Choosing a Wallet

Choosing Your Wallet

5 Best NFT Wallets 2021

A lot has been said and written about the rise of non-fungible tokens (NFTs) and how they’re set to revolutionise the market for collectors and artists. However, an NFT app or wallet is a compulsory tool that one needs to participate in this fast-growing niche.

There are still a few options on the market these days and not all of them offer the same functionalities. This article reviews the best NFT wallets and apps with the goal of helping readers learn the pros and cons associated with each of them.

First, though, there are some features you should look for when choosing an NFT wallet.

What should you look for in an NFT wallet?

• Friendly User Interface

  The idea of NFTs is already complicated for beginners, and the last thing you need is an app that makes things even more difficult. Therefore, it is helpful to choose an application that is easy to set up and use.

  Being at an early stage means that the industry is yet to have a complete beginner-friendly wallet. However, some of the few available options (especially on mobile) can boast of being ideal for someone just getting started with collecting NFTs.

• Support for Multiple Devices

  Most NFT apps are available either as web extensions or as mobile or desktop applications. Some like Metamask are available on both devices and can synchronize transactions in real-time, making it ideal for anyone who wants to manage their tokens on multiple devices.

• Cross-chain Compatibility

  Ethereum’s popularity and large developer base makes it the largest blockchain for NFT users. Thus, it is not surprising that most wallets support Ethereum-based tokens (ERC-721 standard).

  However, if you want to mint, buy and sell NFTs on other networks too, then you need a wallet that offers cross-chain compatibility, or at least supports the blockchain network you wish to use. Examples of other blockchains that support these tokens include Tezos, Zilliqa, Binance Smart Chain, etc.

Top 5 Wallets to Get Started Collecting NFTs

Metamask

Maintained by Ethereum Foundation-backed ConsenSys, Metamask is unarguably the best NFT wallet for creators and collectors.

It initially existed only as a browser extension that lets users connect directly to decentralised applications (dApps) such as those that power NFTs. In 2020, though, ConsenSys released the mobile version of Metamask which offers a simpler interface for collecting NFT tokens and interacting with other dApps.

Using Metamask, you can create an Ethereum wallet to directly connect with all Ethereum-based platforms to mint and trade these tokens.

Pros

• Metamask is relatively easy to set up for anyone with a basic knowledge of cryptocurrencies.
• Transactions are synchronised across both mobile and web extension applications.
• Users can create and switch easily between multiple ETH addresses they own.
• Metamask’s mobile version features an inbuilt browser for exploring both NFTs and DeFi applications.
• The mobile app also supports direct transfer of ERC-721 tokens from one address to another.
• Metamask offers native support for direct swaps between Ethereum and other ERC-20 tokens.
• Optimised and advanced fee customisation allow users to set gas fees to match network activity.

Cons

• Metamask is primarily compatible with the Ethereum and other EVM compatible blockchains.
• There are also concerns regarding the wallet sharing identifiable information to data collection networks.

Enjin

Enjin is another cool blockchain wallet for collecting in-game NFTs and other collectibles. Aside from offering an option for holding cryptocurrencies and tokens, Enjin’s wallet includes a marketplace for trading these digital assets using ENJ, the project’s native token.

Enjin offers a one-click browser for accessing many Ethereum-based dApp such as those used for decentralised finance (DeFi). The project is also in the process of an integration that will see it feature in Samsung S10 devices as an inbuilt blockchain wallet for users.

Pros

• Enjin’s blockchain wallet offers one of the best UI for collecting NFTs.
• The app includes a marketplace for trading in-game NFTs and other digital collectibles.
• Users can also easily convert one cryptocurrency to another via an in-built exchange feature.
• Enjin maintains a customer support desk, unlike other wallet providers.
• The app also features advanced security features including biometrics and auto-lock.

Cons

• The Enjin wallet is only available on mobile.
• The app supports only Ethereum-based NFTs and assets.

Math Wallet

Math Wallet brands itself as “your gateway to the blockchain world,” and is backed by industry-leading incubators like Binance Labs and Alameda Research. It represents another excellent option for creators and collectors looking for a Metamask alternative.

Math Wallet includes native integration and support for 65 public blockchains, allowing users to seamlessly manage their assets across these networks. It is also available on mobile, as a web browser extension and as a web wallet for separate blockchain networks.

Pros

• Native support for multiple blockchains.
• Cross-device compatibility and synchronization.
• MathWallet features a one-click dApp store for accessing NFT and DeFi Apps.
• The app includes a swap feature for exchanging cryptocurrencies.
• Hardware devices like Ledger include a Math Wallet integration, guaranteeing further security of stored assets.

