It’s the era of non-fungible tokens (NFT). Many users transact with NFTs to reserve the rights of various assets almost every day. Consequently, NFT marketplaces and wallets have become the most popular investments among entrepreneurs. These products encompass high returns and are the major inclination for numerous investors.
So, are you willing to develop an NFT wallet? We’ve got you covered if that’s the case! Below is a comprehensive guide on developing premium NFT wallets from scratch. Let’s dive in!
Wait! It’s time to inspire you with some exciting numbers regarding NFT wallets. Take a look below!
- Did you know that the year-wise growth of the NFT cap is around 138.7%? Yes, that’s true!
- During the first 6 months of 2021, the NFT market witnessed a massive sale of $2.4 billion.
- NFT wallets registered as high as 40,000 unique customers in March 2021.
These statistics are highly impressive, aren’t they? So, you can easily infer that NFT wallet development is a buzzword among investors and developers. Now that we are highly inspired to develop NFT wallets, let’s learn the how-to steps.
What is NFT?
Before proceeding anywhere, it’s essential to get the basics cleared. Let’s start our discussion by understanding the meaning of NFT.
So, what is an NFT? The non-fungible token or NFT is a digital currency that is used to buy the rights of various physical and virtual assets. Almost millions of NFTs transactions are made every day through something called wallets, which are discussed below.
What is an NFT Wallet?
All of us require a wallet or purse to collect and manage our money. Similarly, you need an NFT wallet to organize all tokens and use them as and when needed.
NFT wallet development has become a trending concept among investors. These products provide high returns and remain in buzz forever. So, NFT wallets are one of the most high-yielding investments in the industry.
Types of NFT Wallets
While we are discussing NFT wallets, it’s essential to understand their types. NFT wallets are of two kinds as discussed below:
1. Custodial NFT Wallet:
A custodial NFT wallet is a service offered by a third party. It is used to store sensitive information about NFTs, associated assets, and even the private key. All you need is to log into the wallet and make seamless transactions.
2. Non-Custodial Wallet:
The non-custodial wallets are the opposite of the above. These are maintained by the buyers to store NFTs and assets. Also, the customer keeps the private key without sharing it with any third party.
Benefits of NFT Wallet
Are you wondering about the benefits of using an NFT wallet? Here are the most convincing reasons listed below.
1. Manage Tokens
An NFT buyer who transacts frequently requires safely storing the tokens and using them whenever required. These can be done using a secure NFT wallet.
2. Store Asset Information
Apart from tokens, a buyer can store asset information in NFT wallets. These are secure platforms and breaches into such insights are almost impossible.
3. Safeguard Private Key
Dealing with NFTs means getting a private key that you must safeguard. You can use the NFT wallets to protect your key data and store it for future reference.
4. Accessible from Anywhere
Since NFT wallets are digital and web-based products, these remain accessible from anywhere and at any time using the internet. So, you can buy assets using NFTs at any moment, provided that you have an active connection.
Best NFT Wallets in 2021-2022
Before we can discuss the development of NFT wallets, it’s essential to discuss what’s trending in the industry in 2021-2022. Let’s learn about the best NFT wallets in 2021-2022.
MetaMask is one of the most popular NFT wallets in 2021. Started as a browser extension to connect individuals with decentralized apps, MetaMask lets you build a secure Ethereum wallet for crypto exchange.
Also, MetaMask has a mobile application with a simple and interactive interface. The best part about MetaMask is that it allows effortless synchronization of web and mobile data regarding NFTs. All these reasons make MetaMask a leading wallet in the NFT industry and numerous buyers connect themselves to the unique platform.
Coinbase Wallet is a popular and prominent term among NFT buyers, especially beginners. Coinbase Wallet developers kept the product concept simple and easily understandable for the newbies. Like PayPal, a Coinbase Wallet user can transact NFTs through usernames and not addresses. This makes the concept simple and legible for all types of investors.
Besides, Coinbase Wallet remains compatible with numerous crypto platforms like Ripple, Litecoin, Bitcoin, and much more. The wallet also has a user-friendly mobile app for seamless transactions using smartphones.
