A non-fungible token, also well-known as an NFT, is a kind of cryptocurrency token that works similarly to a digital certificate of ownership of physical or virtual assets. These tokens are unique, non-fungible digital identifiers, so they are not a payment method. They are used for buying, selling, and exchanging unique items. I.e., paintings, photos, texts, music, and videos. NFTs differ from other crypto tokens, they are unique, unlike common crypto tokens, where the token is traded on a decentralized exchange, whereas in the case of NFT, assets are traded on a special exchange called the NFT marketplace.
In the article, we will take a closer look at the way cryptocurrency wallets manage these tokens, as well as the price of developing such a product.
Table of Contents
- 1 Latest NFT Market Statistics
- 2 What is the NFT Wallet App and How Does It Work?
- 3 Types of NFT wallets
- 4 Most popular NFT apps
- 5 Must-have Features of NFT Wallet
- 6 How to develop an NFT wallet app step-by-step
- 7 What Technologies You May Use?
- 8 How much does it cost to build an NFT wallet app?
- 9 Things to Consider
- 10 Conclusion
Latest NFT Market Statistics
2021 is not over yet, but it is already witnessing a rapid rise in the popularity of NFT. They are more prevalent than ever before, with more NFTs being created, bought, and sold. And people are willing to spend money on a digital asset that they want to claim as their own.
Here is a list of some interesting numbers:
- In 2021, the value of NFT for games decreased, but for art, it grow up.
- Big brands like Taco Bell have started offering their own NFTs, creating digital collectables for sale.
- In February 2021, OpenSea’s monthly sales exceeded $95 million.
- By March 2021, the NFT trading volume on Ethereum was over $400 million.
What is the NFT Wallet App and How Does It Work?
NFTs should be stored in a secure location, such as the software cryptocurrency wallet, which is typically protected by a 12-word original phrase, password, and touch authentication. Simply put, an NFT wallet provides holders with “private keys” or passwords that give access to assets stored on the blockchain. If you are looking to start collecting NFTs, a wallet is a key tool to get you started.
Firstly, it is critical to get that the wallet itself does not contain any NFT. NFTs stored on the blockchain. Thus, the term “wallet” can be misleading, as instead of a well-known leather wallet filled with old coins and membership cards, the NFT wallet does not directly contain your assets. Just as a debit card does not store your money directly, but acts as a key to an ATM, a wallet provides a gateway to the blockchain where your funds are located. A crypto wallet contains “private keys”, passwords that allow the owner to transact on the blockchain.
Types of NFT wallets
There are several most widespread types of NFT wallets. Below, we listed the main of them.
✔ Web wallets
Web wallets integrate with the browser and help in storing and managing the assets. The key benefit is that they work on any computer and are easy to use. But the drawback is that they are not protected enough from hacker attacks.
✔ Hardware wallets
Hardware wallets are physical cards that can be connected to a desktop, laptop, or tablet. They help to complete a transaction without discovering the private keys as they are on the flash drive and never leave it. That’s why it is the safest solution.
✔ Mobile wallets
Mobile wallets have an intuitive interface and are perfect for daily use. They are more secure than browser extensions, but still not as secure as other options. In addition, they have some limitations due to the low speed of the hardware of standard mobile devices.
✔ Desktop wallets
Desktop wallets offer excellent functionality and allow cryptocurrency mining (not NFT, they cannot be mined). The safety of these wallets depends on how secure the laptop or desktop device is where they are installed since the private keys are typically located on the same device.
Most popular NFT apps
First, Metamask was only a browser extension but now it has a mobile app as well. Metamask has an intuitive interface for storing NFTs. Besides, the app is easy to set up and. To manage your digital assets, it offers a token exchange and a token wallet. Metamask also allows to create an Ethereum wallet that can be connected to all Ethereum based platforms.
Enjin offers great safety features like biometrics and auto-lock and has a great user interface. In addition, the wallet has a marketplace for NFT trading using its own Enjin ENJ token. Besides, it provides one-click access to many Ethereum-based decentralized applications (dApps). Another big advantage is a customer support service.
