Solana is rapidly becoming the most popular blockchain for NFTs due to its low transaction cost and high transactions per second processing speed. Over the past year many NFT artists have decided to shift their new NFT collections to Solana from higher cost blockchains like Ethereum.
Solana’s NFT metadata standards were created by
Metaplex. Now over one billion Solana NFTs have been minted. NFT minting tools such as the
Candy Machine V2 enable artists to create Solana NFT collections with thousands of NFTs in an afternoon for under $1,000. In time, NFT offchain data storage could become even cheaper when Metaplex launches its releases its data compression standards.
Collecting and trading Solana NFTs can be enjoyable when you find the right Solana NFT wallet. To get started, you need to select a Solana NFT wallet to store your digital collectibles. Below we cover five of our favorite Solana NFT wallets when considering security, user interface and NFT compatbility.
1. Avana Wallet
Avana Wallet was released in 2022 and has several NFT features such as viewing collectibles, minting NFTs, and changing metadata. Avana Wallet groups NFTs by collection, and it makes it easy to send and receive NFTs with a few clicks. Avana Wallet announced it will integrate more NFT statistics in its wallet with its mobile app to help NFT collectors understand market dynamics. Avana also provides the option to switch between NFT marketplaces such as Magic Eden and Hyperspace.
2. Phantom
Phantom is a Solana wallet that features a simple user interface to store Solana NFT collectibles. Phantom announced plans to expand to Ethereum in the future, which means it could support Ethereum NFTs in time. Phantom automatically groups your NFTs together by collection, and it provides an option to hide suspicious Solana NFTs.
3. Solflare
Solflare was one of the first Solana wallets and it supports SOL and SPL tokens as well as NFTs. Solflare was the first wallet to introduce the burn feature to remove unwanted Solana NFTs. The Solflare team monitors the blockchain for any suspicious activity, and they provide 24/7 customer support in case of any issues. Solfare is free to download and use.
4. Exodus
Exodus is a multi-cryptocurrency wallet that supports a wide range of digital assets including Solana, Ethereum, and Algorand NFTs. Exodus also offers an in-built exchange wherein users can exchange one cryptocurrency for another without having to leave the wallet interface. Exodus is free to download.
5. Ledger
Ledger is the only hardware wallet compatible with the Solana blockchain currently (Trezor does not support Solana). Cold-storage wallets are physical devices that use a secure chip to safely store your private keys separate from internet-connected devices. Ledger hardware wallets are typically used in combination with software wallets. Avana Wallet, Phantom, Solfware and Exodus support Ledger.
Ledger devices look like mini USB sticks. You can hold the NFTs on your Ledger device, but you cannot view them. You will need to download a software wallet compatible with Ledger hardware wallets to view your NFTs.
How To Select The Best NFT Wallet for Solana?
When choosing a Solana NFT wallet, it’s important to consider several factors including security, cost, and NFT compatibility.
Security
Security should always be your number one priority when using blockchain technology. Billions of dollars are lost each year due to security breaches, hacks, and exploits. Earlier in 2022 over 9,000 Solana wallets were hacked due to a security weakness in Slope mobile wallet. Solana users lost a over $5 million in SOL, USDC and valuable NFTs.
Cost
All of the wallets above except for Ledger are free to download and use. Ledger hardware wallets typically run between $60-160 depending on the make and model.
NFT Compatibility
The earliest Solana wallets like Sollet did not feature NFT support. As time progressed, the wallets began to integrate helpful displays to showcase Solana NFT collectibles. Some wallets such as Avana Wallet even allow updating NFT metadata and minting NFTs. Phantom has quick action buttons to allow you to trade your NFT collectibles on NFT marketplace Magic Eden.
Ledger devices are not able to display NFTs. The reason Ledger made it to the Top 5 list is because Ledger is the most secure option to secure valuable Solana NFTs. You can use your Ledger hardware wallet in combination with other Solana wallets such as Avana Wallet, Phantom, Solfare and Exodus to view your NFT collectibles while keeping your private keys guarded on the ledger device.
Some wallets enable you to delete scam Solana NFTs from your wallet. Avana Wallet, Solfare and Phantom all have this feature. When you delete scam NFTs you can reclaim a small amount of SOL.
Conclusion
Andy of our top 5 choices for Solana NFT wallets will help you get started with your NFT collectibles. Always remember that there are plenty of scams in crypto, so be careful and never disclose your Solana wallet private keys to others.
