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Why The DeFi Web3 Wallet Is Better Than Traditional Banking

Why The DeFi Web3 Wallet Is Better Than Traditional Banking

Folks who are into crypto already know the answer to this. Newbies on the other hand, may still need to be convinced. Your regular financial system has been ripping you off since the day you created a bank account. 

The cliché idea we’ve always had about banks was they save our money and other assets. But when you begin summing up how much they’ve taken from you as transaction charges, interest rates, and many other financial service costs- you’ll realize it’s more of recurrent “rip-offs” than actual “saving.”

They do it so subtly. That’s why many bank users don’t see the value in those little deductions here and there. And unknown to them, a fortune is amassed on the backend. 

However, the new internet phase (web 3.0) comes with a much better financial system that drastically reduces these rip-offs in the cryptoverse. And the web3 wallet is at the core of this revolution. It also gives you a decentralized form of finance (DeFi) as opposed to the regular centralized financial system (CeFi).

In this article, we shall be looking at why you should embrace the web3 wallet over your regular traditional banking system. 


The new internet generation comes with not just the decentralization of the internet, but of finance. A centralized financial system gives you limited control over your finance, high interest rates on loans, and many costs on accessing other financial services. 

However, with a decentralized system in the crypto space, you don’t need the regular banking system to save your assets and spend money. 

You can now easily buy, borrow and spend digital money (crypto tokens) in online gaming wallet without going through the hassles of documentation, identity checks, and other forms of required regulations traditional banks subject you to. 

With an anonymous account you can carry out many financial activities easily. The web3 wallet is unlike other regular crypto wallets as you can earn from your assets by staking, having access to many decentralized applications, and also being in total control over your digital assets without needing an intermediary. 


Garvin Wood, the co-founder of Ethereum was the first to mention the term “Web3” and the major reason behind its creation is to lessen the dominating grip of intermediaries within the ecosystem of the internet. With this, there is an aligned interest with cryptocurrency. 

Thus, both crypto and web3 are designed to remove the middlemen or intermediaries from the traditional financial systems. This makes them linked and it also explains how web3 gives you an opportunity to better your financial life. 

Many crypto analysts and enthusiasts believe crypto tokens will be what shall power this new internet generation unlike anything ever seen. 


Before the web3 wallet came about with all this amazing technologies we see in our contemporary age today, the internet has been going through phases of development.

As you well know, previous internet generations couldn’t provide such financial bliss due to their limited capacity. Web1 was simply an open, decentralized internet merely used for data sharing, research, and communication. It was mainly used by universities during the early 1980s.

After a while, anyone with a modem had online access. Web1 is considered a text-only medium as interaction with the internet was restricted to reading written info on website and online forums. Users were mostly consumers of content, not producers. 

However, web2 came with more interactive opportunities. Internet speed increased, more images, videos, and audios were now incorporated on the internet. However, the web2 still had a centralized system. It was also characterized by a requirement of a password to gain access to an online account, permissions and data usage. This determined advertisement revenue. 

 After much development, the web3 internet phase finally arrived, granting decentralization across the web and also in the banking industry. There are fewer limitations and now people now have access to artificial intelligence (AI), control over data ownership, better security, ubiquitous access to data, and the like.     


Banks and some other financial institutions are already going into the web3 DeFi space as there are many opportunities. This new internet phase grants creators and web users access to a decentralized financial system and many are now seeing the need to store their assets in the web3 wallet. 

In July 2020, a suggestion was made from the Office of the Comptroller of the Currency (OCC) which advised banks to create safekeeping measure for crypto users. This meant keeping users’ cryptographic keys for accessing their wallets safe. 

In a matter of years, web3-inclined banks will definitely spring up, equipped with a decentralized financial system. They may also create their personal web3 wallet, featuring major digital currencies. With the rapid advancement of technology and the development of web3, this will happen very soon. 

The web3 wallet will help banks and other traditional financial institutions expand their reach beyond their traditional platforms. It’ll help them integrate with other online platforms, provide their customers with digital services, and have high-level security in the storage of NFTs, crypto tokens, and other digital assets. 

Financial institutions now have the advantage of putting the connected network of web3 to good use- they can now create an ecosystem of merchants, service providers, and collectors. This helps boost the bank’s reputation as well as the confidence of customers on its security.  


