Now more than ever, people are interested in buying and using Non Fungible Tokens (NFTs) to represent digital assets like artwork, music, and even virtual real estate. If you’re looking to get involved in this exciting new world of crypto assets, the first step is to set up a safe and secure NFT wallet to store and trade your tokens. 

In this blog post, we’ll give you 11 tips on how to set up your NFT wallet safely. We’ll be using MetaMask for OpenSea for our example, but these tips can be applied to any wallet provider. 

So whether you’re using OpenSea or other online platforms, make sure to follow these tips to purchase your first NFT and keep your account secure!

Before we continue, let us ensure we understand what an NFT Wallet is:

What is an NFT wallet?

An NFT Wallet is a digital asset storage facility specifically for Non Fungible Tokens. It allows you to store, trade, and manage your NFTs in a safe and secure environment.

NFTs can represent digital NFT art, music, videos, games, or other digital files.

MetaMask for OpenSea remains one of the most popular options for NFT wallets.

Eleven Tips to Safely Set NFT Wallets:

1. Use a reputable and reliable digital wallet provider.

There are many scams and fake wallets out there, so it’s essential to do your research before choosing a provider.

There are also several reputable auction sites that allow you to trade your NFTs safely and securely. Popular NFT wallets include OpenSea, MetaMask, Trust Wallet, Rare Bits, MyEtherWallet, Coinbase Wallet, and BitSquare.

Factors to consider when choosing an NFT wallet provider:

• Security: select a company that uses secure enclave technology or has a good security track record. This way, your transactions will be safe from hackers.
• Ease of use: Any right wallet app should be simple to operate, even for those new to the crypto world.
• Token compatibility: Compatibility with the blockchain you’re using. The wallet should also hold a variety of different tokens, including ERC721 and ERC20 tokens.
• Ensure your wallet supports multiple blockchains: Wallets that support multiple blockchains allow you to store and manage tokens from different blockchains in the same wallet. This is convenient as it reduces the number of wallets you need to manage.

• Fees: Some wallets charge fees for transactions, so make sure to choose one with low costs.
• Good customer support

Setting up MetaMask Wallet

You can create a crypto wallet using your computer (Either your desktop/laptop) or phone (mobile device).

Here’s how to create a MetaMask desktop wallet through the chrome browser extension:

• Choose a wallet provider. In our case example, Go to the MetaMask homepage and click “Download.”
• On the Google Chrome Web Store, click “add to Chrome” and then click “Add extension.”
• Open MetaMask from the MetaMask desktop extension and click “Create a new wallet.” A 12-word backup or recovery phrase will be generated. WRITE THIS DOWN OR SAVE IT IN A SAFE PLACE.
• Click “I agree to the terms” and then “Next.”
• Enter your email address and password
• Choose a password and enter it twice.
• Click “Create Wallet.”

Setting up NFT Wallet on Mobile

MetaMask has a mobile wallet option for Android and iOS. Here are the steps to set it up:

• Go to the App Store (IOS) or Google Play store (Android). Download and install the MetaMask app on your smartphone. Ensure to use the official MetaMask site only.
• Open MetaMask and click “Create a new wallet.” A 12-word backup or recovery phrase will be generated. WRITE THIS DOWN OR SAVE IT IN A SAFE PLACE.
• Click “I agree to the terms” and then “Next.”
• Enter your email address and password.
• Re-enter your password (your password should be min 8 characters per MetaMask’s guidelines.
• Click “Create Wallet.”
• Enter your encryption key.
• Back up your wallet file.
• Connect to the blockchain.
• Verify your identity.
• Fund your wallet with Ether (or another cryptocurrency).
• Start trading!

Once you have created your cryptocurrency wallet, you will be given a unique wallet address. The address is a long string of numbers and letters starting with 0xx… found on top of the wallet page. This is where you will send your NFTs to store them in your wallet or where you do your NFT transfers.

2. Use a strong, unique password.

This is probably the most important tip of all! Your password is your first line of defense against hackers, so make sure it’s strong and unique. A good way to create a strong password is to use a combination of letters, numbers, and symbols. If you’re using a digital wallet provider, they will likely have a password strength checker to help you create a secure password to ensure your NFT transactions are safe.

3. Backup your wallet.

It’s essential to backup your wallet regularly if something happens to your computer or phone. You can do this by clicking on the “Backup” tab in MetaMask and copying your 12-word recovery phrase. You can also save it as a PDF or text document. Please make sure you double-check that the recovery phrase is correct and store it in a safe place.

Tip: you can note the private keys of your NFTs on 2 or 3 pieces of paper and store each one in a separate secure location. You may also want to keep it offline in an encrypted hard drive. 

Whatever you do, ensure you have multiple backups for your seed phrase / private keys if you lose access to your primary copy.

How to Backup Your Cryptocurrency Wallet

To backup your cryptocurrency wallet, follow these steps:

• Open your wallet and click on the menu button.
• Select “Backup Wallet.”
• Enter your recovery phrase and click “Submit.”
• Verify your recovery phrase and click “Submit.”
• Your backup has been successfully created!

4. Do not screenshot your private keys

Do not screenshot your private keys or save your password/seed phrase on your computer or phone.

If you lose your seed phrase, you will lose access to your wallet and all the Non Fungible Tokens stored in it.

5. Use your recovery phrase if you lose your password

If you lose your password or phone, you can use your recovery phrase to restore your wallet and access your NFTs. Also, if you forget your password, you can reset it by clicking on the “Forgot Password?” link on the login page. You can also download MetaMask on a new phone and enter your recovery phrase to restore your wallet.

6. Use two-factor authentication.

Two-factor authentication (2FA) is a security feature that requires NFT users to input a second code when logging into their wallets. This code can be generated by an app on your phone or sent to you as a text message. 

