Due to the decentralized nature of blockchain, many users remain reluctant to leave their assets at the mercy of a centralized exchange. Instead, they opt to choose to access their non-fungible tokens and cryptocurrencies via non-custodial wallets. In essence, this means that the user has complete control over their own private keys.
This system will provide unparalleled security to vigilant users, while careless users will be at risk of potential exploits. So, in the spirit of healthy endeavor, it’s pertinent to take a quick look at what’s under the hood of some of the most popular non-custodial wallets.
Coming out of the vaults of veteran Ethereum developer, Consensys, MetaMask remains by far the most popular non-custodial wallet on the market offering up support for both Android and iPhone users.
Furthermore, MetaMask also connects with a wide range of decentralized applications and NFT marketplaces, allowing users to purchase and interact with NFTs over a variety of chains.
MetaMask includes a number of standardized security features all centered around a 12-factor seed phrase that, if misplaced, makes the contents irretrievable. In addition, users must grant permissions at a dapp level, which can result in undesirables accessing their funds. However, to increase security, MetaMask also supports leading hardware wallets from both Trezor and Ledger.
- Large Community of Users
- Hardware Wallet Support
- In Built Web3 Browser
- Multiple Chains Supported
- No Support for Solana NFTs
- Not Beginner Friendly
- Fiat Not Supported
Take a closer look at MetaMask >> Here
Relatively new on the scene, NOW Wallet is the product of innovative crypto exchange, ChangeNOW. It offers up a window to the decentralized plane via both Android and IOS. All users have full control over their private keys, and there is no registration required.
NFT support comes in the shape of a fully functional digital asset ecosystem, allowing collectors of the non-fungible variety to send and receive their prized tokens at will, as well as trade through a variety of marketplaces, and even curate their very own collection. Later down the line, ChangeNOW will incorporate a platform-optimized, in-house developed marketplace. This will be in addition to the incorporation of both the Binance Smart Chain and Solana Networks.
NOW Wallet boasts one of the most user-friendly interfaces in the industry, allowing users to interact with their non-fungible tokens with the greatest of ease. All supported by the ability to make purchases using over 60 run-of-the mill fiat currencies.
- Supports Fiat Payments
- Beginner Friendly
- NFTs Supported in APP
- Wide Range of Services
- ● No Support for NFTs on Solana and BSC Implemented Yet
Get to know the NOW Wallet >> Here
AlphaWallet comes in the shape of a 100% open-source, mobile optimized non-custodial wallet, giving tech-savvy users greater scope to customize its services. However, it does not offer a swapping feature on its platform, instead, allowing users to make purchases using a bank card. Security comes in the form of biometrics and pin code protection, all backed up by a 12-word seed phrase.
- Supports Most Gaming Tokens
- 100% Open SourceCons
- Favours the Tech Minded
- No Swapping Feature
Find out more about AlphaWallet >> Here
Another widely used option available on Android and IOS devices, Trust Wallet benefits from its integration with a wide number of chains. However, NFT support is currently restricted to ERC721 and ERC1155 tokens on the Ethereum and Binance Smart Chain networks. Furthermore, an integrated dapp browser additionally makes surfing the Web3 ecosystem a breeze, while a dedicated NFT feature allows users to display and view their assets from a single, convenient access point.
Security comes in the standard form of biometrics backed up by a 12 factor seed phrase. However, some users report that the platform would benefit from tighter access restrictions.
- Crypto Support for a Wide Range of Blockchains
- Integrated Dapp Browser
- Dedicated NFT Feature
- Security Could be More Robust
Take a tour of Trust Wallet >> Here
The product of the Canadian development team, Decentral, Jaxx manifests as a versatile wallet available for a whole range of mobile and desktop devices. Currently, the Jaxx wallet supports predominantly Ethereum-based assets, so users can easily use it to trade NFTs. However, the platform currently has no way to view the non-fungible tokens via the wallet.
Jaxx uses bank-level encryption to secure its platform, while also enabling access through facial recognition and password protection. All backed up with a personal 12-word seed phrase to keep those assets safe.
- Available for Desktop and Mobile
- Supported by a Wide Range of Operating Systems
- Bank-Level Encryption
- No Dedicated NFT Feature
- Customer Support Slow to Respond
See what Jaxx has to offer >> Here
In conclusion, non-custodial wallets allow for a greater degree of control over those prized assets. However, the user remains wholly responsible for their self-managed access credentials. So, should that seed phrase become waylaid, the assets linked to it will disappear into the great crypto void. That said, financial institutions have long been the bane of human existence, and a move away from their noxious grip should be welcomed with open arms.
Currently, MetaMask, with its millions of users, remains the number one choice for seasoned collectors. However, NOW Wallet will prove the easiest to get to grips with for those new to the market, drawing on its intuitive user interface to provide a simple and fluid introduction to the collecting of NFTs.