What is a NFT wallet?
To understand NFT wallet, you first need to understand crypto wallet. A crypto wallet is a software program that allows users to store their crypto and allow for the sending and receiving of crypto transactions. It consists of two key pairs: private keys and public keys. A public key serves as the address used to send crypto to the wallet, similar to how you send your banking account number to others when requesting a money transfer. A private key is a key to your wallet, like the password you use when logging in to your banking account.
Technically a crypto wallet does not actually have the assets in it. On the contrary, the wallet only stores the information regarding the location of the assets on the blockchain. It effectively elicits the balance by summing up all the incoming and outgoing transactions.
An NFT wallet is simply a crypto wallet that supports the blockchain protocol NFTs are built. It also needs to support the currency you will buy NFTs with. At the time of this writing, most NFTs use the Ethereum blockchain, accounting for more than 90% of the digital assets. The runner-ups are Solana and Polygon. As such, an ideal NFT wallet would need to support these chains.
Features of a good NFT wallet
A good NFT wallet needs to have a user-friendly interface with ease of setup and usability. NFT and cryptocurrencies are already more complicated concepts for beginners, so onboarding a new user to the crypto space should be a stress-free and hassle-free experience.
Most NFTs are ERC-721 standard-based tokens sitting on the Ethereum blockchain. However, if an NFT is confined to just one blockchain, there can only be a limited number of transactions that limit stability and growth in price. To resolve this problem, some blockchain launches a cross-chain NFT bridge that enables transferring NFT to different marketplaces and blockchains. It requires a wallet that features cross-chain compatibility.
Multiple Device Support
You should be able to use the wallet as web extensions, desktop, or mobile applications. Ideally, an NFT wallet should run on two devices while enabling real-time synchronization of transactions.
List of Top 5 NFT wallet in 2022
Metamask started as a browser extension for enabling direct connections between users and decentralized applications. The founding company, ConsenSys, introduced the mobile version of Metamask in 2020 with unique features. It included a simple interface to enable the collection of NFT tokens while facilitating interactions with other decentralized applications. Metamask can help users create an Ethereum wallet for connecting directly with all Ethereum-based platforms for minting and trading.
At the time of this writing, Metamask has over 30 million monthly active users, making it one of the most popular NFT wallets.
Coin98 wallet is a non-custodial wallet used to store, send, and receive multi-chain NFT and digital assets. Coin98 wallet aims to become a Dapp providing Crypto users with a wide range of products/services and, at the same time, delivering superior, innovative experiences when utilizing those products/services. Currently, Coin98 Wallet supports all coins/tokens on more than 25 blockchain platforms, including BTC, ETH, Binance Smart Chain, Solana, and Polkadot. Coin98 wallet is developed on four platforms: the Mobile app (Android and iOS), the Web app, and the Extension.
There is a section in the wallet technically made for NFTs. It supports animating the in-game NFT items and NFT in MP4 Extension. Recently, Coin98 has partnered with a Layer-1 Blockchain project tailored for NFT, the NFT comprehensive ecosystem - Aura Network. By integrating an NFT Layer-1 blockchain to Coin98 wallet, this collaboration promises to accelerate NFT mass adoption. Coin98 now has more than 700000 users in 150 countries. It is the first Vietnam crypto project that hits $1 billion in total capitalization.
Math Wallet offers a solid alternative to Metamask. Its most significant competitive advantage is supporting more than 100 blockchains with 2.5 million users. It provides a web, desktop, and mobile wallet version that syncs across devices. Math Wallet has a dApp browser built-in that enables users to view NFT marketplaces. It includes several other features for cryptocurrency holders -- staking, swapping, etc. It also offers its utility token.
AlphaWallet is an open-source cryptocurrency wallet. While it has a few limitations -- mobile-only and Ethereum-only -- its native support for blockchain games and NFTs makes it stand out. The simple user interface makes it very easy for beginners to understand. A whole section of the wallet is dedicated to NFTs and gaming tokens. It also allows users to add meta tags to their tokens to search and filter them when browsing their collection quickly.
AlphaWallet works directly with OpenSea, CryptoKitties, Dragonereum, and ChainZ Arena, among other NFT marketplaces and blockchain games. Like others, it has a built-in dApp browser to find more NFT marketplaces and direct access to DeFi applications such as Compound.
Trust Wallet is a popular mobile-only wallet owned by Binance. It supports 65 blockchains with 1.9 million followers on Twitter. However, its association with Binance means that it's heavily biased toward smart chain tokens.
Like other wallets, Trust Wallet includes a dApp browser to find NFT marketplaces, which makes buying NFTs within the wallet easy. It also includes a built-in exchange feature that allows users to easily swap currencies so they have the necessary token to exchange for the NFTs they want to buy.