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27 August 2021

NFT Wallet Development

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Non-fungible token, also known as NFT, is sort of a cryptocurrency token that works as a digital certificate of property right for physical or virtual assets. These tokens are a unique, non-fungible, non-interchangeable digital identifier, hence they are not a payment method. People use them to buy, sell, and trade unique goods, such as: paintings, photographs, texts, music, and videos.

In this article, we will look in detail at how to create a cryptocurrency wallet to manage these tokes and the development costs of such a product.

How an NFT Wallet works


In a grand sense, an NFT wallet is a standard cryptocurrency wallet that is compatible with basic tokens, like: BTC, ETH and USDT, but it also accepts non-fungible tokens. For instance, ERC-721, ERC-1155, TRC-721, dGoods, BEP-721 and BEP-1155 protocols. Moreover, these wallets usually have additional integrations with NFT marketplaces and DeFi projects that allow them to create, manage, and trade the assets.

The most known NFT wallets are Metamask, Enjin, Math Wallet, Trust Wallet, AlphaWallet. These platforms help to store, buy, and sell NFTs for cryptocurrencies or fiat. They offer a simple and intuitive interface and integration with the following NFT marketplaces: OpenSea, Rarible, Makers Place. There you can create your non-fungible token and put it up for auction.

NFT Wallet Features


As we mentioned above, the main feature of these platforms is the compatibility with non-fungible tokens protocols. For the rest, everything is similar to standard cryptocurrency wallets:

NFT Wallet Security


Today, transactions run by blockchain are the safest method. But, since cryptocurrencies cost a lot, the user data and access keys need decent protection. This is why NFT wallet developers apply various security measures on both, the supplier and customer sides. These security measures are backup, two-factor authentication, multi-signature, complicated passwords, hierarchical deterministic functions, constant updates, and rewards for finding gaps in security.

Here are the results of the security research of popular NFT wallets with the list of main protection functions lead by Hacken.


How to develop an NFT Wallet


The development process of an NFT wallet is different from the standard ones since there are additional requirements for security and safety. The thing is that cryptocurrency transactions are anonymous and irreversible, so stolen money can be hardly retrieved. Furthermore, cryptocurrency wallets work on open source code, which brings additional requirements to the safety levels and security measures.

If you want your NFT wallet to work without any risks, it is better to ask for help from a technical partner with decent and appropriate knowledge and experience, such as Merehead. Our company has worked on blockchain fintech and DeFi projects since 2015. We developed simple smart contracts and modern decentralized cryptocurrency exchanges. To study our portfolio and see the terms of cooperation, contact us via sales@merehead.com or by our phone number +1-206-785-16-88.

The development process of an NFT wallet goes through the following steps:

1. Choosing the wallet type (platform)



The description of bitcoin wallets: advantages, disadvantages, and examples. Source


On the first step of developing your NFT wallet, you will need to determine your main target audience, since it has a great impact on the design, function, technological stack, integrations, etc. Here is the description of the main solutions:

2. Market, audience, and competitors analysis

Oftentimes, it is worth doing research on the market, target audience, and competitors, before developing any software project. The research will help you to understand, which product your users expect to see (design, functions, integrations), which solutions are popular and successful at the moment and which are not. You can use this data to develop an NFT wallet that will fit the needs of your users and will gain them income.

Depending on the type and deepness of the analyses, we can outline these research methods:

3. Choosing the main functions of an NFT wallet


Authorization. This function will help your users to register and fill in the form with their wallet access keys. Many wallets use an email address or phone number for registration. Also, users need to provide little information about them, so the transaction privacy and personal data are safe from hacking attempts. However, oftentimes you will need to add two-factor Google authentication and a mnemonic device to restore access to the wallet.

Enhanced security. In such networks as Bitcoin, Ethereum, and BSC you can not cancel a wrong or unauthorized transaction, and the counterparty can be hardly found, hence the users do not have any chance to retrieve the money if they were stolen. This is why your software should be protected from hackers, fishing, and user mistakes.

Here are some functions that you can apply to enhance the protection of your NFT wallet, except cryptography and code testing:

Managing the crypto assets (balance). This is very functional that is responsible for buying and selling NFTs and other cryptocurrencies. Here are the necessary features for asset management:

QR codes for fast transactions. This function is not necessary, but many users appreciate it since it allows avoiding fatal errors while entering the public keys to perform the transaction. Here you will need to develop the generator of random QR codes and a scanner.

Favorite addresses. This is one more solution to save people from entering public keys, which will make recurring transactions even faster, for example, paying for subscriptions. The QR codes and this feature are not necessary, but people love it, and they are easy to develop, so almost every cryptocurrency wallet has it.

NFC support. If you want your wallet to work with non-fungible tokens, it should support the: ERC721, ERC1155, Composables, dGoods, NFT Cosmos, TRC-721, BEP-721, BEP-1155, and others.  It would be even better if your wallet allows users to create their NFT assets.

Notifications. This is a very useful feature that will notify your users about important events: transaction verification, new messages, application updates, depositswithdrawals, suspicious activity, etc.

4. NFT Wallet Design



An example of a design. Source


The next step in starting an NFT wallet is the design and user interface. Usually, this process starts from a template, where you outline the features of the wallet and user streams. Next, the designers create prototypes and mockups. If those prototypes are approved, the programmers start to work with them.

5. Choosing the technological stack



Possible backend architecture of an NFT wallet. Source


Now, as we discussed the design and function of your NFT wallet, we need to check the technical part of the software development.
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