We might have different opinions on different issues but one thing we can all agree on is this; Non-Fungible tokens have undoubtedly been among the most important technological innovations of the past decade. With that comes the need for a perfect NFT Wallet!
NFT popularity has tremendously grown because NFTs provide a secure means of authenticating and verifying ownership of digital assets. That is why the market valuation of NFTs is quite remarkable, closing out at an organic trading volume of over $20 billion at the end of 2022.
Given the great growth and profit potential NFTs have, it is therefore a smart strategy to create, own, or trade NFTs. However, you will need to have an efficient, reliable, and secure NFT wallet to ensure your NFTs are safe at all times.
The following are three main types of NFT wallets and a comprehensive description of their unique qualities;
As the name suggests, custodial wallets are essentially online-based NFT wallets whose owner is not the only one with the private keys. Rather, a third-party, usually an exchange or NFT marketplace, also has the wallet’s private keys and information.
Custodial NFT wallets lighten the burden of responsibility on NFT owners. That is because they don’t have to worry about accidentally losing their private keys and consequently losing access to their assets.
Rather, they can be assured that a “custodian” has securely stored the private information required to access their wallets for them. That way, NFT owners can regain access to the wallets any time they need to.
Unfortunately, custodial NFT wallets eliminate perfect anonymity and contradict the whole philosophy of decentralization which is granting users perfect autonomy. A great example of a custodial NFT wallet is Metamask.
Non-custodial NFT wallets are the opposite of custodial wallets. The owner of the NFT wallet is the only one with the private data required to access the assets. As such, non-custodial wallets grant NFT owners full anonymity and autonomy, something custodial wallets don’t.
Non-custodial wallets also do not store highly sensitive information of the owner. There is minimal interaction of third-parties with non-custodial NFT wallets and that greatly reduces the probability of loss or theft due to stolen data.
Various types of NFT wallets have their own benefits. However, hardware wallets also alternatively referred to as cold wallets are practically the best NFT wallet you can use to store your NFTs.
That is because with cold wallets such as Ledger (Buy here), you are assured of optimal security. Your NFTs are entirely protected from cybercriminals as cold wallets are not internet-based like custodial wallets.
So, you need not worry about hackers remotely accessing your hardware wallet. Additionally, Ledger wallets are immensely versatile. That is to say they can be used to store other digital assets like crypto and can also be integrated with Blockchain wallets and networks.
Therefore, if you are both an NFT and cryptocurrency trader, you will not have to struggle to find two separate wallets for your assets. All you will need is one high quality Ledger cold wallet that will store your crypto and NFTs securely.
NFTs are highly valuable digital assets that must be protected at all costs in a highly secure wallet. Also, your wallet should be compatible with custodial and non-custodial wallets to enable you to access certain features offered on various Blockchain networks online.
That is why you need Ledger – the best NFT wallet in the market. With Ledger, you will not only enjoy top-notch versatility and compatibility. You will enjoy the highest, unparalleled security standards to ensure your NFTs are safe and secure at all times.