• Supports BSC and Ethereum NFTs
• Can log in using Binance credentials or Gmail
• Easy to set up and use
• Allows interaction with various dApps
• Useful seed phrase for account recovery

• Only available through a web browser
• Doesn’t offer a dedicated gallery to showcase NFTs

5. MetaMask – Best NFT Wallet with High Security Level

If you’re looking for the best Ethereum wallet for NFTs, then MetaMask is worth considering. Most investors who research how to buy an NFT will likely have heard of MetaMask, as it is one of the most widely-used platforms to send, receive, and store NFTs. The wallet was initially launched in 2016 and has grown its user-base exponentially since then, with reports now stating that MetaMask has over 21 million active monthly users.

MetaMask is available as a browser extension or as an app for iOS and Android. Supported browsers include Google Chrome and Firefox, with the setup process taking minutes to complete. One of MetaMask’s most appealing factors is its security level, as the wallet generates passwords and keys on your device, meaning only you will have access to your data and holdings. Furthermore, these passwords and keys, along with your Secret Recovery Phase, are stored in an encrypted format to bolster security.

If you’re looking to use an NFT hardware wallet, MetaMask is ideal because the wallet currently supports Trezor and Ledger wallets through the browser extension. In terms of NFTs, MetaMask supports Ethereum-based assets, which you can view on the ‘Collectibles’ tab of the wallet’s interface. Notably, MetaMask doesn’t currently offer a feature to view the NFTs, so they will only appear as a token on the menu.

6. Trust Wallet – User-Friendly NFT Wallet for Beginners

Trust Wallet is viewed as the best NFT wallet for beginners, as the wallet’s interface is sleek and easy to navigate. Notably, Trust Wallet is available in app form for iOS and Android devices and doesn’t hold your private keys. The wallet is open-source and completely decentralised, supporting 53 different blockchains and over 1 million crypto assets.

Trust Wallet also has a dedicated section for NFTs and supports assets from the Ethereum blockchain and the Binance Smart Chain. The NFT section provides an easy way to view your owned NFTs and even describes each asset, along with a breakdown of the properties that NFT art pieces have. In terms of safety, the wallet’s dev team ensures regular audits are conducted to safeguard it from cyberattackers.

Aside from being able to store and view NFTs, Trust Wallet can also connect with many of the top NFT marketplaces, making it easy to buy NFTs. Furthermore, the Trust Wallet even has a dedicated dApp browser that provides easy access to NFT marketplaces to conduct transactions. Finally, the Trust Wallet is also ideal for crypto staking, as the wallet offers staking options for 12 different coins.

7. AlphaWallet – Open-Source Self-Custodial NFT Wallet

Rounding off our list of the best NFT wallets is AlphaWallet. AlphaWallet is an open-source Ethereum wallet that offers a quick and easy way to store NFTs. The wallet is self-custodial and was built with the intention of tapping into the transition to Web3. AlphaWallet’s credibility is bolstered through partnerships with Coinbase, Maker, Compound, Circle, and more.

The wallet is only available as a mobile app and can be downloaded on iOS and Android. In terms of NFTs, AlphaWallet currently supports Ethereum-based NFTs, with a valuable ‘tagging’ feature to make filtering your NFT collection easier. Users can utilise a built-in dApp explorer within the wallet’s interface, making it easy to connect to the best NFT marketplace and make investments.

In terms of security, AlphaWallet employs the ‘Secure Enclave’ subsystem on mobile devices to provide the highest level of protection. AlphaWallet also provides the option to alter the speed of your blockchain transactions, meaning you can lower gas fees if you wish. Finally, since the wallet is entirely open-source, this adds an element of safety as the underlying code is visible to all.

The Best NFT Wallets Compared

To deepen your understanding even further, presented below is a detailed breakdown of the main features related to each of the best NFT wallets:

What is an NFT Wallet?

Put simply, an NFT wallet is a specialised piece of software (or hardware) that can store your NFTs safely. To hold your NFTs, the wallet itself must be compatible with the blockchain that the NFT in question is built on – for example, if the NFT is built on Ethereum, then the wallet must support that network. Most NFT wallets are available via a mobile app, although some also incorporate a browser-extension feature.

As NFTs are stored on the blockchain, NFT wallets technically only contain the location of the NFT within the network. As such, they are a crucial component of keeping your NFT safe and maintaining ownership of the asset. Alongside keeping your assets safe, the best NFT wallets also offer a variety of additional features, such as the ability to view, share, and send NFTs to other people. 

