Crypto NFTs are the ‘latest thing’ in online gaming, digital art and collectibles. From CryptoKitties to Bored Ape Yacht Club, NFTs are all the rage. But with new technology comes new risks – and your NFT wallet is not immune! While Metamask wallet is one of the most popular ways to store, buy and sell NFTs, hacks of Metamask wallet are becoming more common and there is zero support if cyber criminals target you. That’s why in this post we detail 4 alternative NFT wallets, and tell you how to make Metamask safer to use for your NFTs.
What are NFTs?
Non-fungible tokens, or NFTs, are digital assets (tokens) that represent objects like art, music, in-game items, and videos. They may be bought and sold on the internet. They’re based on the same software as numerous cryptos. However, there are certain distinctions to be aware of.
Firstly, because NFT’s are one-of-a-kind digital assets, they are referred to as “non fungible.” This implies that you can’t exchange one NFT for another of the same NFT (similarly) because each is individual. Just like you can’t, for example, swap a Van Gogh with a Picasso.
Cryptocurrencies are fungible: 1 Bitcoin may be exchanged for another.
Secondly, NFT software differs from crypto in that it stores data. This distinguishes them from cryptocurrency and opens up a lot of possibilities for what you can do with them.
NFTs have inherent value as both cryptocurrencies and as a digital kind of expression and culture.
Non-fungible tokens are being utilized by artists, musicians, gamers, and some companies to monetize their creative works and products right now.
NFTs are new forms of digital assets and some can be extremely valuable.
What can you do with NFTs?
NFTs are programmed to store data so they can represent anything from digital art, music, e-books and videos, gaming items like in-game components. They have become an ingrained part of crypto culture and individual social status. So it goes without saying you can collect them, use them with your public profile, or deploy them in online game play.
NFTs can also be used as fan or membership tokens. Fan tokens give fans access to unique content, experiences and rights such as access to exclusive articles, meet and greet opportunities, or the right to vote on polls.
The use cases for NFTs are still not fully known and we expect them to grown rapidly. For now, you can create, sell and buy NFTs on NFT marketplaces like Opensea.
Why do you need an NFT wallet?
You need an NFT wallet to store, use and move your NFTs.
When you buy an NFT in an NFT marketplace you need to take custody of it. You do this connecting your NFT wallet to the marketplace website, platform or protocol. Once the purchase is complete, the NFT file (or at least your private key authorising your ownership of the NFT) is moved to your NFT wallet. You can view the NFT from your wallet and have full custody of it and access to it.
Is an NFT wallet the same as a crypto wallet?
Yes and no. Some crypto hot wallets, like Metamask, Trust Wallet and C98 can store both cryptocurrencies and NFTs. But other wallets don’t have the capability to store NFTs.
Different wallets also have different native capabilities when it comes to your NFTs – some you can only store, send and receive. Others you can use the NFTs directly in game play by connecting your wallet to blockchain games.
It can be complicated to work out just which wallet to use, which is why we have pulled together a simple list of the top NFT wallets around.
Should you use Metamask wallet to store your NFTs?
Metamask wallet is probably the most commonly used crypto wallet. As so many platforms and protocols connect with it, it’s convenient to use Metamask wallet across the crypto ecosystem and this includes NFTs. The problem with Metamask however is its security.
Firstly, it’s a hot wallet like any other, so it’s exposed to cyber hack.
Secondly, as crypto has flourished and Metamask’s popularity grown, it’s become fertile ground for cyber criminal attack. We’ve noticed on crypto Twitter an increase in the personal stories of Metamask wallet being hacked. Unfortunately, from these first hand accounts, there is no support from Metamask if you are targeted and your NFTs are stolen.
It’s a catch 22 situation because Metamask wallet really is one of the most convenient wallets for both crypto and for NFTs but you also need to keep your assets safe.
There are some alternative NFT wallets worth exploring alongside Metamask. There are also ways to secure your Metamask wallet to make it safe from cyber crime. Let’s take a look at both of these.
4 alternatives to using Metamask as your NFT wallet
All 4 of the wallets below support ERC-721 and ERC-1155 NFTs. You can store your gaming and collectibles in the wallet and wallets like Enjin make it easy for your to use your NFT for in-game experiences.