The web3 wallet is one such way to break out of the regular financial system. Saving at the bank isn’t really fashionable anymore. Besides, you’ll be doing yourself a disservice leaving your money with the banks. Moreover, they use your money to make more profits for themselves until you need it. 

However, the web3 wallet offers you an opportunity to store, and even earn on your digital assets. The cryptoverse gives you that financial leverage. Will you take it?

More to read: What Is A Web3 Wallet?

4 Best NFT Wallets for 2022

4 Best NFT Wallets for 2022

Numerous other NFT wallet types have been developed as a result of the NFTs’ rapid ascent. There are many possibilities, therefore we examined a number of them to compile a list of the top five NFT wallets for 2022. This will save you time and effort.

1. The Most Popular Option Is MetaMask

For a number of reasons, MetaMask, a mobile software and browser plugin, is now regarded as one of the best cryptocurrency wallets. A basic browser plugin was first made available in 2016 by blockchain software startup ConsenSys, and in 2020 a mobile NFT wallet was made available.

Related: How do you know your NFT wallet is a good one?

MetaMask supports NFTs created on a number of blockchain networks, including Ethereum, Polygon, Binance Smart Chain, and Avalanche, in addition to hundreds more Ethereum-based tokens. MetaMask serves as a “bridge” linking users to services offered by the Ethereum network, such as DeFi services, DApps, decentralized exchanges (DEXs), and NFT markets, via web browser integration.

Simply go to the official website’s download page to get MetaMask. For mobile devices running Android and iOS as well as extensions for Firefox, Chrome, and Brave browsers, there is MetaMask. Installing is followed by the creation of a NFT wallet with a secure password. In the event that you forget your password or are unable to access your device, MetaMask will provide you a 12-word backup phrase.

MetaMask allows you to create several cryptocurrency and NFT wallet addresses that can all be seen in one location. MetaMask is one of the most widely used wallets and connecting it to DApps and cryptocurrency exchanges is relatively simple. A “link to wallet” option is available on many of these sites, and it often incorporates MetaMask. It will be quite simple to start transfers once your NFT wallet is linked since the platform or DApp will be able to see your public NFT wallet addresses.

Visit our comprehensive MetaMask guide to find out more about the program, including how to download and use it.

2. Enjin Wallet: Best for Trading and Swapping NFTs and Crypto Tokens

Launched in January 2018, Enjin Wallet is a safe mobile wallet that works with both iOS and Android devices. It serves as the Enjin platform’s and Enjin Coin’s official wallet (ENJ). More than 700 ERC-20 and BEP-2 tokens, as well as NFTs that adhere to the ERC-1155 and ERC-721 standards, are supported by the Enjin Wallet.

Without needing to install any extra software, traders may establish a limitless number of wallets for NFTs and cryptocurrencies using the Enjin Wallet, as well as import outdated wallets. A number of marketplaces, like the Enjin Marketplace, Kyber, Changelly, and Bancor, where traders may access hundreds of tokens with thousands of potential trading pairings, can smoothly interface with the NFT wallet.

Additionally, compatible with DApps and DeFi swaps created for Android smartphones is the wallet app. The Enjin Wallet also offers multilingual assistance, smooth importation/tracking from other wallets, automated gas charge calculations, and biometric security.

Visit the download page on the Enjin website to get the Enjin Wallet. Currently, only Android and iOS devices may download the software. The proper download page will be forwarded to you after you’ve selected your operating system. Set up a safe wallet by following the setup instructions and selecting a strong password. In case you forget or lose your password, be careful to store the supplied recovery phrase in a secure location.

Visit our in-depth guide to Enjin to find out more about the Enjin Wallet app, how to download it, and how it works.

3. The Best NFT Wallet for Staking is Trust Wallet

Providing a convenient method to store ERC-20 and ERC-223 tokens, as well as NFTs and game assets created on Ethereum and Binance Smart Chain, Trust Wallet is an open-source, multi-coin mobile cryptocurrency wallet. The wallet, which is accessible on Google Play and the Apple App Store, was purchased by Binance in 2018.

This wallet will provide you a 12-word recovery phrase that you may use to regain access to your NFT wallet if you forget your password, just like all the other entries in this area. The software includes a number of security features, such as fingerprint scanning and PIN code locking. It has built-in charts for keeping tabs on cryptocurrency values and a Web3 browser for interacting with DApps made using Ethereum or Binance Smart Chain.

