Just as you need a physical wallet to store your cash, you need a digital one to store your crypto valuables. Unlike the beat-up leather wallet in your back pocket, though, crypto wallets are multi-functional. Not only can they be used to store cryptocurrencies like Ethereum’s ETH, but they can also be used to send and receive it too. Aside from cryptocurrency, crypto wallets can also be used to store and keep track of your NFT collection. And, just like with cryptocurrency, these too can be sent and received.
With a fair few options to pick from nowadays, choosing the right crypto wallet for you depends on a few factors.
To help you decide, here are the best crypto wallets for NFT collectors and storing Ethereum.
One of the most well-known and popular crypto wallets, MetaMask is a great choice for interfacing with the Ethereum blockchain.
MetaMask is available as a free browser extension that ties in neatly with various platforms. NFT sites, for example, will automatically detect the presence of the MetaMask plugin and makes exchanges a breeze. As well as the browser extension, MetaMask has a mobile app that provides a streamlined interface for NFT and ETH transacting.
For NFT investors who primarily wish to engage with the Ethereum blockchain, MetaMask provides everything you need. Perhaps most importantly, it acts as an on-ramp to convert fiat currency to Ether. The process is simple, with MetaMask holding the user’s hand throughout the whole process, making it clear when gas fees are involved and how they can be customized.
MetaMask also supports all Ethereum tokens, meaning ERC-721, ERC-1155, and ERC-20 tokens can all be stored and exchanged. This also means support for sidechains and upgrades to the blockchain. With Ethereum’s Layer-2 upgrades set to roll out in the near future, using MetaMask will ensure your assets remain tradeable. While MetaMask’s sidechain support means you can interact with Polygon, Binance Smart Chain, and other Ethereum based networks, you’d need another wallet for Cardano NFTs, for example.
Security on MetaMask is also strong, with key vaults and clear explanations on how to keep your wallet secure.
Coinbase is one of the most well-respected names in the crypto scene. Created in 2012 during the early days of crypto, Coinbase has been on the scene now for longer than most. With that experience comes an understanding of what people want from a crypto wallet.
Coinbase has two offerings for customers looking to buy, sell, and store crypto.
The first is their custodial wallet, simply called Coinbase. This is accessible through a web browser or via their app. Many choose to use Coinbase as their cryptocurrency wallet for the slightly favorable exchange rates and the simplicity it provides. By having a third party host your wallet, your crypto keys are stored on secure servers where they can be recovered if necessary. This means if you forget your login credentials, your crypto is still safe.
The drawback to Coinbase’s custodial wallet is it does not support all cryptocurrencies or NFTs.
To cater to all customers, Coinbase has another offering called Coinbase Wallet. This non-custodial offering from Coinbase is a better choice for those wishing to be in full control of their crypto. With Coinbase Wallet, you can safely store all major cryptocurrencies and related coins as well as NFTs. Like MetaMask, however, key retrieval is not possible if they are lost.
With Coinbase Wallet requiring Coinbase to add funds, these two wallets work well together and offer a complete solution for crypto and NFT storage.
A popular choice amongst NFT investors and those interested in DeFi application is Trust Wallet.
Trust Wallet is now used by millions of crypto enthusiasts all across the globe looking to not only store Ethereum and other crypto but also easily access dApps through the Trust Wallet’s integrated marketplaces.
Usable via a mobile app, Trust Wallet allows users to easily browse marketplaces like OpenSea and Axie Infinity. Trust Wallet allows the storage of both ERC-721 and ERC-1155 crypto NFTs, meaning all your Ethereum based collectibles can be stashed together safely.
One of the killer features of Trust Wallet, however, is its ability to be used as a DeFi wallet. With decentralized finance set to blow up in the next couple of years, Trust Wallet is a fantastic option for those looking to get involved early.
With Trust Wallet, users can deposit funds into various DeFi platforms allowing the opportunity to earn interest through lending cryptocurrency. By leveraging smart-contract technology, Trust wallet enables users to interact with Ethereum and Binance DeFi protocols like Compound and Venus.
As always, however, DeFi lending involves risk and should be undertaken after doing your own research.
Enjin is an excellent wallet for those interested in NFT gaming collectibles.
Describing itself as “built for traders, gamers, and developers,” Enjin supports Ethereum-based NFTs and assets, giving a place to hold cryptocurrencies and tokens.
While the wallet features a built-in exchange feature, allowing cryptocurrencies to be easily converted, Enjin’s best feature is its built-in marketplace.
The Enjin Marketplace utilizes the native ENJ token to facilitate the exchange of NFTs and Enjin ERC-1155 assets used widely in NFT games. With a super simple user interface, users can easily list, search, buy, and sell in-game tokens.
Unlike some other wallets, Enjin also features dedicated support, meaning should you ever have an issue with your wallet, help is at hand. The app also features some great security features like biometric integration and automatic lock customization. Thanks to being built from the ground up with digital items in mind, Enjin is one of the best crypto wallets for NFT collecting.
From some of the minds behind Binance Labs comes Math Wallet, a competitor to MetaMask. With support for over 70 blockchains, Math Wallet is an excellent choice for those looking to keep all their crypto options open, including BTC, ETH, and Polkadot.
Accessible by a web browser, an integrated extension, and also a mobile app, Math Wallet seamlessly keeps your digital assets in sync no matter what device you’re using.
Describing itself as a “one-stop shop” for all things crypto, Math Wallet can be used as a basic crypto wallet to store, receive and send coins. As expected, you can also exchange cryptocurrencies easily. For those looking for more advanced use cases, Math wallet also includes “MathStaking,” where users can use staking tools to earn from blockchains like Cosmos and IRIS.
Similar to MetaMask, Math Wallet also allows easy access to NFT and DeFi apps. Choosing between the two is ultimately down to personal preference and alignment with company philosophy.