All About NFT Wallets
NFTs are the next big thing in DeFi space, functioning as digital assets and, representing digital artwork, owned and stored in crypto wallets. Non-Fungible Tokens (NFTs) are digital tokens created on blockchain technology storing data securely through decentralization.
However, the rise of NFTs is revolutionizing the market for collectors and artists in this fast-growing niche and, one needs an NFT app or wallet as a compulsory tool to participate in the ever-blooming crypto market.
Let’s discuss the two factors for choosing the best NFT app or wallet, depending on whether you’re a creator or a collector and the devices available to you.
Creating an NFT:
Creating your own NFT art, one needs to connect regularly to blockchain platforms and market places like OpenSea, Rarible, SuperRare, etc. This process of minting requires creators to upload their valuable assets in the form of a digital file either in the picture, GIF, video, or audio form, and of course, a certain fee is to be paid for this purpose.
To enable these functionalities, a desktop or computer device is usually used and it is somehow difficult to run on mobile. In this sense, Metamask is the best NFT wallet existing as a browser extension that lets users connect directly to dApps but, in 2020, ConsenSys released the mobile version of Metamask offering a simpler interface for collecting NFT tokens.
Collecting an NFT:
When collecting NFTs from blockchain-based games or the artists designing them, you can carry out the transactions easily on mobile wallets that support the storage and transfer of digital assets.
For this purpose, Metamask’s mobile version, Enjin, Alpha Wallet and, Trust Wallet are the best options for such kinds of transactions.
NFT Wallet Features
While choosing an NFT wallet, you are supposed to look for some of the features in it, applicable according to your transactions. Here, they are:
Friendly for Beginner:
It is already difficult for a layman to step into NFTs as they have no adequate knowledge of the subject. So, it is really feasible for beginners to use an application that is easy to set up and use. For someone just getting started with collecting NFTs, mobile-friendly options can prove to be ideal.
Compatible on Multiple Devices:
The ideal NFT app or wallet is the one that is available as both web extensions and as a mobile app. Metamask is there to help you out and synchronize the transactions on both devices. In this way, user can manage their tokens on multiple devices.
Supports Other Networks:
If you want to wish to mint, buy and sell NFTs on other networks too, then there must be a wallet that supports that network also e.g Tezos, Zilliqa, Binance Smart Chain.
One of the largest blockchain networks for NFT users is Etherem-based tokens, supported by most of the wallets.
Keep Your Digital Art Safe
Holding a significant worth, crypto-collectibles or digital assets must be kept safe, keeping the following tips in mind:
- To be safe from malicious websites, always bookmark your NFT apps on your browser.
- Avoid using public computers for this purpose or else ensure to delete all data before signing out.
- Download NFT apps and wallets from official websites and App stores only.
- Make a backup for your seed phrase in a secure offline location and do not enter it on any website after the initial setup.
Here’s the guide to help NFT participants to choose their suitable transactions. This paper shows that existing NFT apps are still in process and need a lot of improvements. Many new options are there to carry out advanced functions that serve both creators and collectors. Let’s see how far the NFT industry can go.