All you need to know about the best wallets for storing NFTs

in LeoFinance8 months ago (edited)

Purchasing your NFTs is one thing, storing them is another thing also. So many of us underestimate the importance of digital wallets but don’t know that when it comes to storing our assets especially NFT, they are very valuable, crucial and sensitive. Before purchasing any NFT, we must do a research on the best wallets and decide which one to use before choosing one that we will regret later on by falling prey to hacks and other scams.

When it comes to NFTs and other crypto assets there are different types of wallets to use or choose from, it all depends on the one you like and there are some top ones like Coinbase, MetaMask, Enjin, Trust Wallet and Ledger.

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All you need to know about Coinbase Wallet and its downsides

Coinbase is also one of the popular wallets when it comes to storing NFTs and also other crypto assets. Just like MetaMask, the Coinbase can also be used as a browser extension and then connected to supported websites of NFTs marketplace like OpenSea.
The special feature of Coinbase is that users can send NFTs to other users just with their usernames instead the use of copying long addresses and also they are also planning on creating their own marketplace for NFTs.

Also before using Coinbase, users to have to fill the know your customer check form by entering your details and this also include submitting proof of identity like license, passports and any other documents requested.

Downside of Coinbase
In case of hacks and attacks, there’s already an insurance policy made out by Coinbase to cover any loss of digital assets due to the breach but not extended to attacks from your login breach.

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All you need to know about MetaMask

MetaMask was designed or created by a former employee of apple Aaron Davies, who later joined ConsenSys a company that focuses on building Ethereum tools. MetaMask if popular for its famous Fox logo and it’s one of the most popular NFT wallets and you can’t name top 5 of them without MetaMask.

Users can both download the software as an app or an extension on either chrome browser or Firefox and then connect it to the sites they wish to buy their NFTs. MetaMask can also be connected to popular marketplace of NFTs like the OpenSea, Decentraland or Rarible.

Downsides of MetaMask
But of course also, for every advantage, there’s a disadvantage and some of the downsides are, it only supports Ethereum blockchains. So if an NFT is minted on other network, it can’t be stored on MetaMask.

MetaMask has a very bad record when it comes to security; it has been a victim of hacks and attacks both from lookalike hacks and phishing attacks. So using the wallet is at investor risk, it’s important to be cautious.

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All you need to know about the Enjin Wallet

When it comes to gaming, Enjin wallet is the best wallet for that because it was designed to support gaming platforms and also store the reward that comes in NFTs and crypto in their wallet. Enjin aims to be the best play-to-earn wallet for NFTs and also a marketplace where you can mint and purchase your NFTs with its own native token.

Downsides of Enjin Wallet
It does not support other marketplace like OpenSea and Rarible.

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All you need to know about Trust Wallet

Trust wallet is one of the popular smartphone apps for storing crypto assets and it’s the only mobile phone app that can store NFTs. Unlike Coinbase, Trust wallet has made it user friendly and possible for users to keep their identity anonymous when signing up, that is, no need for KYC or submitting of documents.

Because it gets its support from Binance after they acquired it in 2018, it’s only based on Binance Smart Chain network and it supports on 50 blockchains. The trust is user friendly being that it is easy to navigate through and it’s very straightforward make it popular and acquiring users.

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All you need to about Ledger

Unlike other NFT wallets that are software wallets, Ledger is a hardware wallet but can also be used together with software. The best part of Ledger wallet is its security which makes it one of the best to use and it’s worth it but you should also know that it doesn’t come cheap.

Ledger wallet can be used store NFT when connected to another software wallet like MetaMask because it has the feature built already into the browser extension. Ledger wallet can’t support NFTs directly so it has to be done that way.

So when selecting a particular wallet security should be your first concern and also features of them and the blockchain it supports.

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