Users of Trust Wallet may stake a number of proof-of-stake (PoS) currencies, including as Binance Coin (BNB), TRON (TXR), Cosmos (ATOM), Callisto (CLO), VeChain (VET), Algorand (ALGO), IoTeX (IOTX), Kava (KAVA), Osmosis (OSMO), Terra (LUNA), and TomoChain, thanks to the wallet’s support for (TOMO). Users may earn passive revenue and get the ability to vote on proposals using any of these tokens by staking them.

The user interface of Trust Wallet is simple and intuitive, making it user-friendly for beginners. With Binance’s purchase of the NFT wallet, its continued development and addition of new features are assured as the crypto industry develops.

4. Math Wallet: The Best Cross-Platform Alternative

A hardware NFT wallet like Ledger as well as mobile devices, web browsers, and Math Wallet are all compatible with cryptocurrency. In addition to NFTs created on Ethereum and Binance Smart Chain, it supports crypto assets from over 100 well-known blockchains.

Users of Math Wallet have access to a wide range of powerful products, such as MathChain, a decentralized parachain that aims to bridge the gap between Web 2.0 and the cryptocurrency world, a native DApp store with over 3,000 DApps, and a service called MathVault that offers centralized finance (CeFi), decentralized finance (DeFi), and staking.

If you’re using Android, you must first download the NFT wallet app with NFT compatibility, or you may use the browser extension, before you can start keeping your NFTs in Math Wallet (Chrome). After installing the app and creating a new NFT wallet, you may immediately begin sending NFTs to your new address.

Several well-known companies in the sector have backed Math Wallet, including Binance Labs, Alameda Research, Fenbushi Capital, Amber Group, and Multicoin Capital, to mention a few. Institutional support doesn’t necessarily ensure success, but it does imply that the creators of the project can be relied upon to keep developing the NFT wallet and enhancing its features.

How do you know your NFT wallet is a good one?

How do you know your NFT wallet is a good one?

What is the first piece of advice that all aspiring cryptocurrency investors hear before buying their first cryptocurrency, whether it be on cryptocurrency forums, cryptocurrency manuals, or social media? Frequently, it’s to get a safe cryptocurrency wallet.

Non-fungible tokens, or NFTs, are likewise subject to this regulation. NFTs are tokenized digital assets that utilize the blockchain to validate their uniqueness, making them comparable to cryptocurrencies in that regard. Holders of NFTs need a digital wallet, much like those who own cryptocurrencies, in order to begin transactions and keep their assets secure.

These days, there are a lot of different cryptocurrency wallets, but some of them are better than others. In this article, we’ll define NFT wallet types and examine the top five NFT wallet types for securing the storage of your cryptocurrency holdings. Learn more how to make a cryptocurrency or NFT wallet.

How Does an NFT Wallet Work?

Non-fungible tokens may be safely kept in an NFT wallet. A tangible item (such a flash drive) or an app that can be used on a browser, computer, or smartphone may both serve as the wallet. It provides NFT holders with a public wallet address and a private key for starting transactions, giving them total control over their digital assets.

Here, the word “wallet” refers to a safe location where you may keep your evidence of ownership of a digital currency rather than a real billfold where you keep cash and credit cards. For the storing of all varieties of crypto assets, including NFTs, a crypto wallet is required.

Related: Introducing the best NFT wallet 

Drawings, videos, GIFs, music, books, artwork, and even this post may all be represented by an NFT. Sales of NFTs allegedly reached $25 billion in 2021, making the medium a prominent subject. Security naturally becomes an issue with sales figures like that, particularly for clients with NFT portfolios worth hundreds of thousands or even millions of dollars.

The good news is that owners of NFT have a wide range of wallet choices. As blockchain-based assets, NFTs and cryptocurrencies are fundamentally comparable, and as a result, many wallet alternatives for cryptocurrencies also accept NFTs.

Cold and Hot Cryptographic Wallets

Hot wallets and cold wallets are the two main types of cryptocurrency wallets. Hot wallets are web-based, mobile, and desktop wallets that are often offered by cryptocurrency exchanges and markets as a quick and easy way to store cryptocurrency. They are referred to as “hot” because they are continually logged on to the internet and hence open to cyberattacks.

Cold wallets are offline storage methods including air-gapped PCs, hardware wallets, and paper wallets. Since they are entirely offline, these wallets are “cold,” making them impervious to internet attack. Cold wallet theft would need physical access to the wallet, and even then, the thief would need the victim’s private keys to have access to the wallet’s contents.