Cons

• iOS users reporting having issues with dApp staking.
• Math Wallet is still being actively developed. Thus users may encounter bugs, especially on mobile versions.

Trust Wallet

Trust Wallet is another popular mobile wallet option for NFT collectors and boasts over 5 million users.

The app features a dApp list for art marketplaces, allowing users one-click access to sites like OpenSea, MyCrypto Heroes, Axie Infinity, etc. Although Trust Wallet does not support the transfer of NFTs, users can store and manage their assets on the application.

Trust Wallet includes native integration for public chains such as Binance Smart Chain, Ethereum Classic, TomoChain, ThunderToken, GoChain and Calisto.

Pros

• Trust Wallet has a fairly user-friendly interface.
• Trust Wallet offers one-click access to NFT applications.
• Support for multiple blockchains allows for more choices.
• Trust Wallet features an in-built cryptocurrency exchange feature.
• It can also function as a cryptocurrency and DeFi wallet.

Cons

• The application is only available on mobile.
• Trust Wallet’s affiliation with Binance means that it promotes Binance-based products ahead of close competitor, Ethereum.

AlphaWallet

AlphaWallet is an open source Ethereum-only blockchain wallet that includes a function for minting and collecting NFTs.

Directly supported applications include OpenSea, CryptoKitties, Dragonereum, ChainZ Arena, etc. The app is also compatible with all in-game Ethereum based assets, and thus ideal for collectors.

Although AlphaWallet is only available on mobile, the website offers extensive open-source tools for developers, art creators and businesses seeing other forms of blockchain-based tokenisation.

Pros

• AlphaWallet provides native support for all Ethereum-based games and tokens.
• The application includes an inbuilt web3 browser for exploring other dApps and DeFi applications.
• The interface is user-friendly and ideal for those just starting with Ethereum and NFTs.
• AlphaWallet is still in active development and can easily integrate new features to match community demand.

Cons

• AlphaWallet supports only Ethereum applications and sidechains.
• The app is only available on mobile (Android and iOS).

How to choose the best NFT wallet

Choosing the best NFT app would usually depend on two factors. First, whether you’re a creator or collector. Second, the devices you have at your disposal.

For Creators

Creating NFT art typically involves regularly connecting to marketplaces like OpenSea, Rarible, Makers Place, etc.

Creators usually have to upload their files and enable other functionalities. Such operations require the use of a desktop or computer device and are usually difficult to execute on mobile.

Hence, creators are better off using MetaMask or Math Wallet since both wallets are available as browser extensions).

For Collectors

Whether you’re only collecting NFTs from blockchain-based games or artists, you can execute these transactions easily on mobile wallets that support the storage and transfer of these items.

Hence, Metamask’s mobile version, Enjin, AlphaWallet, and Trust Wallet are all ideal for such transactions.

How to get an NFT wallet

This article includes a link to the official website where users can install the cited NFT wallets on compatible devices.

The aforementioned are self-custodial wallets and will typically provide you with a backup seed phrase during the initial setup. You can restore your wallet and assets with the seed phrase if you eventually lose access to your device.

Note that you will need to purchase Ethereum’s native token (ETH) on an exchange or broker, and transfer it to the wallet after installation. For other chains like Binance Smart Chain, you’ll need to buy Binance coin (BNB) and send it to the wallet address.

The purchased amount is used to pay transaction fees for collecting or minting NFTs.

How to keep your crypto collectibles safe

Crypto collectibles could be potentially worth a lot more in the future or hold significant memories for the collector. To keep these digital assets safe, keep the following tips in mind:

• Only download NFT apps and wallets from official websites and app stores.
• Backup your seed phrase in a secure offline location and do not enter it on any website after the initial setup.
• Always bookmark on your browser NFT apps that you visit, to avoid falling victim to phishing websites.
• If you use a wallet offered as a browser extension, always remember to lock or sign out before shutting down your computer.
• Do not use public computers for engaging with NFTs. If you must, ensure to erase all your data before signing out.

Conclusion

Being a fairly new industry means that existing NFT apps are far from the finished products and could use a lot of improvements. However, a handful of the options available offer advanced functions that can serve both creators and collectors.

Lots of skilled teams are working independently on building different wallets.  They all serve the same purpose, but each one takes a different approach and makes different tradeoffs.  If you’d like, you can try a few different wallets to determine which works best for you, but make sure to give MetaMask a shot.  It’s my favorite by a mile.

