How to Create an NFT Wallet- a step-by-step guide

What is an  NFT wallet? 

NFTs are, for example, digital artworks, such as pictures, animated videos, or music. They can be bought and sold on the NFT marketplace, and cryptocurrency payments are made. 

An NFT wallet in essence, is a cryptocurrency wallet, but it is also compatible with basic tokens like Ethereum, bitcoin, etc. but can also accept non-fungible tokens that exist as different protocols. Essentially it is created to store and manage your NFTs. An NFT wallet typically needs to support the blockchain on which the NFTs are issued. Once you have a compatible wallet, you can store, send, and receive NFTs.

Do I need a wallet to own an NFT?

Typically it would be best if you had a digital wallet that is supported on the blockchain. There are many different digital wallets available, and some are specifically designed for storing NFTs. When you purchase an NFT, you will need to pay for it using cryptocurrency, and then the NFT gets transferred to your digital wallet. In addition, the NFT will be recorded on the blockchain as belonging to you!

Is an NFT wallet the same as a crypto wallet?

Although both types of wallets operate on the blockchain, they have some differences. An NFT wallet is designed to support the storage and management of NFTs, which, as mentioned, are non-fungible, whereas a crypto wallet is designed to support the storage and management of cryptocurrencies, which are fungible digital assets that are also stored on a blockchain. Not all crypto wallets support NFTs. Therefore, a blockchain-specific NFT wallet is needed. 

How to Create an NFT Wallet for Yourself?

• Step 1 - Figure Out What You Want to Create - this essentially means that you will need to choose the type of NFT you want to create; it could be anything from digital art, a token representing a piece of clothing, for example, some other form of digital media, etc.
• Step 2 - Choose a blockchain - As already mentioned, not all blockchains support the same kind of media, so you would need to choose the one suitable to the type of NFT you want to upload. An example would be the Ethereum blockchain, as many marketplaces support the creation of Ethereum NFTs. 
• Step 3 - Set Up an NFT Wallet - Download the crypto wallet app, it’s usually quite user-friendly and will prompt you, and you will choose a username and password, and you’ll get your private key and recovery phrase which you are responsible for. This is also known as a non-custodial wallet, a wallet where there is no 3rd party involved. All responsibility lies on you, so better not lose your key ;-) 
• Step 4 - Choose an NFT Platform- A growing number of NFT platforms are available, offering a full-service marketplace that allows you to list and sell them. Some crypto exchanges support NFT creation, but by far, the most popular platform to date is OpenSea. 
• Step 5 - Convert your funds to ETH - Use a cryptocurrency exchange to buy cryptocurrencies. The exchange itself may take a couple of days as your account needs to be approved by providing an ID as well as an approved payment method, like your bank account. Once approved, you can purchase ETH, which will be transferred to your NFT wallet. 
• Step 6 - Create the NFT - Once all of the above has been completed, the NFT creation process is relatively simple. Connect your wallet to the NFT platform, and you’ll be prompted to complete some steps for the NFT creation process. This will include NFT properties, which are blockchain and NFT features. Next, you will need to upload a media file and provide details, such as a name and description for your NFT. Once you have selected all the specifics surrounding your NFT, you will decide on the blockchain platform. It’s important to note that once the NFT gets minted on a specific blockchain, it will always reside on that blockchain. Finally, you will click on “create,” and your NFT file will upload to the blockchain.
• Step 7 - List the NFT for Sale \ Purchase or place a bid on an NFT - now that your NFT is created and in your wallet, you need to put it up for sale. This is also quite simple as there will be a button prompting you to do so, and the only thing you need to do is choose a selling price and time limit criteria. Once the NFT has been listed (the listing price differs between the platforms), you will receive a unique URL of the NFT, which you can then forward to others. 

Final words

When choosing an NFT wallet, several factors are essential to consider, such as security, ease of use, compatibility with the blockchain on which the NFTs are issued, and the availability of features such as the ability to buy, sell, and trade NFTs directly from the wallet. These are all factors that should be considered when planning to launch an NFT or NFT collection. 

FAQ's

How much does it cost to create an NFT wallet?

Creating an NFT wallet usually is free. However, fees may be associated with using the wallet, like minting fees or fees when you buy or sell NFTs. Fees vary from platform to platform. 

Can I create my own NFT?

Yes, you can create your own NFT using the various platforms available. There’s an in-depth, step-by-step guide in the article above. 

What wallet do you need for NFT?

The critical thing to keep in mind is that you need a wallet that is compatible with the blockchain platform on which you want to store your NFTs. Each platform has its own type of wallet they are compatible with. 

How do I create an NFT wallet in MetaMask?

MetaMask is one of the most popular software wallets available. You will need to start off by installing their browser extension and then create a new wallet (an option that will be found in the app). Simply follow the prompts to set up a new wallet, like password creation, etc. Once completed, you will need to connect it to a blockchain that supports your NFTs.  

How do I Create an NFT wallet address?

Note that the steps for creating an NFT wallet address may vary depending on the blockchain platform and wallet that you choose, but basically once you choose on which blockchain to open a wallet, once the wallet has been installed and created by choosing a password, your wallet address will be generated.