If you are interested in collecting and trading non-fungible tokens, you need an NFT wallet. An NFT wallet is a crypto wallet supported by the blockchain protocol on which NFTs are built. It should also support the currency you want to buy NFTs with, such as ETH. Examples of wallets are Binance NFT, Dmarket, ByBitand FTX
Since most NFTs can be purchased with ETH, most wallets will work for this. There are several good NFT wallets available, so which is the best NFT wallet for you? In this article, we will discuss different types of NFT wallets so you can start trading these tokens.
The 5 best NFT wallets in 2022
Searching for the right NFT wallet can sometimes be overwhelming. That is why we have listed a number of purses for you, which we believe may be a good choice. Each wallet has pros and cons. So before you decide to opt for an NFT wallet, do your own research.
That Binance NFT Marketplace grows very fast. Every day, it attracts more and more NFT collectors and traders to the platform. Users can now easily deposit, sell or resell their digital assets in the marketplace.
Binance NFT marketplace was established in June 2021 as part of the already existing Binance ecosystem. At the time of launch, the platform had limited options, at that time you could only trade in NFTs that were embossed on the platform itself.
Fortunately, Binance NFT now uses multichain support and can trade NFTs supported by various blockchain networks. So far, the platform uses Binance Smart Chain and the Ethereum network. Want to read more about using Binance? Check out our review here!
Dmarket wallet is a simple and secure mobile crypto multi-wallet that supports the use of Bitcoin, Ethereum, Dmarket Token, all ERC20 tokens and Dmarket Coin. It uses a smart user interface for a smooth and hassle-free NFT experience that turns your mobile phone into a kind of hardware wallet.
Dmarket is a trading platform that is mainly supported by Ethereum. Dmarket is a decentralized marketplace for gaming assets. The marketplace offers skins for games like CS: GO and many more, and converts virtual items into real estate that can be traded via blockchain.
FTX, one of the most popular cryptocurrency exchanges, has also recently launched an NFT marketplace on the platform. The NFT marketplace is different from most NFT marketplaces in some ways.
The platform provides a place for everyone to shop and shape the NFT. Users are not stuck in the marketplace they have purchased. The platform offers users an open market, and here you can trade with NFTs purchased in another marketplace.
The popular cryptocurrency exchange ByBit recently launched a marketplace where you can trade NFTs. This platform gives users access to a world of NFTs, GameFi and metaverse.
Ben Zhou, one of the founders and CEO of Bybit, has stated that despite the doubts many people have about investing in NFTs, the choice to enter the NFT world will allow more people to participate in NFT’s trading in digital assets. It also gives creators the right and property over their work.
Right now, NFTs are one of the most talked about niches in the crypto industry with billions of dollars in trading volume.
OpenSea is a decentralized platform that deals with trading digital assets such as art, music and virtual trading cards. It is one of the largest NFT marketplaces in the world, giving the creators of NFT the opportunity to earn royalties on the value of their token. The platform provides a safe and easy way to buy, sell and trade these collectibles.
OpenSea does not have its own wallet. To use OpenSea’s services, you must attach a MetaMask wallet containing ETH to your account. The platform mainly uses Ethereum blockchain, but recently it also uses Klaytn Chain.
OpenSea is the largest decentralized NFT marketplace. Anyone who wants to use OpenSea’s services can safely create an account here and trade with NFT. Want to read more about using OpenSea? Check out our review here!
How does an NFT wallet work?
An NFT wallet does not work like a physical wallet. You do not actually save your NFTs physically. You use a digital wallet for this.
Instead of physical goods, you keep assets in your NFT wallets, which are stored on the blockchain. It does this by associating a password with the digital address on your wallet.
A wallet will take over all the technical stuff for you, and will provide a good interface like your NFTs and buy, sell and send cryptocurrencies. It also offers comprehensive security through two-step verification and offers great ways to manage your digital assets from any device.
Why is an NFT wallet important?
The most important features when it comes to choosing a good NFT wallet are:
Can you use your wallet in any marketplace?
If not, you will not be able to buy the NFTs you want. It would be a shame if you miss an NFT that you have researched properly.
When choosing a reliable NFT wallet, security is something you should definitely take into consideration. NFTs can be worth thousands, sometimes millions of dollars. You want to make sure that your digital assets are as well protected as possible against e.g. hackers.
A good and simple app will make it much easier to buy NFTs. Navigating through an app that is much more complicated can sometimes be stressful.
Use multiple devices
It can sometimes be helpful to be able to visit your wallet on both the desktop and on your cell phone. Anything can always happen on the NFT market, and it can sometimes be convenient to have the opportunity to visit your wallet via the mobile app.
While most NFTs operate on the Ethereum blockchain, there are plenty of other platforms that also support NFTs. It is therefore wise to choose a wallet that is supported by different blockchains so that you always have easy access to as many NFT projects as possible.
Think carefully about choosing an NFT Wallet
If, after reading this article, you have decided which wallet you want to use to manage your NFTs, it is important to know that trading NFTs can also involve risks.
Before deciding to invest, think carefully about whether you can afford to lose. We do not provide financial advice, so it is important to always do your own research first.