Brimming with excitement over your first NFT trade but don’t know how to store them. Are you unsure about which wallet you can trust? I understand, I experienced this too. But don’t worry this guide will help you.
We will be exploring the top 5 NFT wallets for beginners. This is based on countless hours of researching and experimenting to find the most reputable wallets, as well as talking to key figures in the industry. Without further ado, let’s jump right in.
The top 5 mentions:
What is an NFT wallet?
First of all your might be wondering, what the hell is an NFT? Put simply NFTs are proof of ownership. It is a record on the blockchain which cannot be falsified or duplicated. Each asset is given unique metadata. They can then be traded peer-to-peer using a marketplace. The most commonly traded NFT is artwork.
With that out of the way, what exactly is an NFT wallet? An NFT wallet is a place to store your NFTs and interact with the marketplace. Cryptocurrencies are sent to this wallet which you then use to authorize transactions.
Hot wallet or cold wallet? When you start to trade NFTs you need to ask yourself if you want a hot or cold wallet.
A hot wallet is always connected to the internet. It’s a convenient form of storage as you don’t need a hardware wallet to authorize transactions. But although a hot wallet is more convenient it is always online which makes it vulnerable to cyber-attacks.
On the other hand, with a cold wallet, you have a separate device known as a hardware wallet which is used to authorize transactions. Stealing from a hardware wallet is extremely difficult and often requires physical possession or access to the private keys.
If you want to learn about the best hardware wallets check out my review – the best crypto hardware wallets. The wallets in this article can all be used with or without a hardware device to authorize transactions.
Personally, I feel like the Coinbase wallet is the number 1 wallet for beginners. It’s intuitive and backed by some of the largest names in crypto. You can send NFTs by account names rather than wallet addresses and it supports over 40,000 cryptocurrencies.
I found it a breeze to set up. You can also connect to it your Coinbase exchange account and deposit money through all the major payment providers.
How secure is it? this wallet is extremely secure. It’s non-custodial so you control your private keys and funds. Not to mention it is also compatible with hardware wallets.
This is the most popular crypto wallet and for good reason. Founded by ConsenSys this blockchain has over 30 million monthly users. It’s easy to create an account and it allows synchronization across both the internet and mobile extensions.
The wallet is compatible with all the major NFT marketplaces and the security is second to none. Like the Coinbase wallet you hold your own private keys and it’s compatible with a cold wallet. Not to mention it’s open source so all the code is publicly visible.
Exodus wallet is one of the best looking on the market. It supports plug-ins to all the major NFT marketplaces and you can store over 200 cryptocurrencies on it. Exodus supports both desktop apps and mobile apps making it a key competitor.
Unlike the other wallets, this has a built-in exchange. Users can trade without leaving their wallet. That being said, one disadvantage of this wallet is it does not support ledger, only the hardware wallet Trezor.
This is hands down the best wallet for Solana. It has extensive support for NFTs and the UI is stellar. Like the other wallets on this list its non custodial. Users can either set up a hot wallet or connect their hardware wallets.
But not only that, phantom has a built in exchange. Users can trade tokens within the Solana ecosystem and even stake their tokens to receive rewards. It is an extremely reputable company with over $110 million in backing, not to mention the 2 million monthly users.
You probably heard of Crypto.com before. But did you know about their NFT wallet? this wallet is great, it allows you to deposit a variety of NFTs across several blockchains. These can all be viewed in the app along with the specific traits and you can share them using their social media extension.
But it doesn’t stop there. There’s also an in-app store where you can manage over 600 tokens and even stake them. Now let’s get down to security. Crypto.com is a huge company, they have a great reputation which provides some degree of credibility. Not only that but the app is non-custodial, so if the servers go down or the company goes bust you will still have access to your funds.
Conclusion
All 5 of these wallets are solid picks to start your NFT trading. They have intuitive designs with an easy setup process. Security is phenomenal and you can choose either hot or cold storage depending on your preference. Want to learn about NFT marketplaces, then you might be interested in my previous article NFT Marketplace: The top 5 for Beginners.
