An NFT wallet is necessary for engaging in the NFT space. Here’s a quick guide to help you get started.
What is an NFT Wallet?
An NFT wallet is an app that allows you to connect to the blockchain ledger where the record of your NFTs is stored. Your NFTs are stored on the blockchain but cryptography allows you to securely store your NFTs on the blockchain, as well as to buy and sell NFTs. More specifically, your private key, which only you hold, identifies you to the blockchain and only your private key can authorise transactions of your assets.
I’ve heard of hot and cold wallets, what’s that all about?
A hot wallet, in the form of a mobile app or a browser plugin, is connected to the internet. Hot wallets are easy to use and fast. A cold wallet, or hardware wallet, is not connected to the internet. Cold wallets are considered to be more secure because they are disconnected and therefore less vulnerable to online attacks. However, risks remain when you eventually do connect to the internet.
So which wallet should I choose?
With regard to hot wallets, MetaMask is currently one of the most popular wallets for the Ethereum blockchain. It is very user-friendly and connects seamlessly to leading marketplaces such as OpenSea and Foundation. Metamask is available both as a mobile app as well as a browser extension. Other notable wallets include Trust Wallet and Rainbow. When it comes to cold wallets Trezor and Ledger are the market leaders.
