Whether you’re a digital debutant or a JPEG connoisseur, there are a tonne of crypto wallets to choose from. And this is our list of the best NFT wallets for 2023.
I know you don’t like to waste time, so I’ll jump right into the best NFT wallet under each category. After these I’ve included a list of credible wallets that might take your fancy.
MetaMask is a browser-based hot wallet released in 2016 and it’s by far the most popular wallet for individuals holding NFTs.
You can get it as a browser extension for Google Chrome, Brave, Firefox, and Microsoft Edge. For those who want to transact on the go, the app is also available for download on both the Play Store and the App Store. Whether you’re on a computer at home or out with your phone, you can access MetaMask anytime and anywhere.
MetaMask also allows you to add your other wallets by importing your private keys so you can have all your NFTs in one place.
Due to its surging popularity, MetaMask has spawned plenty of cheap copies. New and uninformed users should take care to ensure they're downloading the original app from the developers.
Now, here’s the downside with MetaMask:
The user experience for this wallet sucks.
BUT
If you can get past that, it’s the best NFT wallet we’ve got for individuals. At least until something as versatile comes along…
Note: If you’re planning to hold NFTs of significant value then please please please use a hardware wallet to keep your MetaMask secure. Hot wallets like MetaMask are not secure. And you don’t want to keep valuable items in them.
Krayon was founded in 2022 by a group of experts in fintech and cyber security. The wallet has steadily been gaining popularity amongst companies and teams. Whilst it's still in private beta, they plan to release it to the general public later this year.
Did you think I could make a list and not put myself on it?! I have no shame!
But seriously, Krayon is by far the best wallet for companies, teams and DAOs. And I genuinely believe we’re building the best wallet on the market. Why? Because we’re obsessed with two things:
Of course, it gets better:
Krayon’s MPC-based wallet means your NFTs are secured by multi-party approvals, and because your private keys are sharded, it's impossible for hackers to obtain them. Furthermore, if any of your key shards are lost, they can be refreshed without changing your wallet address.
The most common method for stealing NFTs is phishing attacks - hackers get you to click on something you shouldn’t and unknowingly approve a transaction that drains your wallet. MPC-based wallets prevent this by requiring multiple parties to approve every transaction.
There are also additional security measures you can take such as whitelisting contract addresses. But Krayon goes a step further and provides a real-time threat assessment of smart contracts, so if you’re about to approve something harmful, Krayon will warn you not to! It’s definitely one of my favourite features with this wallet. And one of my biggest gripes with MetaMask is that they never integrated such a feature into their wallet.
Krayon comes as a web application, browser-based wallet and mobile app - meaning it's everywhere you are. The wallet currently only supports ERC20 tokens, but will soon have support for Solana and others in the pipeline.
You can also swap tokens directly from your wallet with both decentralised and centralised exchange integration.
That sums up the best for individual categories, but what else is out there? Let’s take a look!
Let’s be clear here:
Coinbase Wallet is not your normal Coinbase App. Yes, they are from the same company, but they’re two very different applications. The Coinbase app, or Coinbase as you might know it, is the mobile app for the centralised exchange that lets you buy and sell crypto currencies. Coinbase Wallet is their crypto wallet for navigating the world of DeFi. And for the purpose of this article, we’re referring to the recently launched Coinbase Wallet.
The app boasts more than 30 million users making it one of the largest platforms in terms of transaction volume.
Like other wallets on this list, Alpha Wallet sports a clean, easy-to-follow interface. This is a must-have to balance out the complexity of learning about crypto and NFTs.
That said, Alpha Wallet does lose out to other wallets on this list because it only comes as a mobile app. Coinbase and MetaMask, by comparison, are available as browser extensions. Alpha Wallet also features its own in-app Web3 browser, where you can explore dApps and DeFi applications.
Like MetaMask, Alpha Wallet is a non-custodial wallet, giving you complete control over your private keys. The downside to this is that there is no way to recover your wallet if you ever lose your private keys.
Alpha Wallet is also open-source, meaning anyone can view its source code and build tools for it. It already features many tools tailored for different users like businesses and developers. All this means that the developers amongst you can customise Alpha Wallet to suit your needs, and make it do what you want!
The downside to Alpha Wallet is that it only supports Ethereum-based NFTs.
Trust Wallet is a mobile wallet developed by Binance. With over five million active users, it's also one of the most popular wallets on the market. Take note that you cannot transact with Trust Wallet. Instead, you will need to use another wallet to trade and spend crypto.
Trust Wallet also features native integration with Binance Smart Chain and Ethereum Classic. It has an in-app Web3 browser for exploring dApps and DeFi applications.
Security-wise, Trust Wallet only has basic features. You can choose a PIN code and set up fingerprint scanning to protect your wallet. Should you forget your PIN code, you can also use a recovery phrase to regain access to the wallet. Trust Wallet is a decentralized wallet, meaning it does not ask for any user information.
The lack of two-factor authentication may be a problem for some users, however.
