Is It Time to Go All In??? The Best Cardano Wallets for NFTs & This Week’s Top Trending News
In This Issue
- Is it time to go all in on crypto?
- Sam has a report for you on the best Cardano wallets for NFTs.
- Rebecca has this week’s top trending coins.
Premium Subscription highlights this week:
- Flashbots: What are they and will they help solve the issue with MEV?
- Jesse’s altcoin report: This week Jesse has a coin report with the highest investment ranking that we’ve seen in a while!
- NFT mints: 3 upcoming NFT mints to keep an eye on.
Lark’s Portfolio Tips
Time To Go All In?
With the markets rallying for the first time in what feels like forever the temptation for investors is to deploy all of your sidelined cash to chase the pump.
Is that the right call?
Well for me, it is not. And as the FED wrecking ball proved, it would not have been the right call for many.
I am quite happy sticking to my plan of DCAing into Bitcoin during this bear market. And occasionally adding a little pinch to the occasional altcoin bag.
To be clear I am balls deep into crypto, and my portfolio is massive.
But am I tempted to smash the buy button and exit my stablecoin position right now? No, not particularly.
The reason being that there is still so much potential for risk in the markets.
If we moon hard then I am positioned for that.
If we see new lows in a few weeks then I will keep to my plan of buying every week while the bear market lasts.
With about 12% of my portfolio sitting in stablecoins that is a lot of BTC and or altcoins I could buy right now.
But, depleting my stablecoin supply also vastly reduces my flexibility.
That being said, the risk reward is certainly attractive at these levels for a lot of coins. But that does not require going all in.
While I still wouldn’t go all in, the one thing I would be looking for before getting overly excited about this rally is a cross of the main downtrend line. That currently is sitting around 25-26K for Bitcoin. An area which also lines up with major resistance from August.
For now, watching, waiting, DCAing, and preparing for the next big cycle. But I am not letting my emotions take over and deviate me away from staying the course on my plan.
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What Are the Best Cardano Wallets for NFTs by Sam
If you’re looking at NFT communities outside of Ethereum, then an accessible ecosystem, with plenty of activity and opportunities to profit, is Cardano.
However, to get started with Cardano NFTs, which means transacting in ADA, it’s not possible to use MetaMask, and you’ll need a dedicated Cardano wallet.
There are several options, so let’s take a look at which are the best Cardano wallets for NFTs, and then wrap up with the best Cardano NFT marketplace and analytics tools.
Image credits: Cardano Foundation
Best Cardano Wallets for NFTs
Before we get started, an important point is that when using Cardano wallets, you’ll need to begin (after the wallet is set up and contains some ADA) by adding collateral.
Every wallet will have an option to do this, and the recommended amount is 5 ADA, which will be locked up and allows you to interact with smart contracts. You can unlock and retrieve this collateral at any time.
Another thing to remember is that you can easily generate income by staking your ADA. A great point about Cardano is that staked ADA never leaves your wallet, and you can unstake at any time.
All the wallets mentioned here are compatible with Ledger and Trezor hardware wallets, although you should always check whether the specific model you are using is supported.
Nami
Image credits: Nami
The Nami wallet has established itself as a Cardano standard, and is very easy to get started with. Like MetaMask, it sits up in your browser bar ready to use once you’ve downloaded it, and it’s very widely supported.
Nami displays your NFTs, and supports Cardano native tokens. It’s easy to stake ADA with the Delegate button, but Nami selects the Berry staking pool by default (which is run by the creator of the wallet), although there are simple ways to delegate to other pools.
GeroWallet
Image credits: GeroWallet
Featuring well-designed UI, GeroWallet is user friendly and looks good, making it a strong competitor to Nami. Like Nami, it’s browser-based, displays NFTs, and also supports Cardano native tokens.
You can stake ADA to any pool, and this wallet also has its own token, GERO, with plans to let users stake that in-wallet. There is also a utility NFT collaboration between GeroWallet and a platform well-known in the Cardano NFT space called Bajuzki Studios.
Eternl
Image credits: Eternl
This wallet was originally known as CCVault, but has now upgraded and adopted a catchier name. It’s a browser extension, but opens in a new tab, giving it a different feel to the MetaMask type wallets.
The interface is very detailed, but be aware that it looks advanced and doesn’t have the kind of consumer-ready design needed to onboard newcomers used to more polished applications.
Eternl allows you to easily view your NFTs, and do everything else Cardano-related, and is a good choice if you want something aimed at more technically proficient users.
NuFi
Image credits: NuFi
If you’re looking for a cross-chain wallet, then NuFi is a useful, browser-based option. It supports Cardano NFTs and other native tokens, allowing you to view and manage NFTs, and stake your ADA as you like.
When it comes to other chains, NuFi also supports Solana and Flow, with NFT management features for both networks, and Ethereum support is scheduled to become active sometime in Q4 this year.
Flint
Image credits: Flint
Also planning to provide support across several blockchains, there is the Flint wallet. This is browser-based, cleanly designed, and suitable for Cardano NFTs, native tokens, and staking.
Flint is currently working on compatibility with Solana, Ethereum, Algorand, and possibly some other blockchains. However, support for these chains is not yet active, and it’s not clear exactly when cross-chain support will launch.
