A Beginners Guide to Wallets for Your NFT Collection

05-26-2022

What is a Crypto Wallet for storing NFTs?

Crypto collectibles are digital items stored on the internet (the blockchain). If you own any of these items, then it's important to keep them safe. You need a special place to keep them called a wallet. You might not know what kind of wallet is best for you, so let me tell you about all the different kinds there are!

Choosing the type of wallet that suits your needs may seem daunting at first. But don't worry; we'll break it down step-by-step so you can find the perfect one!

How to Set Up Your Wallet for NFTs

Non Custodial Wallets

One of the most important things to take into consideration when deciding which wallet to use is what happens if you lose your password, also known as a seed phrase. Wallets that do not need a third party—a custodian—are non-custodial. They provide a service for storing and managing your coins, but it's up to you to protect them. If someone steals your password, private key, or seed phrase—you won't be able to access your funds. 

How to set up a non-custodial wallet:

1. Depending on what type of phone you have, there are wallet apps available on the apple or google play stores to choose from. For example, Metamask, Trust Wallet, or Rainbow Wallet are popular options where you don't have to share personal email or any other information. 

2. First, locate them on the appropriate website or mobile app store and download the app.

3. When you are in the sign-up process, write down your private key. It's presented as a random word phrase typically 12-24 words depending on which wallet you are using. Be sure to keep it in a secure location. If you lose or forget this 12-word phrase, you no longer will be able to access your crypto in that wallet.

4. You can transfer crypto to your wallet from an exchange or an existing wallet for NFTs or any other purpose.

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Hardware wallets

Offline wallets are devices that store private crypto keys offline, about the size of a thumb drive. Most people do not use these devices because of their complexity and cost upwards of $100-$200 on average, but they do have some advantages, such as keeping your crypto secure even if your computer is hacked.

The hardware wallets are all linked with a private key: a password-like bit of code that allows you to decrypt the wallet and access the coins or tokens it stores.

How to set up a hardware wallet:

  1. Purchase the hardware. Ledger and Trezor are two of the most well-known brands. 

  2. Download and install the software. Setting up your wallet requires software specific to each brand of hardware wallet you decide to use. Wallets can be created by downloading the software from the official company website.

  3. Like non-custodial wallets, hardware wallets don't allow you to purchase crypto directly on the app/device, so you must transfer crypto to the wallet from an exchange or another wallet before making. If you want to be extra cautious, you can use hardware wallets. 

Bottom Line

Whatever wallet you ultimately choose, if you have NFTs to show off and want to connect with other NFT collectors, head over and sign up to NotCommon where you can display multiple galleries in one easy-to-manage profile. 



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