MetaMask – A browser extension with peerless power and flexibility. MetaMask is web 3’s most popular wallet and one of the oldest players in the industry. 
Fortmatic – A user-friendly wallet from an innovative team that allows you to sign up with your phone number from any device.
Authereum– A usability-focused wallet with no transaction fees and a fiat on-ramp.
Dapper – A browser extension that pays gasfees for you.  More on the concept of gas later.
Bitski – A simple-to-use wallet allowing users to sign up with an email and password.
Torus – A low friction wallet that allows you to login with Facebook, Google, and other OAuth providers

1. Alpha Wallet

Focusing on Ethereum transactions, Alpha Wallet is for both IOS and Android or can be used in the browser. It has an easy-to-use interface, that lets you switch between both currencies and collectibles.

For gamers, it is a very efficient NFT wallet. Alpha Wallet claims to support all crypto game tokens, and we believe them. Everything from Gods Unchained to Token Warriors is on the list of supported games.

You can use the web3 browser to connect with your games. In-game assets and collectibles can be viewed from the easy-to-use wallet interface.

For other NFTs, you will find them bunched under easy-to-manage categories. These are listed by artworks, tokens, real estate, and any other categories you may have purchased NFTS for.

In summary, this is a great wallet for people who manage both currency transactions and have an affinity for crypto gaming.

2. Pillar

Of all the cryptocurrency wallets, Pillar is the one that comes with the most unique features. While some may view these as gimmick-driven, that does not make it a bad wallet. In fact, it could be applauded for going above and beyond that of a normal crypto wallet.

The user interface is extremely simple. You can flick through your assets, which are grouped by subcategory. A neat total at the top gives an overview of the predicted worth of all your assets in a currency of your choice.

It has a lot of gaming features built into the wallet itself. One of these is a badge system. The more you use Pillar and unlock features, the more unique badges you collect.

Another gamified feature is their no-loss lottery. Purchased tickets enter you into a draw to win a weekly jackpot prize. These tickets are then sold on when you choose to leave the lottery itself.

One very neat feature is the ability to attach usernames. If you have other friends and collectors using Pillar, this makes it much easier to swap or exchange items with them.

In summary, a great wallet for having fun. If you have a network of other collectors who also use the app, this may be your best choice for easy transactions.

3. Trust Wallet

Trust Wallet is a little utilitarian compared to many of the other gamified wallets. However, it does exactly what you want it to. They claim to have over five million users.

The good thing about Trust is that it really does everything. It has a handy, quick user interface to view your crypto collectibles. It also allows you access to DApps and also suggests new ones, all within the bitcoin wallet itself.

In addition to this, it has all the currency features you could need. You can buy crypto immediately using your credit card. As it supports multiple cryptocurrencies, it provides an all-in-one solution for both NFT collectingand managing your finances. 

In summary, Trust Wallet is a great, multi-function solution. If you have diversified interests, or are still unsure where crypto will take you, this is a great choice.

4. Enjin

Enjin places a lot of emphasis on its appeal for gamers and NFT collectors. However, this does not mean its other features should be overlooked. It is a secure and easy-to-use application for all crypto needs.

Its features for crypto collectors include easy QR code scanning to pick up free gaming assets. This can also link you with blockchain games and apps. Finally, it has easy trading functions to buy, sell and exchange assets.

In summary, Enjin is best for gamers who want to use one of the safest crypto wallets. With dual encryption, ARM instructions, and its own keyboard, it is as secure a crypto wallet as you will get. It may just take the title of the best crypto wallet 2021 in terms of all-around features. 

5. MetaMask

The main criticism of MetaMask was that it was only available as a chrome browser extension. This has now been rectified and you can download their app to IOS and Android. The browser is still worth looking at and is arguably better than the apps.

It is very secure, equipping you with a key vault and secure log-in. It provides token exchange and token wallet to manage all your digital assets. MetaMask claims to be the most secure ways to access DApps.

It is worth noting that the IOS has a much higher rating than the Android counterpart. The main criticism of the android version is the high transaction fees and some bugs within the app itself.

In summary, it is best to stick with the browser version until bugs are ironed out. It is possible to have the same wallet on both your phone and browser at the same time.

Choose the Best Crypto Wallet for Your Needs

The right crypto wallet will change depending on your particular goals, so do your research! Do you just want to keep a few NFT collectibles, or are you looking to game and exchange items?

Do you have experience with any of the suggested crypto wallets, or have other suggestions? Let us know about it in the comments!