NFT has all been a buzz in the crypto space for well over a year now. NFT stands for Non-Fungible Token, which is a digital asset that represents ownership of a unique item or piece of content. These can include things like digital artwork, music, video games, and other types of creative content. Because every NFT is unique in its own way and is verified by blockchain technology, the prices of NFTs can soar very high and become very valuable. It is important to secure NFTs properly so they do not get stolen, just like any other cryptocurrency asset.
During 2020 and 2021, the crypto industry lost over $240 million just from private key thefts across NFT and NFT DeFi protocols. Another $12 billion worth of NFT has been lost through hacking. Just like Bitcoin, Ethereum, and any other asset on the blockchain, NFTs are stored inside the private key. The keys must be protected securely to ensure the safety of the NFTs.
Storing NFT in Hardware Wallets and Cold Wallets
One of the most secure ways to store your NFT is inside a hardware wallet or a cold wallet. Many wallets now support NFT storage and allow easy trading of NFTs.Â
Hardware wallets are physical devices that securely store a user's private keys and other sensitive information. They are used to store, send, and receive cryptocurrencies and other digital assets. For NFTs, hardware wallets can provide an extra layer of security by helping to ensure that private keys are not exposed to malicious actors. Additionally, hardware wallets can also be used to create an additional layer of ownership verification, as the private key used to sign transactions must be securely stored in the device. This helps to ensure that transactions are conducted with the correct user and that the NFT is not stolen or otherwise transferred without the owner's permission.
Best Hardware Wallets and Cold Wallets for NFT
There are many great secure wallet choices to store your NFTs in. These wallets also provide easy to use interface to help your NFT storage easier.
ELLIPAL Titan and ELLIPAL Titan Mini Cold Wallet
The ELLIPAL has always been one of the most secure cryptocurrency cold wallets around thanks to its air-gapped design. The ELLIPAL makes use of QR code technology to help the user carry out transactions. With QR codes doing all of the data transferring, USB connections are not needed and the ELLIPAL Titan can be designed as a completely isolated device. Along with its anti-tamper design, your NFTs are well protected from online and offline threats. The ELLIPAL can be connected to 50+ NFT marketplaces which you can sell, buy, trade NFT directly, and it has a nice touch screen for you to navigate freely.
Within the ELLIPAL Mobile APP, users can freely view their NFT arts and collections. 3D models displaying are also supported which is very useful for many kinds of NFTs. Besides NFT on ETH, ELLIPAL also support NFT on Polygon now.
Ledger Hardware Wallet
The popular Ledger is also a solid choice for storing your NFTs. You can easily manage your NFT directly on the Ledger Live App which is compatible with both smartphones and laptops. The Ledger Live App also provides visualization of the NFTs so you can see them. When it comes to ease of use, the Ledger wallet is a very good choice to store your NFTs.
Trezor Hardware Wallet
Trezor is a very popular and secure hardware wallet thanks to its open-source design. Even though it is not air-gapped secure like the ELLIPAL, the open-source design makes sure the codes are safe to use and there are no malicious intentions. The Trezor supports NFT through a third-party interface only and it is not able to visualize the NFT on the Trezor Suite App.
Conclusion
Although NFTs have not been around for long compared to other cryptocurrency assets like Bitcoin, the value of each NFT can become very high and much sought after. With this in mind, it is also very important to secure the NFTs properly in a cold wallet or a hardware wallet to prevent any kind of hacking.
Wallets like the ELLIPAL Titan and the ELLIPAL Titan Mini cold wallets are very suitable for storing NFTs. They are very secure in protection your private keys thanks to the air-gapped design and anti-tamper feature. The ELLIPAL Mobile APP also fully support NFT viewing and is connected to more than 50 market places. You will be able to view your collection and buy/sell/trade them however you like freely and easily.