NFT Wallet Development and How to Create an NFT Wallet?
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.
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 top 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.
Here are the results of the security research of popular NFT wallets with the list of main protection functions lead by Hacken.
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 firstname.lastname@example.org or by our phone number +1-206-785-16-88.
The development process of an NFT wallet goes through the following steps:
Depending on the type and deepness of the analyses, we can outline these research methods:
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:
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.
Here is what you can use for it: