NFTs have become a serious trend in cryptocurrency. More than that, it has revolutionized the economic space and the art industry. But while everyone talks about this new word, many forget there is something insanely important to keep in mind – safe storage of NFTs. So, what is an online wallet for NFT's?
In the material world, it’s much easier to think about where to store our treasures. However, things get a bit more complicated when we search for reliable ways to protect our property online.
Every day you can stumble upon news of hacked and stolen crypto, which can be pretty frustrating, especially for a beginner. Moreover, NFT usage differs a bit from other tokens. That’s why you should know some basic cryptocurrency safety rules to manage NFTs successfully.
Want to find out where to keep the digital assets you collect in the crypto world? Let’s dive into it.
What is an Online Wallet for NFT's?
At this point, younger people are most interested in NFTs. But the world of cryptocurrency is a bit of a dark forest, even for those who are tech-savvy. It takes a lot of time to get used to how digital currency wallets work. It also requires a lot of practice.
New trends like essay writing services and cryptocurrency are the latest and greatest, but you need to be careful. You need to be a quick learner and observe every day, or else you will miss out on profiting from NFTs.
In short, an NFT wallet is an application that allows users to store and transfer non-fungible tokens. Like any cryptocurrency wallet, it supports the NFT blockchain system and the currency used to buy NFTs, such as Ether (ETH).
How Do NFT Wallets Work?
An NFT wallet opens access to assets stored on the blockchain and provides you with a private key for that address. The key allows you, as the wallet owner, to authorize all the transactions.
The wallet will be an excellent solution for all technical issues. If you pick a decent wallet, it will provide a nice user experience for buying, selling, and transferring NFTs. And if you take two-factor authentication seriously, you’ll have enhanced security. These wallets are usually a convenient way to keep track of your assets across multiple devices.
How to Find a Good NFT Wallet?
There are nearly a hundred NFT wallets out there. Don’t rush into picking the wallet randomly, based on its design only, or the one that gets promoted the most. Choose the reliable one, and be sure to check what inbuilt features they offer. Here are the most important points to look out for.
- Compatibility with the NFT marketplaces you want to buy from. If it’s not supported, you won’t be able to buy the NFTs you need, so it won’t run smoothly.
- Easily understandable user interface. A well-developed user interface will make it more convenient to buy and sell NFTs.
- Security measures in place. NFTs can grow in value to thousands or even millions of dollars. Internet robbers always improve their ways of hacking too. If you don’t want to become a victim of NFT hackers, search for a fully secure platform to store your assets. Make sure it allows you to use two-factor authentication.
- Acceptance of credit and debit cards. Accepting direct card payments is one of the qualities to look for in wallets in case you need to withdraw money. Unfortunately, not all wallets offer this service.
- Usability on several platforms. Seek easy access to your NFTs from both desktop and mobile devices.
- Support on multiple chains. Although most NFTs are on the Ethereum blockchain, you can also use them on some other platforms. Aim for compatibility with as many chains as possible.
What Are the Most Popular NFT Wallets?
Metamask and Coinbase are the most popular wallets for storing NFTs. Nonetheless, these online wallets can be easily hacked if you are not careful enough. The thing is that the information needed to access these wallets is stored in the application. Thus, wallets become an easy target for cyber attacks. But you can also use Binance, Crypto.com, and ZenGo.
Still, every wallet has its pros and cons. For instance, ZenGo looks like a great solution, offering advanced features. Some of these include wallet backup, in case you lose your device, and three-factor authentication. The application is secured by encrypted biometrics and has reliable customer service available 24/7. Yet, it provides you with access to Ethereum NFTs only.
What to Do to Keep Your NFT Wallet Safe?
A strong password and two-factor authentication make two essential elements of your security. But here are additional steps you can take to secure your digital funds.
Seek Help From Official Sources Only
If you encounter issues while using your wallet application, don’t hesitate to ask for help. Remember to do it through authorized channels only. Be careful when seeking answers in larger communities such as Discord, Quora, etc. When you ask for assistance on social media platforms, there is a high chance of falling victim to misleading information or even getting scammed.
The same rule applies to the download links. When downloading your wallet applications or wallet browser extensions, make sure you use official websites. Check the reviews and developer information before installing an app to be sure you are getting the right one.
Try a Crypto Hardware Wallet
Your NFTs can have a higher level of protection with a hardware wallet. Use an “air-gapped” PC with your hardware device for further protection. Hackers and keyloggers have a hard time accessing cold storage hardware wallets. However, you should still take precautions to keep your wallet safe and try not to lose it.
Finally, select the wallet that best satisfies your storage requirements. A software wallet may be of good use if you often buy and sell NFTs. But if you are planning to store your NFTs for a long time, go for cold storage hardware wallets.
If you opt for a hardware wallet, buy it from the manufacturer’s website to avoid any in-built hacking software. Ledger and Trezor are the two most popular hardware wallet choices among experienced users.
Take Care of Your Recovery Codes
Most cryptocurrency wallets will provide you with a seed phrase to recover your account. In addition, you will have a public key and a private key for your wallet. The latter is used to create an address on the blockchain and handles your access to private money and transaction approval. Avoid sharing your key phrases with anyone.
Besides, some wallets can help you take care of your keys. For example, to show private keys in MetaMask, you will need a 12-word seed phrase. And the Enjin wallet has personalized instructions to rapidly safeguard sensitive data, plus a special built-in keyboard that helps ward off keyloggers.
Once you work out what is an online wallet for NFT's is, you’ll reach a higher level of NFTs protection if you use a hardware wallet to store them. However, you can do without it if you only want to trade. The bottom line is – to protect your private keys since they give you access to your NFTs and authorize transactions.
An NFT wallet is, without a doubt, a must-have for everyone who wants to buy, sell, and store their digital assets. And if you are trying to benefit from NFT to the fullest, learn how to effectively use it and keep your storage protected at all times.