It is up to NFT the buyer whether or what steps he is going to take to safely store his cryptocurrencies and NFTs to protect them. The world of Non Fungible Tokens is kind of mysterious. But the most important thing about them is the immediate ownership and safety of the digital asset. When you buy something and own something, you don’t want it to get lost. It is therefore very important to choose a safe place for your digital assets. A wallet is the answer. Let’s have a look at the possibilities.
What is a crypto wallet?
It is an application or software that allows users to spend, store and trade NFTs and digital assets. It helps to keep them safely stored in one place. It is actually a digital bank account for your cryptocurrency.
Some crypto wallets may provide support for a single cryptocurrency. But there are many wallets that allow the users to hold multiple cryptocurrencies.
Types of wallets
The users are able to choose what kind of wallet they prefer to use. Basically, the main point is the storage and safety. We have two types of crypto wallets.
- Hot wallets
- Cold wallets
They are simple to set up and also easy to use. Therefore these are the most common types. You are creating a hot wallet when:
- you create an account on an exchange
- download a mobile wallet
- download a desktop wallet on your laptop
These types of wallets are actually meant for everyday cryptocurrency users. It means in practice that if you regularly trade crypto on an exchange or spend crypto to make purchases every day, you will store your cryptocurrencies and NFTs in a hot wallet. It follows that hot wallets is connected to the internet. This makes it flexible to use anywhere you have an internet connection, both on your phone or computer.
Unfortunately hot wallets have one drawback: security.
We do not recommend the users store a large number of digital assets in hot wallets as the funds are exposed to potential security threats, such as cyber theft.
Cold wallets are considered to be a more secure solution when it comes to storage as it is not permanently connected to the internet. You only connect it to the internet when a transaction is necessary to be made. You are therefore provided with more security than in hot wallets.
Hardware wallets and paper wallets are both cold wallet options. However, hardware wallets are more popular as they are easier to use. They also come with customer support provided by the manufacturer.
Hardware wallets use a physical medium usually in the shape of a USB stick – to store the wallet’s private keys. This is making them de facto unreachable to hackers.
Paper wallets function is similar to hardware wallets. But instead of a physical device, paper wallets are pieces of paper that contain a public wallet address and a private key.
NFT crypto Wallet platforms overview
Enjin wallet is based on Ethereum blockchain. It is considered the most secure Bitcoin, Litecoin, Ethereum & ERC-20 blockchain wallet on the planet.
Witek Radomski CTO of Enjin claimed:
“WE ADDED MANY SECURITY FEATURES THAT REGULAR WALLETS DON’T HAVE. ENJIN WALLET CANNOT BE KEYLOGGED AND NOT AFFECTED BY CPU FLAWS LIKE MELTDOWN AND SPECTRE.”
Hide and secure your NFTs with Enjin wallet
Claim – Scan QR codes to instantly claim free and blockchain gaming assets
Trade – Securely store, buy, and sell your NFTs
Link – Link your wallet to blockchain games and apps via a code or QR scan.
What can you store in the Enjin wallet?
First of all you are able to store ERC-20 tokens, and ERC-721 & ERC-1155 NFTs in your Enjin wallet.
It is one of the most popular Ethereum wallets. It is a software cryptocurrency wallet used to interact with the Ethereum blockchain.
You can store ETH and custom tokens (i.e., ERC-20 tokens). And finally, store collectibles and non-fungible tokens (NFTs). Metamask enables you to connect to Ledger and Trezor hardware wallets.
While you can add NFT’s as custom tokens in the extension, you will not be able to see them natively in the UI. MetaMask mobile displays NFT’s under Collectibles. Some NFT’s will not show up on the mobile app under Collectibles, or may not show up correctly.
MetaMask pulls data from opensea.io, it’s their 3rd party repository for all NFTs. A collectible ID is a unique identifier since no two NFTs are alike.
NFT token 1155 is still in development, our product team is planning to add it sometime in Quarter 4 2021.
IOI Corporation has built a multi-chain digital wallet that enables a management and use of digital assets without the requirement for third-party browser extensions. It enables direct token transactions and uses for payments.
IOI Wallet and it brings you access to your NFTs as well as a 36% APY trading pool.
Multi deposit – IOI Wallet got you covered with 6 coin options and all main fiat currencies. It also disposes with NFT storage.
What makes it different from all the other crypto wallets is the daily profit – Invest and get paid every single day up to 36 % APY. Also make 10 % as a referral commission
Most important about the security of your NFTs is to create a wallet that suits you the most. Basically, safety is the target of all wallets, but they all have different added values. It is up to the user what storage is the best for his NFTs.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.