Of all its features, Enjin Wallet’s specialty by far is its security. The developers have gone above and beyond to ensure Enjin is one of the most secure NFT wallets you’ll ever use.
To start, the app uses biometric security, so you can sign in with your fingerprint. This also saves you the headache of trying to remember long and complex passphrases.
The fingerprint scanner is only the tip of the iceberg. To combat keystroke sniffers and keyloggers, Enjin uses its own in-app keyboard. It also uses a bidirectional encryption policy and double-encrypted private keys. To mask your transactions, Enjin uses RAM encryption and blocks screenshots. Altogether, Enjin Wallet pulls out all the stops to ensure your funds and NFTs are as secure as can be.
Prospective hackers will have their hands full trying to get to your information!
Of course, the most important aspect of crypto security is the user’s own caution. So long as you keep track of your private keys and apply all the standard computer safety tips, you can keep your funds safe and secure.
Since Enjin is a hot wallet, that means it's always connected to the Internet. Hot wallets are convenient for trading but are also vulnerable to online attacks. Picture a house with an open door—it’s attractive to burglars!
Like Trust, Enjin is also a great mobile app for bringing your crypto and NFTs together in one place. It even allows you to swap your cryptocurrencies, all from within the app. With hundreds of tokens and up to thousands of available partners to choose from, Enjin is the most versatile trading wallet on our list by far.
Users should note that Enjin Wallet only supports Ethereum-based tokens, but does come with its own marketplace and its own $ENJ token. As with all other wallets on this list, Enjin Wallet also features an in-app Web3 browser for dApp and DeFi applications.
If you have any cold wallets, Enjin also supports integration with Ledger or Trezor wallets.
For companies and teams, Krayon is the best Eth wallet for NFTs.
For individuals, MetaMask is the best ERC20 wallet for NFTs.
That’s it for our NFT wallets, but what else should you know when thinking about which NFT wallet is right for you? Keep on reading to find out more!
We can generally bunch up crypto wallets into three distinct categories. These are:
A hot wallet is a crypto wallet that is always connected to the internet and they tend to be most popular amongst casual crypto investors, but they’re also the most vulnerable.
The primary benefit of a hot wallet is ease of use. They’re always online making them convenient to transact with, but this comes with a major downside. Hot wallets store your private keys on your physical device. So anyone with access to your device could steal your crypto. If you have a significant amount of crypto in your wallet, or a bunch of expensive NFTs, then it’s advisable not to store them on a hot wallet.
Warm wallets combine the transaction speed of hot wallets with an additional level of security. With a warm wallet your private keys are held online and transactions can be created automatically, but human involvement is needed to sign the transaction before it can be sent to the blockchain.
Most people are familiar with multisig wallets, but by far the best warm wallets are MPC-based.
Similar to a multsigm, MPC wallets require a quorum of two or more parties to approve transactions before they can be sent to the blockchain. However, they have more advanced security features and greater operational flexibility than their counterparts.
Hardware wallets or hardware security modules (HSMs) store your private keys offline. The advantage to this is that if your private keys aren’t online, they’re impossible for a hacker to steal without physical access to the device. And even with access to the device, they’d still need the password to unencrypt it.
The downside to cold wallets is that you need the device with you in order to be able to sign transactions. For businesses managing very large sums of cryptocurrencies it makes sense to use some combination of warm and cold wallets. However, if you’re using an MPC-based wallet you’re not gaining much in terms of additional security by using a cold wallet instead.
Also note that there’s a big difference between an enterprise HSM solution and your standard retail hardware wallet. If you’re a business you definitely don’t want to be administering tens of hardware wallets in your office!
The rise of crypto collectibles has meant that NFTs and cryptocurrencies are now gaining steam outside of crypto circles. And with that there is sure to be a boom in new users.
While wanting to explore NFTs and crypto is all well and good, new users should be careful in navigating the crypto space.
If you're ready to dip your toes into the proverbial pool, you’ll need a wallet to be able to buy your first NFT. And not just any will do, you’ll want a wallet that can protect your shiny new NFTs. So how do you decide which wallet is best for you?
Well…
The best way to learn is to do
If you're new to NFTs and cryptocurrencies as a whole, don't be afraid to sit down and get some experience. While it's good to invest time in doing prior research, it will help to pair it with firsthand experience.
You can’t go wrong with downloading MetaMask and having a play around with it. Whilst it might seem daunting at first, if you can get the hang of it everything else will seem easy by comparison. But until you’re comfortable with how everything works, remember to only spend or invest what you can afford to lose—while you may be able to win big, you're just as likely to lose big. And you definitely don’t want large sums of money in a wallet you don’t know how to use.
With that said, you can't go wrong choosing any of the six wallets we've recommended here. Each one has its own strengths and unique features that make collecting NFTs safe, secure, and fun.
This one should be an easy choice! If you're looking for the best NFT wallet for companies, teams and DAOs, then look no further. We'd love to work with you to continue to make our wallet the best on the market. And it's not just for NFTs, Krayon has an entire suite of solutions for crypto corporate treasury management and digital asset custody.
