Ledger Nano X Hardware Wallet vs. Trezor Safe 3 Hardware Wallet for Storing NFTs
It's important to note that storing NFTs and cryptocurrencies involves different methods. Cryptocurrencies can be stored entirely offline using cold storage. However, NFTs require a hybrid approach, involving a wallet that connects the NFT to both a marketplace and a hardware wallet. This method combines the accessibility of a software wallet with the security of keeping your private keys offline in a hardware wallet.
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We looked at both the Ledger Nano X Hardware Wallet and Trezor Safe 3 Hardware Wallet. You will find our 4 observations in the 'key takeaways' part below.
Key Comparison Takeaways
Build Quality and Design:
- Ledger Nano X: Made with high-quality materials and finishes. It features a metallic protective layer that swings open to reveal the plastic-built hardware wallet with a screen.
- Trezor Safe 3: Features a plastic build with a screen.
NFT Focus and Resources:
- Trezor Safe 3: Does not seem to focus on NFTs as much as Ledger currently does, with regards to learning resources and Ledger Live app,which takes into account NFT security.
- Ledger Nano X: Provides more knowledge and resources, such as Ledger Academy, which offers easy-to-read guides for setup and other questions related to using hardware wallets for NFTs
Pricing:
- Trezor Safe 3 is the more affordable option with a retail price of 79USD, while the Ledger Nano X retails at 149USD.
Security and Software:
- Ledger Nano X: Ledger Live app eliminates certain security risks, such as blind signing. For those who prefer a more automated approach, using the Ledger Live app along with the hardware wallet enhances security.
- Trezor Safe 3 and Ledger Nano X: Both can be used with MetaMask, but users must manage associated security risks, especially with many NFT scammers.
You can still use MetaMask with both Ledger Wallet and Trezor, but you will need to manage the associated security risks. Be cautious, as there are many NFT scammers.
Ledger
Additional Information
Setup
Ensuring Cross-Platform Compatibility for Crypto Wallets
One thing that is puzzling and does not seem to be well explained. Is that if one stores NFTs in a hard wallet that is lost, stolen or damaged can they be accessed on other platforms that are not part of that company?
Apparently they can as long as you ensure Cross-Platform Compatibility for Crypto Wallets. Below are some points on how to do this:
Key Considerations for NFT Wallet Compatibility and Recovery
- Wallet Type and Compatibility
- HD Wallets (Hierarchical Deterministic Wallets): Most modern wallets, such as Ledger, Trezor, MetaMask, and Trust Wallet, are HD wallets. These can generate multiple addresses from a single seed phrase. Ensure that both wallets (on different devices) support the same HD wallet standard (usually BIP-39/BIP-44) to manage your NFTs seamlessly.
- Non-HD Wallets: Older wallets might not follow the HD standard and could store addresses differently, potentially complicating NFT management.
- Address Formats
- Ethereum Addresses: Since most NFTs are based on the Ethereum blockchain, ensure that your wallet supports Ethereum addresses. While any Ethereum wallet should support all Ethereum addresses, check for additional features like ERC-721 and ERC-1155 token management.
- Other Blockchain Addresses: Some NFTs may reside on other blockchains like Binance Smart Chain (BSC), Flow, or Solana. Ensure your wallet supports the specific blockchain your NFTs are on.
- Wallet Software and Version
- Up-to-Date Software: Use the latest wallet software to ensure compatibility with new address formats and NFT standards.
- Derivation Paths: Different wallets might use different derivation paths for HD wallets. Confirm that both wallets use the same derivation path (e.g., Ledger and Trezor have slightly different paths by default, which can be adjusted) for consistent NFT management.
- Platform-Specific Implementations
- Proprietary Implementations: Some platforms or wallet providers might have proprietary implementations, such as unique address generation methods or additional security features tied to specific hardware. Verify compatibility if switching between such platforms.
Steps to Ensure Cross-Platform NFT Compatibility
- Check Wallet Support: Verify that both wallets support the same type of cryptocurrency and NFT standards (ERC-721, ERC-1155, etc.).
- Standard Recovery: Use the recovery phrase from your hardware wallet to restore the wallet on a different platform. For example:
- Ledger to MetaMask: Import the Ledger’s recovery phrase into MetaMask to access your NFTs.
- Trezor to Trust Wallet: Similarly, import the recovery phrase into Trust Wallet to manage your NFTs.
- Export/Import Private Keys: If the recovery phrase approach doesn't work, you can export the private key from one wallet and import it into another. Be extremely cautious with this method as it involves handling the private key directly.
Example
- Ledger to MetaMask: Install MetaMask on your new device and use the Ledger’s recovery phrase to restore your wallet and access your NFTs.
- Private Key Import: Export the private key from your current wallet and import it into the new wallet to recover your NFTs.
By following these steps and considerations, you can ensure your NFTs are accessible across different devices and platforms without issues.
How to recover your digital assets if you lose a hard wallet
Below are some useful links on how to recover your digital assets if you lost your hard wallet from Trezor, Ledger and a 3rd party source.
Ledger
Ledger
