By Larry Wright
Introduction
NFTs are digitized form of ownership over any form of online media such as videos, images, and media files etc. As the adoption of NFT collections is increasing more companies are introducing new NFT wallets. This review is going to help the reader sort out the best NFT wallets suited for their needs by weighing their pros and cons.
What is a Cryptocurrency Wallet?
A cryptocurrency wallet is a software or application that allows you to hold and manage your crypto reserve. Just like paper money is stored in a physical wallet, the crypto wallet offers the same function. However, cryptocurrencies are made of digital code that is only represented in personalized accounts or digital currency wallets but they exist on the blockchain.
Another example of understanding digital currency wallets is thinking about bank accounts. People can open a dedicated bank account for availing of the custodial options. In the same manner, digital wallets can also work as custodial services providers that is more personalized and come with private and public keys.
What is an NFT Wallet?
NFTs are also a form of digital currency. However, they are present in the form of a media file that can consist of music files, video files, or images. To purchase and sell NFTs, cryptocurrency investors need a platform that is a modified form of a digital currency wallet.
Therefore, digital currency wallets that offer the ability to store and manage NFT reserves is called NFT wallet. Users can store their NFT collections securely in their NFT wallets with private keys and exchange them using public keys.
Top 5 NFT Wallets in 2023
Here are the top NFT wallet trending in 2023:
MetaMask
MetaMask is counted among the top NFT wallets since it is present in the form of a browser extension. MetaMask browser extension is available on browsers like FireFox, Chrome, Brave, Opera, and Edge. It is created by ConsenSys and started as a mobile application. Here is its breakdown:
Pros
- Easy Web3 Access
- Multiple Addresses per account
- Browser extension
- Support for dApps
- Swap Feature
- Controlled Gas
- Support for Alternative Blockchains
Cons
- Transaction Failure
- Security Concerns
Math Wallet
Math Wallet supports more than 70 blockchain projects. This project is created by Crunchbase and it is a multi-platform service. Here are some of its positives and negative points:
Pros
- Wide range of NFT compatibility
- Web, Desktop, and Mobile Version
- Hardware Wallet Sync
- Built-in dApps
- Staking and Swapping options
- Utility Token
Cons
- Frequent Glitches
- Delayed customer support
- Slow Loading
Alpha Wallet
Alpha Wallet is an open-source wallet project. It is known users on account of the following features:
Pros
- Native support for blockchain games + NFTs
- Simpler User Interface
- Dedicated gaming tokens
- Meta tags for specific search
- Built-in dApps browser
Cons
- Mobile-only Interface
- Limited to Ethereum
- Weak exchange support
Trust Wallet
Trust wallet is created by Binance exchange. Binance users can avail of the following features:
Pros
- Support for multiple blockchains including Ethereum
- Good for NFTs on BSC
- BEP Tokens
- dApps browser included
- Swap crypto features
Cons
- The difficulty in offline Storage
- Limited Storage
- Biased towards smart chain tokens
Coinbase Wallet
It is another digital wallet with NFT support that is operated by a cryptocurrency exchange. Coinbase account holders can avail of the following features:
Pros
- Non-custodial Wallets
- Browser Extension
- Built-in dApps browser for Mobile Wallet
- Ease of transfers with Usernames
- One click-cloud backup
- Personalized Cloud Drive
Cons
- High transaction fees
- Limited NFT support
Conclusion
It is possible to earn a profit by trading various NFT collections. The reader can determine the best NFT wallet solution based on their trading strategy and needs. When working with NFTs, cryptocurrency investors should look custodial control, blockchain compatibility, best user interface, economic gas fees, multiple user-interfaces, dApp support, and payment ease.