5 Best Wallets for NFTs (Pros and Cons of Each)

NFTs web3

So you’ve been hearing a lot about the NFT-revolution, and you might be thinking to yourself…

“You know what… I want some of that blockchain-jpg-NFT-goodness that Twitter has been raving about.”

Well, if that’s the case, then this article is just for you.

Because to begin your own adventure into blockchain, you are going to need an NFT wallet.

And there are a LOT to choose from.

This article will break down why you need an NFT wallet, what to look for in an NFT wallet, and our picks for the 5 best NFT wallets (each wallet is for a different use case).

Why do I need an NFT wallet? 

Sold!

Your NFT wallet (or otherwise known as your crypto wallet) is your gateway to the world of Web3

It’s what will allow you to securely connect to the blockchain, or transfer crypto, mint NFTs, and safely store them or sell them at a later point in time. 

Without your crypto/NFT wallet – none of this is possible.

Types of wallets for NFTs

It’s important to know that while there are many types of crypto wallets, not all of them can store your valuable NFTs.

For instance, the Trezor wallet has gained huge popularity over the past few years. But while it can securely transfer and hold many types of crypto, Trezor wallets are not ERC-721 (Non-fungible token standard) compatible. 

Let’s break down two types of wallets. 

Hot wallets (aka, soft wallets) 🔥

Two names – same type of wallet. 

‘Hot’ – because it’s connected to the internet and permanently lives online.

‘Soft’ – because it is a software program. 

Hot wallets are the most common types of NFT wallets out there. Think MetaMask, Coinbase, Crypto.com, Binance, and more. 

These are both custodial and non-custodial platforms that allow their users to safely store their NFTs in a way that is extremely convenient. 

Cold wallets (aka, hard wallets) 🥶

‘Cold’ – because it’s not permanently connected to the internet.

‘Hard’ – because it’s an actual piece of hardware.

Hard wallets have exploded in popularity, with brands like Ledger and Trezor leading the charge. 

And the most important thing to know about hard wallets? Because they are not permanently connected to the internet, it means that they are significantly safer and more secure than their soft wallet counterparts. 

🚨 WARNING 🚨

It’s important to remember that the NFT and crypto space is like the Wild West. There’s an unprecedented gold rush and the infrastructure to support it is still pretty underdeveloped. 

This means that hackers are having an absolute field day stealing people’s hard-earned NFTs and crypto.

Here’s how to make sure you don’t become a victim.

Do not click any suspicious links (especially from Twitter and Discord)

I cannot emphasize this enough – do NOT click on any links you are unsure of.

ESPECIALLY if you are getting a DM on Discord, Twitter, Instagram, or Telegram offering you a free NFT or something along those lines.

Often, these links contain malicious codes that are designed to open up access to your wallet. 

For this reason, you are strongly encouraged to…

Keep your NFTs on a cold wallet

So here’s the deal…

If you are just getting started in the world of NFTs, and you are only planning on spending a bit of money=, you don’t need a cold wallet. 

You can participate in Web3 with only a hot wallet – they are much simpler and cheaper, and they offer a significantly better user experience. 

But having said that, when it comes to safety, cold wallets are lightyears ahead. 

We’ll discuss this a bit more in our breakdown. 

NFT Wallet #1 – MetaMask

Type of wallet: Hot wallet

Perfect for: Crypto beginners/intermediates 

Supports: Ethereum based NFTs

Cost: Free

MetaMask has taken the NFT-world by storm this year, and has quickly become the gold standard of NFT wallets around the world. 

Supported by the majority of NFT marketplaces, MetaMask is truly an incredible piece of software and boasts over 21 million active monthly users. 

Pros of MetaMask NFT Wallet

✅ Ease of use

✅ Widely available

✅ Can connect with hardware wallets

✅ Available on browser, smartphone, and tablet

Cons of MetaMask NFT Wallet

Can’t showcase NFTs

Average security

NFT Wallet #2 – Coinbase Wallet

Type of wallet: Hot wallet

Perfect for: Beginners/Anyone who already owns crypto on Coinbase

Supports: Ethereum

Cost: Free

Boasting nearly 60 million users, Coinbase is the largest crypto exchange platform in the world, and to celebrate, it has recently come out with a crypto wallet of its own.

And guess what – that wallet can absolutely hold NFTs.

Pros of Coinbase wallet

✅ You can recoup lost or stolen assets

✅ Great UX

✅ 2-factor authentication

✅ Can connect with hard wallet

Cons of Coinbase wallet

Centralized

Compromised security

NFT Wallet #3 – Crypto.com

Type of wallet: Hot wallet

Perfect for: Beginners/Anyone who already owns crypto on Crypto.com

Supports: Ethereum

Cost: Free

Crypto.com is one of the world’s largest crypto exchanges, and because of their aggressive sponsorship deals in sports (like Hockey, Soccer, and the NBA) they are growing rapidly. 

They have also released a hot wallet of their own – one that can hold an impressive amount of cryptocurrencies, as well as NFTs stored on Ethereum.

Pros of Crypto.com wallet

✅ Super simple to use

✅ No NFT transaction fees

✅ Can buy NFTs with debit/credit cards

Cons of Crypto.com wallet

Centralized

Hot wallet security 

NFT Wallet #4 – Phantom Wallet

Type of wallet: Hot wallet

Perfect for: People looking to buy and trade Solana NFTs

Supports: Solana

Cost: Free

Boasting extremely fast transaction speed and significantly cheaper gas fees, Solana is living up to its hype as the possible ‘Ethereum Killer’. 

Ethereum’s gas fees are a killer and are a big reason why Solana is gaining so much ground

In fact, OpenSea has just announced that it is now supporting Solana (on top of Ethereum) which will help the mass adoption of SOL NFTs worldwide.

And the best Solana NFT wallet is absolutely the Phantom wallet. 

Pros of Phantom wallet

✅ Has an NFT gallery 

✅ Available on multiple browsers and mobile

✅ Supports hardware wallets

✅ Non-custodial wallet

Cons of Phantom wallet

Only supports Solana

Is a new wallet/company

Wallet #5 – MetaMask + Ledger

Type of wallet: Hot wallet / cold wallet combo

Perfect for: People looking for ultimate security with their NFTs

Supports: Ethereum

Cost: $70 – $180 USD

So as you can see we have emphasized the importance of using a hot wallet that allows integration with a cold wallet.

This gives you the perfect combination of accessibility + security. 

Pros of MetaMask + Ledger wallet combo

✅ Top-notch security

✅ Less fear of hackers

✅ You own your private keys

Cons of MetaMask + Ledger wallet combo

More work 

More money

More gas fees

Final thoughts on the best NFT wallets

While it might feel a bit intimidating, getting into the NFT-world is an exciting step into Web3. With the help of this guide, you’ll be able to easily identify which NFT wallet is best for you so you can start investing in some blockchain-jpg-goodness of your own.

And if you are thinking of starting your own NFT project, or are interested in taking your business into Web3 and beyond, be sure to reach out to a First Page digital strategist today. The consultation is completely free, and they will come up with a bespoke plan for how to take your business to the top of your niche

Disclaimer – this article is meant to educate and entertain, but it is not financial advice. Please always be sure to do your own research.