, Firefox, and Brave browsers. The Metamask wallet is secure as it stores password encryption on your browser instead of another remote server. All you need to do is use the seed phrase to back up your account. You don’t need to worry if you lose your account or device – just make sure you store the seed phrase somewhere safe.

However, if you plan to buy expensive NFTs like BAYC, we recommend you use a Hardware wallet as it’s the most secure wallet you can get.

Coinbase Wallet

As you may already know, Coinbase is one of the largest Cryptocurrency companies in the world. They are best known for their Coinbase exchange, but they also have a wallet. Many people trust the Coinbase Wallet because Coinbase is regulated and licensed. US clients are also protected with insurance for their USD wallets by the Federal Deposit Insurance Corp. up to .

Coinbase is one of the most secure software wallets. They store users’ data in cold offline storage that isn’t accessible. However, it’s not as secure as a hardware wallet.

It’s easy to use the Coinbase wallet even if you are a beginner. The only downside of Coinbase is its customer support, which is very slow compared to other custodial wallets.

Phantom

If you’re looking for the best NFT wallet for Solana, then Phantom will be the best choice. Phantom is the most popular Solana NFT wallet. This Wallet allows you to safely and easily store, send, receive, stake, and swap tokens on the Solana blockchain.

Phantom is almost identical to Metamask. Overall, it’s user-friendly, and like Metamask, Phantom is a browser Wallet extension you can use in Chrome, Firefox, Brave, and Edge.

When you create your Phantom Wallet, you’ll receive a seed phrase that should be kept private and stored somewhere safe. You’ll need to create a password that you’ll use to log in to your wallet. The team takes special care to make sure your NFTs look great!

Keep in mind that you should only use the official wallet link here. This will help you to avoid scams and cheaters.

Enjin

The Enjin Wallet is an NFT and cryptocurrency wallet that supports Ethereum, Bitcoin, Litecoin, Enjin Coin, ERC20, ERC721, and ERC1155. It has a Smart NFT Wallet UI that adapts to your unique needs on the go and applies groundbreaking security techniques to transform your smartphone into a hardware-like secure Ethereum wallet.

In Enjin, all private keys have double encryption, so even if the hасkеr takes a filе, it can’t be decrypted. Furthermore, the specially developed Enjin keyboard deals with keyloggers, ensuring that the encryption process on the device is secure. Unlike other mobile wallets, Enjin also uses custom libraries to erase private keys from the device’s memory when the transaction is complete.

This wallet is simple to use and allows users to monitor, manage, and order their NFTs and digital assets seamlessly.

Enjin is a mobile app available on iOS and Android. The official wallet link is here.

Trust Wallet

Trust Wallet NFT is an Ethereum wallet application that is secure, open-source, decentralized, and anonymous. It supports Ethereum, 40 other blockchains, and over 160 digital assets. Like other non-custodial wallets, the app doesn’t store users’ data on its server; rather, it is stored on the user’s device. As an additional layer of security, the app provides fingerprint scans and pin codes.

In 2018, Binance acquired Trust Wallet which aims to improve service and enhance users’ safety. Trust Wallet is a mobile app you can download from the App Store and Google Play store. The app provides a simple, intuitive, user-friendly, and appealing interface.

To avoid scams and fake wallets we encourage you to download the app from their official website.

As Trust Wallet is open source, here is their GitHub link if you are a developer and interested in discovering more.

WalletConnect (Connect Any Wallet With Any Dapps)

Now let’s talk about one of the greatest solutions between wallets and Dapps. We’re talking about WalletConnect, of course. WalletConnect is the web3 standard to connect blockchain wallets to Dapps. WalletConnect isn’t an app or a wallet, it’s a technology that connects NFT wallets with decentralized apps. It’s extremely useful in case the decentralized app (ex. Opensea), doesn’t support your wallet.

Here’s how WalletConnect works: The protocol establishes a remote connection between two apps or devices. These payloads are symmetrically encrypted between the two using a common key. The connection is formed when the counter-party confirms this connection request, which is initiated by one peer displaying a QR Code or deep link with a standard WalletConnect URI.