Why You Need an NFT Wallet

Although the best NFT apps are ideal for buying and selling NFTs, you’ll still need to set up a dedicated wallet to store your digital assets long term. Holding your NFTs on the marketplace that you purchased them is deemed a riskier tactic, as many NFT marketplaces have centralised features. As such, they are considered more vulnerable to hacking or cyberattacks, which could pose a risk to your NFT ownership.

By setting up a dedicated NFT wallet, you can transfer the NFT from the marketplace to your wallet and store it there long term. NFT wallets have been designed specifically for this task and often have advanced security features to safeguard your assets. Furthermore, NFT wallets also handle all of the complicated elements on the backend, meaning that users can view or transfer their NFTs seamlessly, without the need for advanced technical know-how.

How do NFT Wallets Work?

So, how do these NFT wallets actually work? As noted above,  the wallets handle all of the complicated tasks in the background, ensuring that the user experience is as seamless as possible. Even so, it’s still important to understand what happens behind the scenes to safeguard your NFTs.

Stripping it down to basics, NFT wallets tend to do the following things:

• Stores Your Private Key – A popular misconception is that NFTs are stored within the wallet – this isn’t the case. NFTs are stored on the related blockchain network, so owners can never truly ‘have’ them in their possession. Instead, NFT wallets store your ‘private key’, which signifies ownership of a specific asset. Whoever has this private key has access to the NFT – so this key must be kept safe.
• Allows You to Hold Crypto – Whilst researching how to invest in NFTs, you’ll likely notice that the vast majority of NFTs are denominated in crypto. Due to this, you must hold some crypto to facilitate NFT purchases. The best NFT wallet will also handle this aspect, allowing you to store your crypto holdings safely.
• Can Connect to NFT Marketplaces – Finally, NFT wallets are ideal for connecting to NFT marketplaces. Decentralised marketplaces such as OpenSea will require users to link their wallets to the platform to make NFT investments. Therefore, if you wish to use a decentralised platform such as this, you must set up an NFT wallet that supports the network that the marketplace’s NFTs are built on.

Types of NFT Wallet Accounts

Another vital factor to be aware of is that NFT wallets are not all made equal. Wallets are distinguished by the features they possess and how they safeguard your assets. Detailed below are the two main types of NFT wallet accounts to keep in mind:

Self-Custody (Non-Custodial) Wallets

Self-custody wallets (also called non-custodial wallets) are considered the safest wallet account type you can have. Essentially, these wallets give the user complete control over their private key. Ultimately, this means that no third party has access to the key – which in turn means that nobody can access the wallet’s holdings.

Self-custody wallets often come with additional features, such as the ability to customise the speed of blockchain transactions to tailor network fees. Furthermore, since the private key is in the user’s complete control, they don’t need to worry about any platforms being hacked, as nobody else knows what the key is. However, this also comes with a great deal of responsibility – as if the key is lost or forgotten, the assets within the wallet may be lost forever.

Custodial Wallets

At the other end of the spectrum are custodial wallets. Unlike self-custody wallets, these wallets mean that a third party controls your private keys. Often, this third party will be the wallet provider or an NFT marketplace. Since the third-party handles all of the sensitive information, these wallets tend to be easier to set up and more beginner-friendly.

Another appealing aspect is that you do not need to remember your private key, as the third party will likely have a recovery feature that will allow you to re-access your holdings. However, since you’re essentially placing your trust in another entity, there is always the threat of cyberattacks and the possibility your key is stolen. Furthermore, entities that offer custodial wallets often require KYC checks, which reduces your anonymity. 

NFT Wallet Blockchains

Another crucial element to consider when researching the best NFT wallet is the various supported blockchains. As you may already know, NFTs are minted on individual blockchain networks – for example, Ethereum or the Binance Smart Chain. This means they will have a designated token standard, such as ERC-271 or BEP-721.

Due to this, the NFT wallet that you opt for must support the specific blockchain and token standard that your NFT is hosted on. So, if you purchased an Ethereum-based NFT, you’d have to set up a crypto wallet that supports that token standard. If your wallet doesn’t support the token standard, you won’t be able to store your NFT in it.

Furthermore, you will also accrue network fees when conducting blockchain transactions, such as sending an NFT to someone else. On the Ethereum blockchain, these are termed ‘gas fees’ and can fluctuate depending on network congestion levels. As such, you’ll need to buy Ethereum (or whatever crypto the fees are denominated in) and store some in your NFT wallet to cover these fees.