The best option for safe storage is a cold wallet, which is also suggested for long-term storage. They are less practical than hot wallets, however, since you must connect your cold wallet to a computer in order to view your NFTs and conduct transactions.

NFT holders have a wide range of options due to the thriving market for cryptocurrency wallets. The majority of wallets made for Ethereum tokens can handle NFTs since the bulk of NFTs are created on the Ethereum blockchain. In order to meet the needs of the growing industry, several well-known crypto wallets are now introducing support for NFTs.

Hot NFT trends recently have included brand marketing, TV series, movies, games, music, art, and music. Many new investors have been drawn to the NFT market by its expansion, and much like with cryptocurrencies, getting a solid NFT wallet is the first step before making an investment.

How to Use an NFT Wallet for Transactions

Any NFT transaction procedure demands the use of a wallet. Similar to a bank account number or the email address you use for PayPal transfers and deposits, it gives you an address.

For instance, if you were a buyer, you would provide the seller your wallet address so they may “deposit” an NFT into your wallet. If you were a selling, you would start a “transfer” from your wallet to the wallet address of your buyer. Cryptocurrency transactions are among the safest and most secure in the world since the whole process is encrypted from beginning to end and protected by the blockchain.

What Advantages Does an NFT Wallet Offer?

An NFT wallet is required for maintaining your private keys, the passwords that give you access to your assets, as well as for storing and protecting your NFTs. Your NFT is technically stored on the blockchain, not in the wallet. Instead, it keeps track of where your assets are located on the blockchain and gives you access to the private keys that serve as evidence of your ownership of a certain NFT and let you to conduct transactions.

You may send and receive NFTs from anywhere in the globe and securely manage all of your NFTs with a good wallet. You can also connect to decentralized applications (DApps) and NFT markets, like OpenSea.

It makes sense not to entrust a third party with your crypto holdings. Cryptocurrency exchanges have failed and disappeared with customer monies. One well-known instance is the 2014 collapse of the Japanese-based cryptocurrency exchange Mt. Gox, which occurred after 850,000 bitcoins (worth $450 million at the time) were stolen. These coins were taken from the platform’s hot custodial wallet and belonged to users.

The aforementioned case serves as evidence for the recommendation that you exclusively keep your assets in noncustodial wallets, which are distinct from user accounts on cryptocurrency exchanges and marketplaces. In a noncustodial wallet, the user is in control of their private key, which serves as both a password and a transaction signer. You will never again have access to your assets if you misplace your private key.

Why Is a Good NFT Wallet Important?

The following are some characteristics of an excellent NFT wallet.

• Two-factor authentication: Security is crucial, particularly when using hot wallets. To the minimal extent necessary, you should activate security mechanisms like two-factor authentication to safeguard the safety of your assets.

• Cross-blockchain compatibility: Although the Ethereum blockchain hosts the bulk of NFTs, it is not the only blockchain network that does. On other networks like Tezos, Flow, Solana, Algorand, TRON, Binance Smart Chain, EOS, and Cardano, it is possible to mint, purchase, and trade NFTs. A wallet with cross-chain interoperability is essential if your NFT collection includes NFTs that were created on several blockchains.

• Effective user interface: It is quite crucial to have a “friendly” user interface. For the majority of newbies, the notion of NFTs and crypto assets in general is already challenging, and a challenging user interface simply makes things worse. A decent wallet need to be simple to use and set up.

• Accessibility: A decent wallet need to be used on a variety of gadgets. It should at the very least be accessible through a web browser or other desktop software on your computer and a mobile app on your smartphone. Real-time synchronization for transactions across all devices would be ideal for the wallet.

Introducing the best NFT wallet 

Introducing the best NFT wallet 

The appropriate NFT wallet for you to use will be determined by a number of aspects, such as the kind of asset you want to hold, your degree of expertise in trading NFTs, and the amount of security you want to create for your transactions. This post highlights six of the top wallets currently available and provides information about their features in order to assist you in selecting the most suitable NFT wallet and NFT wallet tracker for your needs. You may choose the most suitable cryptocurrency wallet for NFT stocks from among these options.

The number of available NFT wallet types continues to expand. It is essential to bear in mind that choosing an NFT wallet shouldn’t be done until after doing extensive study on the topic first. You shouldn’t simply download any NFT wallet you discover online without giving it some thought beforehand.