Top gaming NFT wallet
- Enjin Wallet – Enjin wallet is a mobile wallet built for both NFTs and crypto. It supports Bitcoin, Litecoin, Ethereum, Polkadot, Binance Coin and all ERC-20 (Ethereum) tokens. Importantly, Enjin NFT wallet also supports all ERC-721 & ERC-1155 NFTs. Enjin wallet is most popularly used for gaming NFTs. Because Enjin is a gaming and metaverse platform, Enjin wallet lets you trade NFTs, and provides blockchain gaming support. It also offers in-app token swap (Android only). With Enjin wallet, you can carry your digital identity across blockchain games and apps. This makes it simple to move around the gaming ecosystem. The wallet has 4.5 out of 5 starts across 650 reviews on the App Store, so Enjin must be doing something right.
- Phantom wallet – Phantom wallet is an NFT and DeFi wallet created for the Solana blockchain. The wallet comes as a Chrome browser extension only at the moment. Phantom has recently announced that its mobile wallet is coming soon however. The great thing about Solana wallet is that it integrates with Ledger Hardware wallet. This gives it security above and beyond any hot wallet on this list. Phantom wallet appears to have an Ethereum Mainnet integration in the works; you can sign up for their Beta waitlist straight from their website.
Top NFT collectibles wallet
- Trust Wallet – Trust wallet is another mobile wallet you can use to store both crypto and NFTs. The NFT section can be found under their ‘collectibles’ menu. Trust Wallet integrates with both Ethereum and Binance Smart Chain so you can send, receive and store NFTs from both of these networks. You can’t store Solana NFTs on Trust Wallet however.
- C98 Wallet – C98 NFT wallet is an NFT and cryptocurrency wallet with multichain support. You can store, send and receive NFTs across a bunch of blockchains including the big three: Ethereum, Solana and Binance Smart Chain. The wallet takes a little getting used to because of its multi-chain functionality. But it has native links directly into NFT marketplaces where you can buy your NFTs. Also, their support team is really responsive and has helped us out with using the wallet on a few occasions. That’s rare in crypto, and more than we can say for Metamask!
How to make Metamask a safer NFT wallet
The best way to secure your Metamask wallet is to connect it to a hardware wallet. Metamask has integrations with both the Ledger or the Trezor hardware wallets. It’s pretty easy to connect them up and once you do, you have the same security with your Metamask as you would using a hardware wallet.
Ledger Nano X or Nano S
Trezor One or Trezor Model T
Connecting your hardware wallet to a new Metamask wallet
When the connection is up and running, you will have to individually validate all Metamask transactions physically by confirming them on your hardware wallet. This makes it difficult for cyber criminals to steal your NFTs (or crypto) without you knowing.
The best way to connect Metamask to Ledger or Trezor is using the Metamask Chrome or other browser. You simply open the browser, click the icon at the top right and in the menu you will see ‘Connect hardware wallet’. Follow the prompts from there.
Connecting a Trezor or Ledger to your existing Metamask wallet
It’s also possible to connect a new Trezor wallet to an existing Metamask hot wallet. The instructions are a bit more complex but you can find them (for Ledger wallet) here, and here (for Trezor wallet). This is a great option if you start using Metamask and then decide to buy a hardware wallet to secure your crypto or NFTs.
5 top security tips for using Metamask NFT wallet
- Never share your private key or seed recovery phrase with anyone!
- Write down you seed recovery phrase or better yet, store it in a metal wallet like BillFodl.
- Always disconnect from sites you have used Metamask with. You can do this by clicking the three dots at the top right of the browser and then selected connected sites. Hit the trash can for any sites or protocols that you don’t need connected at that time.
- Use a strong password for the Metamask app and make sure all of the native security and privacy functions are turned on. This includes options like Privacy mode and Face ID. You can find security options in the Settings menu.
- Don’t keep all of your coins and NFTs on Metamask unless you have your hardware wallet connected.
Conclusion
You can use Metamask to send, receive and store your NFTs but we only recommending doing this if you have it connected with a Ledger or Trezor hardware wallet. If you are looking for an NFT wallet that is sleeker, with a better user interface and more gaming functions we’d go with something like Enjin or Phantom. These wallets both support growing NFT and gaming platforms and we only expect the wallet experience to get better as these platforms expand.