Another name among the top NFT wallets is AlphaWallet. It is an Ethereum-based platform that allows storing and safeguarding NFTs. AlphaWallet remains compatible with various platforms like OpenSea, CryptoKitties, and ChainZ Arena.
Also, the AlphaWallet app lets you trade in-game assets, based on Ethereum. The web app, in contrast, has an in-built browser that allows browsing through several decentralized apps. Furthermore, the open-source platform allows tokenizing and capitalizing multiple assets using the robust website.
When discussing the top NFT wallets, we cannot overlook Enjin. It is a robust wallet app that allows the transactions of many assets and in-game collectibles.
Besides, Enjin also serves as a platform to list your assets and surf the market to find lucrative investment options using NFTs and cryptocurrencies.
The Enjin wallet has classic UI and remains compatible with mobile and web platforms. It enables a web-based browser to find many decentralized applications. Furthermore, Enjin has yet another feature that distinguishes it from other wallets. It provides one of the best customer support to solve your queries and make NFTs transactions comprehensible for all types of customers.
TrustWallet is a reliable option for numerous NFT buyers worldwide. Although the platform does not allow NFT transfers, it lets you store them and other assets. It has a one-tap browser to tour the marketplace and get the desired decentralized application. Besides, it provides access to leading platforms like OpenSea and Axie Infinity.
TrustWallet has native integration with prominent public chains like Ethereum Classic. Additionally, it remains compatible with several blockchain networks, opening immense possibilities in the long haul.
The top NFT wallets in 2021 are the classic benchmarks for newbie investors and developers. Now that we know these platforms, our aim is to build wallets that have similar or even better features than the ones discussed above.
Why Should You Invest in NFT Wallet Development?
We all know that NFT wallets are trending and remain a buzzword among investors. But what makes us driven towards investing in NFT wallet development? Here are the top reasons.
1. NFTs Remain in Demand
The NFTs started early and have conquered the crypto market over the years. Even now, they have immense industry demand. Interestingly, predictions reveal that NFTs will not lose their demand in the years ahead. So, developing NFT wallets when the token sales are on the brink of explosion can be an excellent idea.
2. NFT Transactions are Increasing
Many studies and reports infer that NFTs transactions are growing. More buyers invest using NFTs almost every day, making tokens the most sought-after entities in the decentralized marketplace. Consequently, it’s the best time for NFT wallet development as these transactions increase.
Now that you have understood all aspects regarding NFT wallets, it’s the right time to discuss its development process. So, let’s begin!
1. Audience and Competitor Analysis
Before beginning to develop an NFT wallet, it’s essential to analyze the target audience and the competitors in your niche. It will give you an idea of what to include and an edge over other products in the market.
2. Consider the Features and Technologies
Although choosing a tech stack might sound challenging, it can help in developing the desired NFT wallet effortlessly. Besides, you need to sketch the features before getting into the developmental part. The must-have features in the NFT wallet are:
- Robust payment security
- Swift international transactions
- Login/Sign Up
- Advanced Searching features.
3. Hiring an NFT Wallet Development Company
Now that your requirements are clear, you can go for the best NFT wallet development company like Auxano Global Services. All you need is to reveal the needs to the technology partner and they will craft the best solution for you.
4. The Development Begins
Your technology partner will now initiate the development by choosing the best platform and designs for your NFT wallet development.
5. Product Release
After several series of feedback and modification, the desired NFT wallet becomes all set to roll out in the market.
How Much Does it Cost to Develop an NFT Wallet?
The charges to develop an NFT wallet start from $40,000 to $50,000. Furthermore, the exact price depends on your specific preferences regarding platforms, technology, and features.
The NFT wallet development time also depends on various factors but the average time varies between 700 Hours to 1000 Hours.
How Can Auxano Global Services Help You?
We are the leading names in the NFT wallet development industry. Since we are the best NFT wallet development company, our team has the following attributes through which we uplift your project.
- We have years of experience in developing NFT wallets of various types.
- Our team has an in-depth understanding of the latest technologies and trends.
- We understand your customers and create the best experiences for them.
Are you all set to develop an NFT wallet? Congrats if it’s a yes! Get in touch with our honed developers to create fascinating products from scratch and at the best prices.