- Trust Wallet
Trust Wallet offers one-click access to NFT applications. It includes OpenSea, Axie Infinity, MyCrypto Heroes, and more. Moreover, it supports various blockchains such as Binance Smart Chain, Ethereum Classic, ThunderToken, Calisto, and TomoChain. It also has a built-in cryptocurrency exchange. For now, it is only available as a mobile app.
AlphaWallet includes a feature for mining and collecting NFTs. While AlphaWallet is only available on mobile devices, the website offers extensive open source tools for programmers, artists, and businesses that see other forms of blockchain-based tokenization.
- Math Wallet
Math Wallet is a great option for creators and collectors looking for an alternative to Metamask. The app includes built-in integration and support for 65 public blockchains, simplifying assets management on these networks. It is available on mobile, as a browser extension and as a web wallet.
Must-have Features of NFT Wallet
The key feature of NFT wallets is reconcilability with NFT protocols. Otherwise, everything is similar to typical cryptocurrency wallets. In general, the NFT wallet has two roles of creator and collector. The creator needs to upload their files and provide certain information for their work. For such creators, the NFT web wallet is a perfect choice. the transition to mobile wallets is a little inconvenient for authors. For collectors looking to buy/sell NFTs, NFT mobile wallets are the right fit for them, as they provide convenient features to buy/sell NFT instantly.
The basic feature that helps people register and fill out the form with their wallet access keys. Many wallets use an email address or phone number to register. Besides, users have to provide some information to protect the privacy of transactions and private information from hacking attempts.
💰 Fast and cheap processing of international transactions
Worldwide transactions take up to 5 business days as the intermediary bank verifies the transaction details, which delays payment and increases costs. There are no intermediaries in cryptocurrency networks. The blockchain verifies transactions and processes them within minutes for a small fee.
💰 Enhanced security
On networks like Bitcoin, Ethereum, and BSC, you cannot reverse an erroneous or unauthorized transaction, and the counterparty is difficult to find, so there is no way for users to receive money if it is stolen. It’s a reason why your app has to be protected from hackers, fishing, and user bugs.
💰 Sending and receiving NFTs and other assets
QR codes for fast transactions. This feature is unnecessary, but many users appreciate it as it avoids fatal errors when entering public keys to complete a transaction. Here you will need to develop a random QR code generator and scanner.
💰 Favourite addresses
This feature eliminates the need to enter public keys, making recurring transactions even faster, such as paying for subscriptions. QR codes and this feature are not needed, but people like them and they are easy to develop, which is why almost every cryptocurrency wallet has them.
Open source coding is the basis for cryptocurrency wallet software, so anyone can check the security, safety, and workflow.
Encryption technology protects the user’s data from hidden and unauthorized access. Even if somebody knows the public key, the credentials are still not available.
💰 NFC support
In case you want your wallet to work with NFT, it must support ERC721, ERC1155, Composables, dGoods, NFT Cosmos, TRC-721, BEP-721, BEP-1155, and others.
With this feature, people will get messages with important data. I.e., transaction checks, app updates, deposits, and withdrawals, suspicious activity, etc.
How to develop an NFT wallet app step-by-step
The NFT wallet differs from the traditional one as there are supplementary safety requirements. The transactions are confident and unalterable, so stolen money is almost impossible to recover. Besides, cryptocurrency wallets are open source, which places supplementary demands on security levels and measures.
Stage #1. Selecting the type of wallet
The work on NFT wallet development starts with the target audience definition. Your potential users have a big influence on design, features, technology stack, integration, etc. The main NFT wallets’ types we have already mentioned above.
Stage #2. The market, audience, and competitor analysis
Often, before a software project development, it is worth conducting market research, target audience, and rivals. The research will help you get which product people want to see (design, features, integrations), which solutions are widespread and successful now. You can use this information to build an NFT wallet that will meet the needs of your customers and generate profit for them.
