The best NFT wallets to use in 2022
The popularity of NFTs (non-fungible tokens) is steadily increasing due to an increase in crypto collectibles and real businesses entering the Web3. NFT wallets are like vaults that store NFTs and can only be accessed with a unique private key associated with your public wallet address. You can authorize transactions such as buying, selling or transferring NFTs along with other supported cryptocurrencies using the private key.
A word of caution, though. Anyone who knows your wallet’s private key can access your stored assets and sign transactions on your behalf. Never share your private key with anyone!
What to consider when choosing an NFT wallet
Investors find it crucial to choose the right NFT wallet because the amounts are hard-earned. But making the “right choice” is just as overwhelming for someone new to NFT because of the seemingly limitless choices. Most traders will be picky about a crypto trading tool to get the most out of their crypto trading experience. One should choose an NFT wallet with the same precautions in place.
Let’s look at some factors to consider when choosing an NFT wallet.
Safety
Even though blockchain is immutable, fraudsters can still gain unauthorized access to your NFT wallet using sophisticated social engineering attacks. Some standard security features, such as two-factor authentication, can prevent hackers from stealing your NFTs and cryptocurrency.
Type
NFT wallets are generally of two types: hot wallets and cold wallets. Hot wallets remain connected to the internet, making them vulnerable to cyber attacks. On the other hand, cold wallets are hardware wallets that provide significantly better security but are less convenient to use.
Compatibility
A good NFT wallet is compatible across multiple blockchains. For example, MetaMask supports all ERC-20 and ERC-721 tokens. Likewise, the Phantom wallet supports Solana, Raydium, Serum, USDC, USDT and more.
Anonymity
Most cryptocurrencies are centralized entities that have records of your personal information (KYC) linked to a custody address. So it is not ideal to hold your long-term crypto assets on an exchange wallet.
On the other hand, non-custodial wallets like MetaMask and Phantom wallet allow you to create unlimited new accounts without verifying your identity.
Top 5 NFT Wallets in 2022
After testing over 20 different NFT wallets, our team picked up the 5 best NFT wallets for you to choose from in 2022. Let’s check them out!
Most user-friendly: MetaMask
MetaMask is among the most popular NFT wallets, especially for those who prefer to invest in Ethereum NFTs. It is also the most user-friendly wallet since it is supported by the best blockchain applications such as The Sandbox, Decentraland, Pegaxy and more!
Benefits
- It has the most user-friendly interface
- Supports all ERC-20 and ERC-721 (eth-based) tokens
- More browser extensions
- Quick and easy to download and set up
- You can set up multiple wallets on a single recovery phrase
Cons
- Does not hold Bitcoin (BTC)
- No live support
Highest security: Trust Wallet
Trust Wallet is quite famous for its high security. It is a non-custodial wallet that supports many assets such as Bitcoin, Ethereum, Dogecoin, Ripple and more. It also has a dApp browser that allows you to manage your NFT collections.
Benefits
- Robust security features such as Face ID and Touch ID
- Easy to set up and use
- Supports different cryptocurrencies across multiple chains
Cons
- No browser extension
- Not the best choice for crypto gaming
Best for managing your NFTs: Enjin
Enjin is a mobile wallet that can hold ERC 20, ERC-721 and ERC-1155 assets along with Litecoin, Bitcoin, Dogecoin, Ethereum and more. It allows you to authorize transactions via a fingerprint scanner and set advanced controls for fees and limits.
Benefits
- Supports a wide range of assets and tokens
- Allows you to easily switch and shop on the go
- You can scan QR codes to receive and send NFTs
Cons
- Only available for mobile users
- It does not support SOL and Wax
Best for Solana NFTs: Phantom wallet
Phantom Wallet is the first choice for Solana NFTs and DeFi. It allows you to exchange tokens on the go and offers support for various platforms such as Chrome, Android and iOS. It is a safe and easy to use crypto wallet for Solana NFT traders.
Benefits
- Very user friendly and easy to set up
- Primarily built for Solana DeFi and NFTs
- Lets you switch on the go
- Available on multiple platforms
Cons
- Lack of support for major coins like Ethereum and Bitcoin
Best cold storage: Ledger Nano X
Ledger Nano X is like the holy grail of NFT wallets because of its incredible security and compatibility. However, it is a cold wallet, so you must use it with an Internet-connected device. This can make it a bit inconvenient. But on the flip side, it comes with Bluetooth compatibility. So you can easily use it with both your phone and your PC.
Benefits
- Compatible with mobile
- Offers the highest possible security
- It comes with features like Bluetooth connectivity
Cons
- You can only use it with the Ledger companion app
- It is not waterproof
