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Cryptocurrency Wallet Development: Recap

Cryptocurrency Wallet Development: Recap
NFT wallets are devices or mobile applications that allow storing both cryptocurrencies and non-fungible tokens (NFTs) as well as allowing the acquisition of new tokens by swapping them with available resources.
It keeps the track of tokens stored on the blockchain, allows the transfer of them to other users, and also creates and makes accessible the history of the users’ transactions.

Commercial Spectrum of NFT

Commercial Spectrum of NFT
The NFT market skyrocketed in 2021 and doesn’t seem to stop growing. With the increasing adoption of technology, there is no doubt that it will expand as it has already reached unprecedented heights.
And it’s the perfect time to join this great flow of crypto advancement. Omertex is ready to help you take the creams from the most fast-growing industry and develop an exclusive NFT wallet with a greater spectrum.

How does an NFT Wallet work?

How does an NFT Wallet work?
When digital assets are exchanged on the market, their location stays the same, while the entrance address changes. The users get privacy keys to access the electronic resource where their resources are stored.
While some of the hardware wallets can be broken or misplaced, it doesn’t affect the users’ funds. We create highly secure wallets for NFTs, ensuring that no one and nothing can interrupt your data.

Types of wallets

Custodial NFT Wallet Custodial NFT Wallet
The custodial wallet holds on to the private key held by the third-party responsible for securing the funds. Users have only permission to send and receive funds.

Non-Custodial NFT Wallet Non-Custodial NFT Wallet
The non-custodial wallet allows users to only have all the information about their assets, but not their private keys and authentication phrases.
Hot wallets Hot wallets
Hot wallets are web or desktop applications used to store and trade NFTs. They keep users’ assets online and grant a high level of security.

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Other Types of Crypto Wallets

Web wallets Web wallets
Software integrated with the browser, which stores and manages the assets, can be installed and used from any computer but is very vulnerable to attacks.
Mobile wallets Mobile wallets
Installed on the smartphone, and is handy for daily use. More secure, but limited by the low speed of the hardware of the mobile phone.
Desktop wallets Desktop wallets
Software is installed on a computer or wallet, stores assets, and allows one to mint them (except NFs). Security depends on the user’s device protection.
Hardware wallets Hardware wallets
Physical cards that can be connected to the laptop or computer, allowing to transact without revealing private keys and thus considered the most secure.

Features of NFT Wallets

Authorization
Authorization
The basic feature offers a registration form, usually with a mobile number or an e-mail. Requires sharing some private information to protect from hackers.
Fast and cheap transactions
Fast and cheap transactions
Through the NFT wallet transactions can be sent anywhere at any time avoiding intermediaries within minutes with a small fee.
Enhanced security
Enhanced security
Thanks to the use of blockchain and smart contracts there are no third parties that can be hacked, thus transactions are more secure.
Sending and receiving NFTs and other assets
Sending and receiving NFTs and other assets
This essentially allows transacting the fund fast users can scan QR codes and avoid fatal errors entering the long crypto addresses.
Favorite addresses
Favorite addresses
The frequently and often used addresses are saved in the list of favorites, making the transactions even faster and easier.
Transparency
Transparency
As the NFT wallets are based on open-source software, anyone can make sure that it is secure, safe, and provides a good workflow.
Confidence
Confidence
All the data in the digital wallet for NFT are encrypted and thus protected from non-authorized access, even if someone knows the public key.
NFC support
NFC support
To be able to store all of the existing NFTs, the wallet should have all the most popular standards ERC721, ERC1155, Composables, dGoods, NFT Cosmos, TRC-721, BEP-721, and BEP-1155 standards.
Notifications
Notifications
This feature is necessary to let users know if something important happened to their tokens or account, including updates, deposits, suspicious activity, etc.
Integration with the top NFT marketplaces
Integration with the top NFT marketplaces
We provide the best NFT wallet solutions that smoothly run across multiple platforms. Users just need to choose the type of account on Opensea, Binance, etc.

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NFT Wallet Development Process

#1
NFT Wallet Development Process
First of all, we will conduct in-depth market research and understand your goals to find the best way to achieve them with NFT wallet development.
#2
NFT Wallet Development Process
The next step is to understand the market, its success, and its main competitors to get a clear vision of what your users expect to see.
#3
NFT Wallet Development Process
To provide users with the desired wallet we will move to define the necessary features of the app.
#4
NFT Wallet Development Process
Outlining the features of the wallet and creating its template are the first steps of designing the UX and UI. After it, we will make mockups and prototypes ready for you to approve.
#5
NFT Wallet Development Process
After designing the interface and approving the functionality of the NFT wallet, it’s time to get to the technical side of the development.
#6
NFT Wallet Development Process
After all the requirements are set, it’s time to start coding your solution. We use an agile approach to deliver the development results in chunks.
#7
NFT Wallet Development Process
All the lines of the code need to be tested for bugs and issues, and also to make sure of usability, safety, and that the general system works properly in different scenarios.
#8
NFT Wallet Development Process
When it’s certain that the app works properly, the NFT wallet is ready for deployment, we pass all the control and the access to the client.
#9
NFT Wallet Development Process
To make sure your NFT wallet is always up-to-date and coming along with the developing market we offer its support and constant improvement.

Technology stack

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FAQ

What are the best examples of NFT wallets?
To understand what the proper NFT wallet is, check the following: MetaMask, CoinBase, Trust wallet, AlphaWallet, and MathWallet. Each of them has its advantages, but all are popular among users for their good design and usability.
Why develop an NFT wallet?
As the crypto industry in general and NFT, in particular, is currently evolving with the market for NFTs growing every day, offering a secure and convenient NFT wallet is a great business opportunity.
How to make my own NFT wallet?
The best way is to partner with a company that is an expert in blockchain and build secure solutions on it. In that way, all the technical, aesthetic, and even marketing moments will be taken care of in the best way and you will also be guided through the whole process.
What’s the cost of the NFT wallet development?
The total scope for the project of creation of an NFT wallet will vary depending on the technology stack, the set of functions, the number, and complexity of API integrations, and development time. We use a customized approach and can estimate your project after knowing some details.
How to buy NFT Art on Trust Wallet?
The first thing is to get a Trust Wallet from the app store. And then put some money there, for example, through a Binance account or from another wallet where you keep your crypto. In the Coinmarketcap you will need to copy the contract address of the NFT Art and enter it in the wallet. when it shows the icon, just enable the NFT Art option. Don’t forget to enable the dApp browser. By clicking on its icon you can then connect to the Pancake Swap, which will make the wallet ID appear in the top right corner. By pasting the NFT Art address where you will find the asset and can exchange any amount of tokens you already have for it.
How to transfer NFT to another wallet?
It’s a simple process close to sending crypto assets. Just choose the NFT in your wallet and specify the address to which you want to send the collectible and confirm the transaction.

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