The authentication code makes it harder for someone to hack into your account. Any reputable and popular wallet providers offer 2FA as a security option.

7. Download software from reputable providers or the official website of the wallet provider.

Avoid sites with AdSense or other unrelated ads on the page, as there is a higher chance of scams.

Now that you know how to create a cryptocurrency wallet and backup your recovery phrase, you’re ready to start buying and selling NFTs! It’s time to start the NFT collection! There are several ways to get started. Here are a few options:

Buying NFTs on an online marketplace

Once you register an account or using your existing wallet, deposit some Ether (ETH) into your OpenSea wallet.

You can then browse the marketplace for NFTs that interest you. When you find an NFT that you want to buy, click on the “Buy” button and confirm.

Creating your own NFTs

If you do not want to purchase NFTs, you can also create your own NFTs using a blockchain platform like Ethereum or EOS.

This requires a bit more technical knowledge, but it gives you more control over the design and functionality of your NFTs. Use the following steps;

• Register for a blockchain platform like Ethereum or EOS.
• Download the software and create a new wallet.
• Send a small amount of Ether (or EOS) to your new wallet to cover gas fees.
• Create NFTs by using the platform’s codebase and smart contracts.
• Upload your NFTs to an online marketplace for sale or distribution.

You can also get crypto-collectibles by

• Joining a gaming ecosystem
• Getting rewarded for using NFTs.
• Getting NFTs from friends or family.

8. Don’t click on links or download files from unknown sources.

Scammers may try to steal your wallet password or seed phrase by sending you links or files that appear to be from MetaMask or another trusted source. Don’t click on any links or download any files from unknown sources.

Be very careful when entering your password and seed phrase into any online form. Only enter them into official MetaMask pages.

9. Beware of phishing scams.

Phishing scams are emails or websites that try to steal your login information by posing as a legitimate provider.

10. Don’t use public Wi-Fi to access your wallet.

Public Wi-Fi is not safe to use when accessing your cryptocurrency wallet. Hackers can easily steal your information or passwords when you’re using an unsecured Wi-Fi network. It’s best to use a secure VPN when using public Wi-Fi.

11. Keep your wallet updated.

Wallets providers often release updates to improve security and fix vulnerabilities. Make sure to download and install any updates that are released for your wallet.

Types of Wallets

There are many different cryptocurrency wallets, each with its own advantages and disadvantages. As we’ve mentioned earlier, a perfect wallet meets your specific needs and is easy to use.

The most common and top NFT wallets include;

Ethereum wallet:

An Ethereum wallet is a digital wallet that stores Ether and other Ethereum-based tokens. It is used to store ERC20 tokens based on the Ethereum blockchain. Ethereum wallets are suitable for NFT purchases. It is among the top NFT wallet for most NFT collectors.

Bitcoin wallet:

A Bitcoin wallet is a digital wallet that stores Bitcoin and other Bitcoin tokens. Like many other wallets, it allows you to send and receive transactions and also allows you to store your NFTs.

MetaMask wallet:

A MetaMask wallet is a digital wallet that stores Ethereum and other Ethereum-based tokens. It allows you to send and receive transactions and also allows you to store your MetaMask tokens. It is among the most popular NFT wallets. Many collectors believe it is the best NFT wallet.

Defi wallet:

A Defi wallet is a digital wallet that stores tokens used in Decentralized Finance (Defi) applications. It allows you to send and receive transactions and also allows you to store your Defi tokens.

Enjin wallet:

An Enjin wallet is a digital wallet that stores Enjin Coin and other Enjin tokens. It allows you to send and receive transactions and also allows you to store your NFTs.

Coinbase NFT wallet:

A Coinbase NFT wallet is a digital wallet that supports the storage and management of NFTs on the Coinbase platform. It allows you to send and receive transactions and also allows you to store your Coinbase NFT tokens.

Web wallet:

A web wallet is a digital wallet that is hosted on a website. It allows you to send and receive transactions but does not allow you to store your Web tokens.

Desktop wallets:

A desktop wallet is a digital wallet designed for use on desktop computers. It allows you to send and receive transactions but does not allow you to store your NFTs.

Math wallet:

A math wallet is a digital wallet which allows you to send and receive transactions. The wallet does not allow you to store your NFTs.

Hardware wallets:

A hardware wallet is a physical device that stores your cryptocurrency. It allows you to send and receive transactions and also allows you to store your NFTs.

Trust wallet:

The Trust wallet is a digital wallet that stores Bitcoin, Ethereum, and other Ethereum-based tokens. It allows you to send and receive transactions, and also allows you to store your NFTs.

Some tokens can be stored in any type of wallet. They include;

• Utility token
• Security token
• Asset-backed token

Smart chain tokens, a.k.a. ERC721, on the other hand, are based on the Ethereum blockchain and can only be stored in an NFT wallet that supports ERC721 tokens.

The best NFT wallets for most NFT collectors are the MetaMask wallet, Coinbase wallet, and Trust. Trust wallet lets you store nfts in various blockchains such as Binance smart chain, Bitcoin, and Solana.

FAQs

Which is the best wallet for NFT?

The best NFT wallets for most NFT collectors are the MetaMask wallet, Coinbase wallet, and Trust. However, each collector should decide which wallet is best for them based on their needs and preferences.

Are NFT wallets safe?

Yes, NFT wallets are safe. However, it is always important to take caution when sending or receiving payments and ensure that you are using a reputable wallet provider.

Conclusion

It’s essential to take precautions when setting up your digital wallet. We hope the 11 best tips to safely set up your NFT wallet in the article were helpful. Remember always to use a reputable wallet provider, choose a wallet compatible with your tokens and take caution when sending or receiving payments.