Non-Custodial Wallets for NFTs
A common question about NFTs is how to save our assets or where to store them safely. Bearing in mind that centralized exchanges (CEXs) are tempting just to hold your NFTs there. However, CEXs aren’t designed to be long-term storage solutions.
TL;DR
- Using a non-custodial wallet you have full control of your assets, operations, and traceability. However, it is important to keep in mind that this type of wallet is only guarded by whoever has access to decrypt it.
- You can also find some tips based on different features such as security, friendly UX, and different types of blockchains, and tokens that will help you have a better perspective of the wallet market when choosing.
- Below you will have a review of the best non-custodial wallets along with a description of the pros and cons of each of them.
- Finally, a conclusion to help you choose the best wallet that fits your needs.
Non-Custodial wallet definition
Once users mint NFTs on the blockchain, they can protect their assets by storing them in different wallets. Currently, there are a lot of good options to store them. Still, to choose the best option, it is important to consider your needs, such as the type of tokens you will store, the blockchain they run on, if the wallet has an extension for your favorite browser, a desktop version, or if it works on Android or iOS.
First thing’s first: What is a Non-Custodial Wallet?
There’s a popular phrase in crypto that says: not your keys, not your bitcoins, or, in this case, not your NFTs.
A non-custodial NFT wallet provides full access to users’ funds and complete control over their accounts.
This wallet carries a private key that the user should store. Thus, the responsibility to save and protect passwords– mnemonic phrases — lies entirely on wallet owners. Access to the wallet will be permanently unavailable If the user loses or forgets the password.
If the user forgets the mnemonic phrase, non-custodial wallets, they risk losing their funds forever. Some wallets can come off as less user-friendly for new users who aren’t familiar with crypto-specifics, like setting different networks, editing transaction fees, signing up or off platforms, and more. (Unlike the default gas transactions of certain decentralized exchanges, non-custodial wallets allow users to choose the type of transaction fee.)
Users can use custodial and non-custodial wallets to store their NFTs; they just need to know if the wallet supports the correct NFT standard. If you want to learn more about NFT token types, you can check this article.
Remember, if you´re planning to store your NFTs in a non-custodial wallet, make sure it supports the right blockchain and the right NFT token type.
List of the Best NFT Wallets:
- Metamask
MetaMask is by far the most popular non-custodial wallet on the market, offering support for both Android and iPhone users. Its browser extension provides easy access to web3 sites such as NFT marketplaces with just a couple of clicks.
Furthermore, Metamask also connects with a wide range of decentralized applications and NFT marketplaces, allowing users to purchase and interact with NFTs over a variety of chains.
ConsenSys, the company behind Metamask, built a mobile application in 2020. Holdings sync flawlessly across the desktop and mobile versions of the wallet. The mobile application also includes a built-in browser for decentralized applications, or dApps, and NFT marketplaces.
However, it is only possible to view your NFTs in MetaMask Mobile. There is an “NFTs” tab on the home screen of your mobile wallet.
Website: https://metamask.io/
2. AlphaWallet
AlphaWallet is an open-source Ethereum wallet that offers a quick and easy way to store NFTs. This wallet is self-custodial and was built with the intention of tapping into the transition to Web3. Some of AlphaWallet’s partnerships are Coinbase, Maker, Compound, and Circle.
The wallet is only available on mobile devices and can be downloaded on iOS and Android. However, it does not offer a swapping feature on its platform. Instead, it allows users to make purchases using a bank card. Security comes in the form of biometrics and pin code protection; all backed up by a 12-word seed phrase.
Website: https://alphawallet.com/
3. Trust Wallet
Trust Wallet is viewed as the best NFT wallet for beginners, as the wallet’s interface is sleek and easy to navigate. Trust Wallet is available in-app for iOS and Android devices.
The wallet is open-source and completely decentralized, supporting different blockchains and over one million crypto assets.
However, NFT support is currently restricted to ERC721 and ERC1155 tokens on the Ethereum and Binance Smart Chain networks.
Trust works directly with OpenSea, CryptoKitties, Dragonereum, and ChainZ Arena, among other NFT marketplaces and blockchain games. Like others, it has a built-in dApp browser to find more NFT marketplaces and direct access to DeFi applications such as Compound.
Website: https://trustwallet.com/nft-wallet
4. Crypto.com DeFi Wallet
Crypto.com has also developed its non-custodial wallet and can be downloaded via the App Store or Google Play. It is entirely free to use and supports over 100 cryptocurrencies, making it easy to hold the crypto needed to facilitate NFT trades.
This wallet has a dedicated section for digital collectibles. The NFTs section is designed to appear like a ‘gallery’, with your featured NFTs at the top and the remainder presented below in individual collections. Currently, users can only store Crypto.org blockchain NFTs in the wallet, along with Ethereum-based NFTs being compatible with Cronos chain NFTs.
It has a social media extension that you can use to generate images and share them on your favorite platforms.
Website: https://crypto.com/
5. Ledger Nano X
Ledger Nano X is a cold wallet where you can store NFTs and cryptocurrency. It is the best NFT wallet for security. Ledger Nano X is an offline wallet that runs on a trading and storage software device. Activating the wallet requires an internet connection, but only when confirming your trades.
The Ledger Nano X cold wallet uses a seed phrase of 14 to 24 words for authentication. It makes it the safest wallet account type because it’s an external device that allows you to have a wider variety of encryptions. You can trade NFT collectibles and cryptocurrencies through markets on Ledger.
It is recommended to buy the device from its official website, avoiding marketplaces or resellers. It is advisable to verify that when receiving the ledger, it is in a closed and sealed box.
Website: https://shop.ledger.com//products/ledger-nano-x
What to keep in mind when selecting an NFT wallet?
- Compatibility: The wallet should be NFT compatible and support the marketplace and the blockchain you prefer to purchase your assets.
- Multi-Blockchain: The wallet must be able to support more than one blockchain
- Security: Remember, not your keys, not your NFTs. There are wallets that offer 12 or 24 words, which makes them a little more secure; it is also a plus to have 2FA and Face ID
- User-friendly UX: wallets should be easy to navigate to trade your favorite NFTs.
- Devices: Nice to have in a wallet a browser extension, desktop, and iOS/Android version.
It is also important to remember there are open source wallets in which anyone from anywhere in the world can contribute to the code, while there are closed source ones that a small group has probably made of coders.