List of apps and wallets supporting WalletConnect Protocol

NFT Hardware Wallet: The Highest Level of Security

Hardware wallets are also called cold wallets. They are physical wallets that look like USB sticks and are considered the most secure wallets at this time. Hardware wallets are secure because the information is stored using physical storage and isn’t connected with remote servers. No one can access your hardware wallet data. So, if you are looking for the highest levels of security money can buy, then a hardware wallet is an ideal option.

Hardware wallets are so secure that even the owner doesn’t know the private key, stored in a hardware wallet and secured with a PIN. To access your NFT, a thief will have to know or guess your PIN. If you lose your wallet, you’ll be able to access your assets using the seed phrase.

Unlike software wallets, hardware wallets cost money. The most famous hardware wallets are Ledger Nano S and Ledger Nano X.

Be sure to purchase a hardware wallet from the official website, as many people sell used wallets, who already know the PIN and seed phrases.

Other NFT Wallets to Consider

In the crypto and NFT world, there are many Wallets. Some may be more secure, and some less well-known. However, we decided to list more wallets to provide you with alternative options in the market and help you identify the best NFT wallet for you.

Formatic Wallet

Formatic is an alternative to web3 wallets such as Metamask. It enables users to connect to Ethereum-based applications using a phone number or email address without a browser extension.

AlphaWallet

AlphaWallet is a user-friendly and secure Ethereum wallet that supports ERC20, ERC721, and ERC875. All Ethereum-based networks are supported by AlphaWallet, including Ethereum, xDai, Ethereum Classic, Artis, POA, Ropsten, Goerli, Kovan, Rinkeby, and Sokol.

Dapper Wallet

Dapper is a smart wallet that supports ERC-721 tokens and several ERC-20 tokens such as EMONT (Etheremon), BNB (Binance), VEN (VeChain), and OMG (OmiseGo).

The Dapper wallet is based on a smart contract, and it can function without the need to access your crypto. It can never move or spend that money without your knowledge. The wallet is famous for its project CryptoKitties, the world’s first NFT and blockchain game.

Venly Wallet (Custodial)

If you are a beginner in the NFT space and looking for a custodial wallet, Venly Wallet might be an option to consider. Venly provides easy-to-integrate widget solutions and live support. With the help of live support, you’ll be able to overcome difficulties related to your account and wallets.

Torus Wallet

TORUS is a cryptocurrency wallet that allows a one-click login to Web 3.0 apps such as cryptocurrency decentralized exchanges and NFT platforms. It is the primary means for users to access decentralized ecosystems through their personal and social media accounts, such as Google, Facebook, and Discord.

 

Summary

With all this information, let’s summarize everything and find out which wallet is perfect for you.

If you are totally new to crypto and the NFT niche, aren’t a tech enthusiast, think you may lose your passwords and secret phrase, or have concerns, then the Coinbase wallet will be the best option for you.

If you enjoy crypto and would like to dive into the NFT world, then Metamask will be the best option.

If you’re interested in buying Solana NFT, then Phantom is your best choice.

If you can afford for a wallet and have serious and ambitious goals in investing in NFTs, then a hardware wallet (which is the most secure) will be a perfect choice.

 

FAQs

Are crypto wallets and NFT wallets the same?

NFT wallets are the same as crypto wallets. However, not all crypto wallets are optimized for NFTs and support NFTs

What’s the best wallet for OpenSea?
– Metamask is the best software wallet for ETH NFTs.

What is the best wallet for Solana NFTs?
– The best and most popular NFT wallet for Solana is Phantom.

Where are NFTs stored?
– You may hear that NFTs are stored in the wallet, but in reality, all digital assets and NFTs are stored on the blockchain. Wallets give you access to your tokens.

Should I buy a hardware wallet?
– If you plan to purchase top NFTs that are above 2 ETH, we’d recommend a hardware wallet. But if you don’t plan to have such costs, then software wallets will be the best option as they are free and secure.

Which wallet do you recommend for NFTs (Opensea)?
– We recommend using Metamask or Coinbase for Opensea.

What’s the best wallet for NFT?
– There is no specific NFT wallet perfect for everyone. You need to consider how much you will be investing, your experience level, and your purpose for the wallet.

Conclusion

As we have discussed, there are various types of NFT wallets in the market. Our goal is to provide you with all the necessary information and knowledge so you can research and identify the best NFT wallet relevant to your goals. We hope this article was a helpful source for your research.

* DISCLAIMER: All information is provided merely for informational purposes. NFT Droops does not provide investment advice.