Stage #3. Selecting the main features
Now, when you know, what the audience needs, it’s time to move on to defining the main features of the app. The key ones, we have already listed above.
Stage #4. Design
The next step in launching an NFT wallet is the design and user interface. Commonly, this process starts with a template where you describe the wallet and user flows. Next, designers create prototypes and layouts. If these prototypes are approved, coders will start working with them.
Stage #5. The tech stack selecting
Now that we have discussed the design and functionality of your NFT wallet, we need to check the technical side of development.
Stage #6. NFT wallet coding
At this step, you can already see your wallet. Web, back-end, blockchain, and mobile programmers are working on the design and functionality of your wallet.
Stage #7. Product testing
QA engineers test the code for bugs and problems. Besides, they test usability, functionality, security, and overall system in different workload scenarios.
Stage #8. Deployment
After testing, deployment to the server begins. In addition, your app will be listed on Google Play and the App Store if you are targeting the mobile market.
Stage #9. Support and maintenance
If you have any issues after the deployment, the programmers will help you solve each problem.
What Technologies You May Use?
We recommend using only up-to-date technologies as it makes the maintenance and update of the app easier. In the table below, we listed the best technologies for NFT wallet development.
✔ Blockchain: Ethereum, Binance Smart Chain
✔ Token standard: ERC721, ERC1155, BEP-721, BEP-1155
✔ Smart contracts: Ethereum Virtual Machine, BSC Virtual Machine
✔ MEAN: MongoDB, Express JS, Angular JS, Node JS
✔ Cloud: AWS, Google Cloud Platform, MS Azure
✔ Push notifications: Twilio, Amazon SNS, MAP
✔ Databases: MySQL, MongoDB, Redis
✔ API: Web3
How much does it cost to build an NFT wallet app?
It is tough to estimate such works in advance since their volume is unknown. Besides, preliminary negotiations are necessary, since different clients have different expectations. In this case, there should be at least approximate figures. Here is a table with a rough estimate.
|Scope||Approx time, hours|
|1. Project Start|
|Initial backlog preparation||4|
|Project Schedule Preparation||4|
|Staging environment setup||6|
|Upload to AWS||8|
|List of agents for cash out/cash in on a map – potential partner||32|
|Sign In page||8|
|Sign Up page||40|
|List of agents for cash out / cash in on a map – potential partner||32|
|Cash In page – QR code or keys code||40|
|Cash-out page – QR code or keys code||24|
|Payment P2P to other contacts or Bill payment||60|
|4. Stabilization and Delivery|
|Release Android build||4|
|Deploy to production (server app)||6|
|Release iOS build||24|
|5. Project management|
|Backlog elaboration and maintenance||24|
|Planning meetings, review meetings||12|
|Project Management and communication||28|
|Quality Assurance, hours:||232|
|Total Development, hours:||926|
|Project Management, hours:||94|
|Estimated project time, hours:||935|
To get the detailed estimation contact us via email: [email protected].
Things to Consider
Each wallet is different, but there are some points to consider selecting the perfect wallet.
🔹 Cross-chain compatibility
Due to the popularity of Ethereum, most NFT wallets are only available for Ethereum-based tokens. Besides, some blockchains support NFT. If you want to buy and sell NFTs from various networks, you should look for wallets that provide cross-chain support. This will simplify the management of the NFT.
Since you can store valuable NFTs, make sure you choose a secure wallet. Pay attention to things like the login process – does the wallet provide two-factor authentication and cryptographic keys.
The next point is the design and user interface. Usually, this process starts with a template where you describe the wallet and user flows. Next, designers create prototypes and layouts. If these prototypes are approved, programmers will start working with them.
NFT wallets can be widely used to provide businesses with a wide range of benefits. They can be adapted to various sections of financial and other technology transactions. If you want more specific information, you can simply get the help of technical experts and get exactly what you need.
The Code&Care team allows you to do this through thoughtful design and cutting-edge technology. We enable every small business to achieve excellent results in any area. With our products, you can achieve results that will make your company a leader in its industry.