Crypto NFT Wallets
The first thing you will need when you want to get into the NFT crypto space is a crypto wallet. This is a tool that will help you connect and interact with the blockchain. There are many you can choose from. Some are easy to use but less safe, others need a bit more time to set up, but will keep your assets protected. There are two types of wallets: Cold Wallets and Hot wallets.
A hot wallet is one that is connected to the internet. That means it is less safe but more convenient. This is of course true with any data that is online.
Your wallet contains a public key(which anyone can see, from which you can send and receive cryptocurrencies), and a private key(which you need to keep safe). The equivalent would be if the public key is the user name, then the private is your password.
An example of a hot wallet is any phone wallet app, desktop app, or even exchanges like Binance, CeX, Bittrex…
Some of the best phone wallet apps for crypto are:
- Atomic wallet
- Jaxx liberty
You can find these apps in google or apple shops. While they might not be the safest, they are very convenient for small amounts and are very easy to use.
These wallets are ones that are used on exchanges. The problem here is like with any other password based product. When you log into an exchange you have to use a username and password, that can be stolen or hacked. But exchanges are getting better and better at security with 2 factor authentications such as google authenticator, sms authentication, email authentication and many others.
The best wallet you can use to store your NFTs is Metamask. This a Google Chrome extension that you add to your browser and can use to store and trade crypto and NFTs. Metamask doesn’t give out your private key to the website you are using, it just stores it in your PC and keeps it safe. Check out our guide on how to set up Metamask.
Once you install Metamask you just go on the website where you want to trade your NFTs and login to it with your password. It’s as easy as that. Try it on https://opensea.io
Some other web wallets are:
Cold Wallets or offline wallets are used so you don’t have to connect to the internet to use them. The only way you can lose your assets would be if someone physically took them from you. That means they are very safe and we recommend them for larger crypto amounts.
You can even connect them to your Metamask and send and receive crypto that way. The only difference is that you need to press a button on the cold wallet every time you make a transaction.
With them you get another layer of security with a 24 word backup phrase and a pin code
The best are:
- Ledger Nano X
- Trezor Model T
- Ledger Nano S
- Trezor One
What we recommend is that you use phone and web wallets for everyday use and for small amounts, and use cold storage for your long term investments, so you can keep them as safe as possible. Ledgers and Trezors really are worth it, not just for safety but for your own peace of mind.