The best wallets for storing NFTs

November 15, 2021
Article
How to recognize the perfect wallet for storing NFTs?

New to NFTs and looking for a great wallet to store those precious assets of yours. Here are a few things to keep in mind.

No matter if you are new to the wonderful world of blockchain and NFTs, or if you are a seasoned trader and looking for a great wallet to keep track of your NFT portfolio when making your choice you should keep the following in mind.


NFTs live on multiple blockchains

NFTs exist on a multitude of blockchains, at the moment the most popular blockchains are Ethereum, Polygon, and Binance Smart Chain, while at the same time many others, such as Hedera, Avalanche, Flow, and Solana, are competing for a place in the spotlight.

It is fair to say that the blockchain ecosystem is relatively young, which makes the NFTs space even younger, so it is hard to foresee what the landscape will look like in 2 to 5 years, there is only one certainty and that is that NFTs are here to stay.

So when looking for a wallet to store your NFTs it is recommended to pick one that can support multiple blockchains.

screenshot from the multichain wallet Venly.io

Connectivity

Once you own NFTs, sooner or later there will come a point that you want to transfer your NFT to a different location or even sell or auction it on one of the popular NFT marketplaces. When picking a wallet, make sure it is at least connected to one of the more popular NFT marketplaces.

screenshot from the Venly Market

Compatibility — EIP 721 vs EIP 1155 — Say what?

In the previous point, we address connectivity, well connectivity is all about compatibility. NFTs are based on an industry-standard, much like a modern cryptocurrency. When it comes down to NFT standards there are 2 main once

  • EIP 721 — Orignal non-fungible standard
  • ERC1155 — An improved non-fungible standard by Enjin.

For your wallet to support all NFTs they should at least support the two standards listed above.

Security

Once you have a list of wallets that can support NFTs on different blockchains it is time to look into the next requirement, security. Many people consider NFTs as a new form of investing, which is supported by certain NFTs being sold for staggering figures, resulting in potentially high valued NFTs portfolios.

Storing NFTs in a very secure wallet sounds maybe sounds like a no-brainer, but for some people, it is difficult to validate a certain wallet as secure. So here are a few tips on how you can vet your future wallet.

  • How long does the wallet company/software exist and are there any known security breaches reported?
  • How large is the existing user base of the product?
  • Are there multiple security steps to access or transfer assets that are stored in the wallet? Such as an extra 2FA step, a PIN, facial recognition, …
  • Is there a public security program, for example, a bounty program for Ethical hackers?
  • How difficult is it to get into contact with someone behind the wallet company/software?

Conclusion

If your future wallet scores well in the above-mentioned segments then you have for sure one of the best wallets for storing NFTs.

For those among you that were hoping that we already researched it for you, apologies we didn’t 😃. We only know that our Venly wallet, can check all those above checkboxes, so be sure to check it out 💪.

How to recognize the perfect wallet for storing NFTs?

New to NFTs and looking for a great wallet to store those precious assets of yours. Here are a few things to keep in mind.

No matter if you are new to the wonderful world of blockchain and NFTs, or if you are a seasoned trader and looking for a great wallet to keep track of your NFT portfolio when making your choice you should keep the following in mind.


NFTs live on multiple blockchains

NFTs exist on a multitude of blockchains, at the moment the most popular blockchains are Ethereum, Polygon, and Binance Smart Chain, while at the same time many others, such as Hedera, Avalanche, Flow, and Solana, are competing for a place in the spotlight.

It is fair to say that the blockchain ecosystem is relatively young, which makes the NFTs space even younger, so it is hard to foresee what the landscape will look like in 2 to 5 years, there is only one certainty and that is that NFTs are here to stay.

So when looking for a wallet to store your NFTs it is recommended to pick one that can support multiple blockchains.

screenshot from the multichain wallet Venly.io

Connectivity

Once you own NFTs, sooner or later there will come a point that you want to transfer your NFT to a different location or even sell or auction it on one of the popular NFT marketplaces. When picking a wallet, make sure it is at least connected to one of the more popular NFT marketplaces.

screenshot from the Venly Market

Compatibility — EIP 721 vs EIP 1155 — Say what?

In the previous point, we address connectivity, well connectivity is all about compatibility. NFTs are based on an industry-standard, much like a modern cryptocurrency. When it comes down to NFT standards there are 2 main once

  • EIP 721 — Orignal non-fungible standard
  • ERC1155 — An improved non-fungible standard by Enjin.

For your wallet to support all NFTs they should at least support the two standards listed above.

Security

Once you have a list of wallets that can support NFTs on different blockchains it is time to look into the next requirement, security. Many people consider NFTs as a new form of investing, which is supported by certain NFTs being sold for staggering figures, resulting in potentially high valued NFTs portfolios.

Storing NFTs in a very secure wallet sounds maybe sounds like a no-brainer, but for some people, it is difficult to validate a certain wallet as secure. So here are a few tips on how you can vet your future wallet.

  • How long does the wallet company/software exist and are there any known security breaches reported?
  • How large is the existing user base of the product?
  • Are there multiple security steps to access or transfer assets that are stored in the wallet? Such as an extra 2FA step, a PIN, facial recognition, …
  • Is there a public security program, for example, a bounty program for Ethical hackers?
  • How difficult is it to get into contact with someone behind the wallet company/software?

Conclusion

If your future wallet scores well in the above-mentioned segments then you have for sure one of the best wallets for storing NFTs.

For those among you that were hoping that we already researched it for you, apologies we didn’t 😃. We only know that our Venly wallet, can check all those above checkboxes, so be sure to check it out 💪.

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