How to Choose the Best NFT Wallet for You

Now that you’ve gained a solid understanding of the best NFT wallets and their features, let’s take a look at some of the main factors to take into account when making your decision:

Security Level

As expected, the level of security that your chosen wallet offers should be your top priority. This is where choosing between a non-custodial or custodial wallet comes in, as the former may be a safer choice. Aside from who controls the private key, other elements should also be considered, such as whether the wallet is regularly audited and the level of encryption for user data.

Fees

All of the wallets listed in this guide are free to download and use – with many not even requiring you to complete KYC checks. In fact, most wallets do not come with any fees, as these fees tend to be charged by the NFT marketplace itself. However, you will still need to pay any associated network fees (e.g. gas fees), so it’s wise to keep some crypto in your wallet to cover these.

User-Experience

Much like when choosing between the best crypto apps, opting for an NFT wallet that is beginner-friendly can make all of the difference. Most wallets have been designed to handle all of the complicated tasks in the background, meaning that users can view and manage their NFTs through an easy-to-navigate interface. Furthermore, specific NFT wallets (such as the one offered by Crypto.com) provide handy ‘gallery’ features to showcase digital assets.

Additional Features

Finally, certain NFT wallets offer additional features which can make the investment process more straightforward. Many wallets allow users to buy cryptocurrencies from within the wallet’s interface, whilst others allow access to dApps. Although these features aren’t necessary for NFT safety, they make the user experience more appealing.

How to Get an NFT Wallet

Before concluding this guide, let’s discuss the process of setting up a new NFT wallet. As noted earlier, our recommended wallet is the Crypto.com DeFi Wallet, as it is widely used and supports Crypto.org chain and Ethereum NFTs.

With that in mind, the four steps below will show you how to set up a Crypto.com NFT wallet – all in a matter of minutes!

Step 1 – Create a Crypto.com Account

Head over to the Crypto.com exchange homepage and opt to ‘Sign Up’. Enter your name, email address, and date of birth before choosing a password for your account.

Step 2 – Verify Account

Next, download the Crypto.com app on iOS or Android and log in using the credentials you just created. Following this, verify your Crypto.com account by providing your full legal name, uploading photo ID (e.g. passport), and taking a selfie. Crypto.com will then verify everything, which can take from just a few hours to a couple of business days.

Step 3 – Download Crypto.com DeFi Wallet

Once verification is complete, you will receive confirmation via email. Next, download the Crypto.com DeFi Wallet from the App Store or Google Play. You can also scan the QR code on Crypto.com’s website to be taken directly to the download page.

Step 4 – Connect Wallet to Crypto.com App

Load up the Crypto.com DeFi Wallet app and opt to ‘Create a New Wallet’. Follow the security setup instructions and click ‘Connect to Crypto.com App’. Next, follow the on-screen instructions to link your wallet app to your Crypto.com account, which should only take a few minutes. Once complete, you are free to use the wallet app to send, receive, and view NFTs as you please!

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

Best NFT Crypto Project to Invest in 2022

We recommend Lucky Block as one of the best altcoins and cryptocurrencies to invest in 2022. Lucky Block is an NFT-based competition platform which allows users to earn in-game rewards via digital assets. LBLOCK is the native cryptocurrency & utility token of this decentralized platform. 

Players can stand a chance to win up to $50,000 by taking part in weekly main draws and NFT draws. To enter, players must purchase NFTs which have been minted on Lucky Block, which can be used as a ticket to participate. Furthermore, holders of the new platinum Rollers Club NFT collection can get free entry to the exclusive weekly platinum competition.  One lucky NFT holder will win the draw every day, which will be 2% of the main jackpot draw. 

Notably, LBLOCK has two token versions – an ERC 20 and BEP 20 token. The BEP 20 token is used primarily for decentralized exchanges (DEXs), which avails a 12% tax on transactions. On the other hand, the ERC 20 tokens will be deployed on centralized exchanges (CEXs) and avail no transaction fees. 

LBLOCK began trading in January 2022 and rewarded investors with a 1,100% price increase within two weeks. Currently, LBLOCK trades at $0.001 per token.

Best NFT Wallet 2022 – Conclusion

To summarise, this detailed guide has discussed the best NFT wallets in detail, covering all of the features you need to keep in mind and showing you how to set up an NFT wallet in minutes.

Our recommended NFT wallet is the Crypto.com DeFi Wallet, which is entirely free to use and available on iOS or Android. This wallet supports Crypto.org chain and Ethereum NFTs and allows users to instantly share their NFTs on social media in just a few taps!

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