Typhon
Image credits: Typhon
One more solid, well-supported option is Typhon, which provides full Cardano NFT and token support, and staking to any pool. Typhon initially opens as a simple browser-extension wallet, but can expand into a more advanced dashboard if required.
Useful Cardano NFT Resources
Image credits: JPG Store
The main Cardano NFT marketplace, where the vast bulk of trading takes place, is JPG Store. It supports all the above-listed wallets, and is reliable and straightforward. JPG Store will be easy to use if you’ve ever traded NFTs through OpenSea.
For dedicated Cardano NFT analytics, there are CNFT Jungle and Open CNFT. To check rarity, try CNFT Tools, and for NFT analytics across several chains, including Cardano, there is Stocktwits, which covers a range of financial markets.
There was also a recent tweet from the Rarible NFT marketplace suggesting that it might integrate Cardano NFTs, but we’ll have to wait and see whether or not that actually happens.
The Outlook for Cardano and its NFTs
When compared to Ethereum, Cardano’s NFT space is cheaper and easier to navigate, and is not so oriented around big names and hype cycles. Price movements and developing trends can feel more organic and simple to keep track of, but on the negative side, volumes are lower.
Cardano is in the next crypto tier after Bitcoin and Ethereum, and, in its favor, has a uniquely academic approach to development, but sometimes progresses slowly. Overall, Cardano continues to evolve on its own terms, has a dedicated community, and its NFT space is bustling with creativity.
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Trending Coins This Week by Rebecca
Here are my key takeaways from the trends this week, and there’s a ton of building happening in this bear market.
1 – Dogecoin is a meme coin that’s skyrocketed 150% in the days leading up to and after Elon Musk completed his acquisition of Twitter. As a result, Dogecoin has replaced Cardano as the 6th largest cryptocurrency by market cap.
2 – Aptos is a newly launched Layer-1 blockchain established by ex-Meta employees that’s already expanding into NFTs. AptoSea, the Aptos NFT marketplace, has kicked off its initial pre-sale round for early adopters.
3 – Dogechain is a smart contracts system for DOGE holders built on Polygon Edge that’s completed its 80% supply burn after the proposal went to a community vote and passed. The burn has permanently destroyed 800B DC tokens.
4 – RSS3 is a DeFi RSS feed that’s announced a partnership with Unstoppable Domains, allowing users to browse Web3 identities via the feed. It’s also been revealed that RSS3 has invested in a funding round for Moonshot Commons, a community for Web3 engineers.
5 – BNB is the native coin for the Binance chain that’s partnering with Kazakhstan to integrate its CBDC on the network. Binance intends to create a team to support Twitter’s blockchain efforts after it helped fund Elon Musk’s takeover with $500M.
6 – Injective is a trading, derivatives, and futures DEX that’s launched V2 of the Injective Explorer which includes smart contract code and updates to the interface.
7 – GMX is a derivatives exchange on Arbitrum that’s launched a trading tournament on Binance with $50K in prizes to be won. GMX’s total value locked (TVL) hit a new all-time high of over $480M.
8 – Chiliz is an ERC-20 token that powers the sports fan token platform, Socios.The Chiliz token, CHZ, is up 15% in one day as the excitement builds for the FIFA World Cup 2022, which is just weeks away.
9 – Evmos is an EVM on the Cosmos network that’s started its community incentive program, after approving over 2M tokens to be used to support DeFi incentives. The Evmos team is also gearing up to attend the ETH San Francisco hackathon from 4-6 November.
10 – Gala is a play-to-earn (P2E) gaming ecosystem that’s just launched the first Web3 esports game called Spider Tanks. Gala’s nodes are now also powering its Web3 entertainment ecosystem.
11 – Optimism is an L2 Ethereum scaling solution that’s seen its OP token price skyrocket 78% in the past week following Ethereum’s bear market rally. It’s recently been revealed that Optimism’s daily users have increased by 500% since July.
12 – Osmosis is a Layer 1 DEX on Cosmos that’s been listed on Binance in the Innovation Zone. Founder, Sunny Aggarwal, has said in an interview that he wants Osmosis to be the Coinbase of the Cosmos ecosystem.
13 – Gains Network is a trading platform and DeFi ecosystem on Polygon that’s teasing a new secret feature coming soon. Gains Network also plans to launch soon on Arbitrum and launch a new DAI vault. Read Jesse’s altcoin report on Gains Network.
14 – Ethereum has launched its Layer 2 grants round to support applications and scaling solutions with up to $750,000 available. The team is also gearing up to host the ETH San Francisco hackathon from 4-6 November.
15 – Bitcoin hits a new 6-week high whilst the miners continue to struggle through the bear market. Core Scientific is left facing bankruptcy with only 24 Bitcoins left in reserves and will not be making debt payments in October and November.
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Final Notes
Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
If you are reading this it means you are on the free version of the Wealth Mastery Investor Report, which is great for news and tips on the crypto markets.
If you really want to take advantage of fastest growing asset class EVER, I highly recommend you join us in the Premium Investor Report.
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See you next time!
Lark and the Wealth Mastery Team
Legal Disclaimer
TCL Publishing ltd (director Lark Davis, owner of Wealth Mastery) is not providing you individually tailored investment advice. Nor is TCL Publishing registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. TCL Publishing is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.
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