According to the findings of our study, the following are the top five NFT wallet types that may assist with this process:


MetaMask is undeniably one of the digital currency wallets that has had the most widespread adoption. You will have simple access to NFTs, marketplaces, and other resources with the assistance of this browser extension. Metamask will keep numerous addresses on your device in addition to constructing an address for each new NFT purchase you make.


ZenGo is a cryptocurrency wallet that is both secure and simple to use, and it is compatible with a wide number of DeFi DApps and NFT markets. It is accessible on iOS as well as Android devices. It also provides biometric security in addition to the three-factor recovery system.


The fact that Coinbase facilitates the buying and selling of cryptocurrency is the primary factor for their widespread usage. On the other hand, non-fungible tokens (NFTs) and other tokens may also be stored in a Coinbase wallet. As a Coinbase user, you have complete control over all of the bitcoin assets in your possession. Transferring your assets to your wallet and linking your exchange account are both rather straightforward operations in the grand scheme of things.

Alpha Wallet

Alpha Wallet presents itself as one of the most desirable choices for customers who are interested in making investments in tokens that are powered by Ethereum. Alpha Wallet users have the ability to mint new NFTs as well as invest in existing ones. It is possible to trade on NFT exchanges such as ChainZ Arena and OpenSea. The user experience, or UX, is straightforward and straightforward, making it an appealing option for first-time users.

Enjin Wallet

Enjin believes that it is one of the top firms in the rapidly growing industry for in-game NFTs, and positions itself as such. The Enjin Wallet makes it easy to gather NFTs and other collectibles that can be redeemed for virtual goods in games. These virtual goods may be used to make in-game purchases. The site also comes equipped with a digital asset exchange, which allows users to trade their digital holdings for ENJ, the company’s in-house currency. The platform provides early access to a variety of DeFi applications in addition to having functionalities that are easy to use and an interface that is tidy.

Trust Wallet

On the list of available digital wallets, Trust Wallet is often regarded as the most user-friendly cryptocurrency storage option for newcomers. This favorable reputation may be ascribed to the wallet’s uncomplicated user interface, which makes it straightforward to use. This open-source and decentralized wallet supports over fifty distinct blockchains, which is a substantial quantity for those who are interested in cryptocurrencies.

You may also import your previous wallets into Trust Wallet without having to install any extra third-party software thanks to a capability that is included in Trust Wallet. Because the smart wallets are accessible for both Android and iOS smartphones, it is possible to use them without first having to log in to your web browser. This makes them quite convenient.

This wallet makes it easy for its users to access NFTs and Ethereum support assets by devoting an entire area to these types of assets specifically for newcomers to the cryptocurrency space. In addition, the wallet provides a description of each asset, in which it breaks down the characteristics that are held by the NFT art that is now accessible. The components of the NFT will not provide any difficulties for you to comprehend on your end.

Last but not least, the wallet performs routine audits for the goal of ensuring that hackers do not get access to the digital assets that are stored in these assets. Unlike other types of wallets, which may need their users to pay transaction fees in order to use them, Trust wallets are absolutely free to use. Because of these qualities, Trust Wallet is considered to be one of the finest NFT wallet types.


Cyrpto.com is not only a well-known cryptocurrency exchange platform, but it is also an NFT marketplace that has been around for a long time. The fact that Crypto.com supports over one hundred different cryptocurrencies makes it more simpler for users to participate in NFT trading. Users of both Android and iOS may simply get this program from the application store for their respective operating system.

It is important to note that they will not be responsible for any costs associated with transaction fees when using the app. In addition to being a non-custodial wallet, the Crypto.com wallet is compatible with Ethereum NFTs. In conclusion, users of this wallet have the potential to earn interest on their cryptocurrency holdings via the usage of the wallet.

How to choose the most suitable NFT wallet

When selecting an NFT wallet to use, it is in your best interest to choose one that takes into account a number of crucial factors, since this is the ideal method to make your decision.

The wallet you choose should provide enough security for your funds. It should be intuitive to use and compatible with the many devices you have. If you want to get the most use out of your wallet, you should give some thought to the availability of your wallet across a variety of platforms.

The widespread adoption of Ethereum among developers and businesses has led to widespread support for the platform among NFTs. If you wish to purchase NFTs on many chains, you will need an NFT wallet that is compatible with those chains and the attributes of those chains if you want to do so.

If it can fulfill all of those requirements, the NFT wallet you choose should make you feel completely at ease when you use it.