Are you new to the exciting world of NFT collecting? With so many cool and interesting items of value, you need a great place to store them. One of the first steps you need to take before you purchase anything is to get the right wallet.
A wallet is a place that you store your NFT art and collectibles. Read on as we select the best NFT wallet for you needs.
What Is an NFT?
NFT is an abbreviation of the term non-fungible token. Fungible is a Latin word, meaning something that can be copied or duplicated. As nonfungible tokens can not be duplicated, it means that they are very useful for creating unique digital assets.
If you are old enough, you may remember when music went digital and people started to share MP3 files. These music files could be copied and distributed by anyone. They were a fungible asset, meaning the industry lost millions in revenue in the space of a short few years.
NFT assets are totally different. Items are wholly unique and exist only in one place. This has seen them in use with everything from digital artworks to virtual real estate.
Why Do I Need Them?
NFT collectibles are becoming extremely popular. Online games such as Cryptokitties saw them gain a cult following. However, big-name franchises such as the NBA have recently entered the NFT marketplace and brought big money along with them.
NBA Top Shot is the equivalent of a digital basketball card. They are purchased in packs and contain highlight reels. One of these recently sold for $200,000.
However, NFT collecting is not just for fans of the NBA. Everything from 'Magic the Gathering' style card systems, to artwork and music, are being created. People are beginning to see these items as an investment, as well as a lot of fun.
How Do They Work?
Most NFTs use one or two Ethereum standards for building. These are either ERC-721 and ERC-1155. Created by the Ethereum blockchain, they ensure NFTs are compatible with wider programs, allowing their use on different wallets and networks without any problem.
They also have a number of unique characteristics. Firstly, they can be easily verified, almost like a deed for a property. This means that owners can trace back to the original creator, eliminating questions of authenticity.
They are also non-divisible. This means an item can not get split in two and used as a number of separate entities. It always exists as its original whole.
Finally, just as they can not divide, they can not be destroyed. In fact, replication and removal are not possible. This puts ownership back in the hands of the creator, not in the hands of the platform on which it is shared or created.
What Is the Best Nft Wallet?
A wallet is a place that you can store your cryptocurrency. However, with the rise in popularity of NFT collectibles, many have adapted to allow you a place to store your collectibles as well. In fact, some are unique to collectibles only.
When choosing an NFT wallet, you have two main choices. These are hardware and software-based.
Hardware-based wallets will store your private keys in a secure device. As they can not be transferred out of the device in plain text, it makes them extremely secure.
A software-based solution is a program or service that stores the keys for you. While they do not have the outright security of a hardware-based solution, many people prefer them due to their ease of use and the ability to view your collectibles whenever you like.
If you are choosing an NFT wallet, there are a few considerations you should make. The first should be ease of use on the interface. Choose one that is safe and secure, with recommendations and regular updates.
Coinbase is one of the most popular crypto wallets. Not only does it allow you to store multiple cryptocurrencies, but it also lets you store your NFT collectibles. Formerly known as Tosh Wallet, it is available on IOS and Android.
This has one of the best interfaces of all the wallets, both for currencies and NFTs. It has an extremely high level of security, though if you change phones regaining access remains very easy to do.
One excellent feature is its task section. This has small jobs that are paid in cryptocurrencies. However, it is not yet available on the application.
Each wallet also has a unique username. This makes finding friends or colleagues much easier. It supports a number of major tokens.
In summary, Coinbase is an excellent wallet, particularly for those just beginning with currencies or NFTs. While features are still growing, it has everything you need in an easy to use design.
Trust is another extremely easy-to-use crypto wallet that allows you to keep collectibles. It can house ERC721 and ERC1155 collectible assets all in one place, along with all your other cryptocurrencies.
One really nice feature is the collectible screen. The interface not only shows you the collectible but allows for a description along with its attributes. It also houses your collectibles in easy to navigate categories, which are fun to scroll through on the app.
Outside of collectible trading, Trust is also a great interface for your general trading, though it does only work in Ethereum. It also has a handy total that shows the value of all the coins in fiat, so you can roughly gauge how much you have stored away.
In summary, this is a great wallet to use, especially for beginners. However, if you want to trade in currencies outside of Ethereum you should opt for something else.
Across multiple independent reviews, Metamask comes out as one of the preferred methods of storing NFT collectibles. This is strange, as it is not even one of the best mobile wallets. It exists only in a desktop Chrome browser version.
Much of its appeal is down to its excellent security features. It has a secure identity vault, allowing you to sign blockchain transactions and manage your profiles on various sites. While it is Ethereum only, it does support ERC20 & ERC 721 tokens.
In summary, it is one of the most secure wallets. However, if you want to buy when you are on the go or using a mobile, it may not be the best choice.
Enjin is one of the most versatile wallets available. It supports multiple currencies such as Ethereum, Litecoin, and Bitcoin and supports all ERC-20 tokens. It is also available in an app format on IOS and Android.
One great feature of Enjin is that they do put gamers at the forefront of everything they do. They have a platform in which you can build blockchain games and apps. They also have their own marketplace to sell and trade items.
You can interact with any DApp using your wallet, without leaving the safety of the wallet itself. It has no ads, zero trackers, is totally free and all keys are your own.
In addition, it is one of the most secure wallets available. It has two NSA-grade cryptographic layers, arm instructions to delete information from the phone's memory and a specialist keyboard to prevent data sniffing.
In summary, a great wallet for anyone who really wants to get a foothold in crypto gaming. It has very little in the way of flaws, and security is excellent.
Pillar touts itself as the gateway to financial freedom. In fact, it offers a lot more ways to make money from cryptocurrency than other wallets on the list. You can deposit in their DeFi wallet and earn up to 20% annual percentage yield.
It can be used in conjunction with a number of DApps. These include social networks, games, finances, and marketplaces.
It does also have some extremely unique features. You can buy tickets to a no-loss lottery, in which you can win a weekly lottery and sell your tickets back at any time. They also have a game of badges, where you get special features for using Pillar.
One other feature is that you can recover funds, even if you lose your private key or phone. It has an open security audit, where people are rewarded with an ongoing bug bounty.
In summary, Pillar seems to flirt the boundary between a wallet and an entertainment system. If you want entertainment and the chance to earn money, then it could be a good choice.
Collect What You Love
Now you know the best NFT wallet for your needs, you can start collecting. Like any collection, you should only buy and collect what you love instead of looking for investment opportunities. In such a relatively new field, it can be almost impossible to decide what will be of value in the future.
To manage all your crypto investments, make Bitcompare your first stop. We have all the financial advice you can need, ranging from savings to loans and cards. Visit us today and see all our independent reviews, and maximize your investments in the burgeoning crypto economy.