What Is a Custodial NFT Wallet?

Adekunle Joshua

A Custodial NFT Wallet is a type of wallet where a third party holds your private keys

It acts like a trusted guardian for your NFT holdings

The most important benefit of Custodial NFT Wallets is not having to stress about losing keys because they are under the security of a central entity

Custodial NFT wallets are very user-friendly, making them ideal for beginners in the NFT space

However, it should be kept in mind that Custodial wallets sometimes sacrifice some decentralization

While they enhance accessibility, they might not align with the core philosophy of decentralization in blockchain space.