NFTs are stored on a blockchain. This decentralized, distributed ledger records all transactions made with NFTs. Because the ledger is public, anyone can view and verify these transactions. This makes it very difficult to counterfeit or destroy an NFT.
The most popular blockchain for storing NFTs is Ethereum. However, other options are available, such as Bitcoin, EOS, and NEO. Each blockchain has its own advantages and disadvantages. For example, Ethereum is the most popular option because it supports smart contracts. This allows developers to create more complex NFTs. However, Ethereum is also slower and more expensive than some of the other options.
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When you buy an NFT, you will need to store it in a digital wallet. This is similar to a bank account but stores your cryptocurrency instead of fiat currency. You can use a hot wallet, which is connected to the internet, or a cold wallet, which is offline. Hot wallets are more convenient but also more vulnerable to hacking. Cold wallets are much more secure but can be difficult to use.
You can view your NFTs by accessing your digital wallet. You must know the wallet’s address and private key to do this. The private key is like a password and should be kept safe. If you lose your private key, you will not be able to access your NFTs.
You can also view your NFTs by using a blockchain explorer. This tool allows you to search the blockchain for specific transactions.
Unlike regular cryptocurrency wallets, which only support fungible tokens (such as Bitcoin or Ether), NFT wallets specifically cater to the needs of NFT collectors and investors.
Most NFT wallets also support popular NFT standards such as ERC-721 and ERC-1155, making it easy to manage your NFTs regardless of which blockchain they are stored on.
If you’re looking to get started in the NFT collecting and investing world, then an NFT wallet is an essential piece of software. Here’s a quick rundown of the best NFT wallets available:
Ledger Nano S/X: Ledger is one of the most well-known names in the cryptocurrency space, and their hardware wallets are some of the best in the business. The Ledger Nano S and X both support a wide range of digital assets, including NFTs. In addition, the Ledger Live software that comes with the hardware wallets makes it easy to track your NFT collection and transactions.
MetaMask: MetaMask is a popular Ethereum wallet that also supports a wide range of ERC-20 and ERC-721 tokens. In addition to being an excellent Ethereum wallet, MetaMask also provides an easy way to browse and interact with decentralized applications (dApps) built on Ethereum.
Portis: Portis is a user-friendly cryptocurrency wallet that supports many digital assets, including NFTs. One of the key selling points of Portis is its ease of use, which makes it a great option for those new to the world of cryptocurrency.
Enjin Wallet: The Enjin Wallet is a mobile wallet that supports Ethereum and a wide range of ERC-20 and ERC-721 tokens. In addition to being a great wallet for storing and managing your NFTs, the Enjin Wallet also includes several other features, such as a game store and support for popular dApps.
Coinbase Wallet: Coinbase is one of the most popular cryptocurrency exchanges, and their Coinbase Wallet app supports a wide range of digital assets, including NFTs. The Coinbase Wallet app is a great option for those who already use the Coinbase exchange, as it allows you to manage your entire cryptocurrency portfolio in one place.
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