The Case For Having Multiple Crypto Wallets (For NFT Artists)
Some thoughts on how to organize your portfolio as an NFT creator...
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Today I wanted to share some thoughts on how to organize your NFT portfolio with multiple crypto wallets. As an artist, your NFT portfolio can grow to hold thousands of creations, making it complex to manage and navigate. Finding the right structure could be extremely valuable.
Having multiple wallets also has downsides, so it isn’t necessarily an ideal solution.
Let’s see the pros and cons of using one crypto wallet vs. multiple wallets.
Downsides of using only one crypto wallet
You might want to try new things but don’t want to clutter your best work.
Your new stuff is getting traction, but your old work is holding it down.
You have multiple styles, but they don’t fit together in one wallet.
You found a new vision for your art long-term, and you want a clean start.
If your wallet gets hacked say bye-bye to your royalties.
Multiple wallet use cases
1. The Experimental Wallet
You can have a playground wallet to try new things. It gives you the freedom to mess up. Also, you can incorporate that work (with variations, not the same NFT, of course) into your main wallet if it gets traction.
In the past, artists used Tezos and hic et nunc as their playground while they released their best work in other blockchains. Since Tezos is becoming the art blockchain, creating your playground in this blockchain makes sense.
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2. The Anon Wallet
Releasing work without revealing your identity could create exciting dynamics. I see two ways of doing it. A) Release similar work to your style and let your fans find you. B) release radical new things.
Months or years later, you can expose your anon wallet and see what happens... Some collectors love the surprise factor, but you will need traction/a solid collector base to pull this off.
3. The New Era Wallet
Let's say you found a new vision, style, or concept you want to focus on from now on... A new wallet lets you separate this new wave of NFTs from your past work and have a clean start.
The New Era Wallet differs from starting from scratch, as you keep your artist name. Although creating a new “artist name or character” from 0 might be valuable and something more profound to ponder on.
4. A Wallet per Style or Configuration
If you have multiple sets of styles, like pixel art, 3D, AI art, or in the case of generative art, long form / short form, having different wallets could bring a better structure.
I don’t think you MUST use multiple wallets, as there are also some disadvantages.
Downsides of using various crypto wallets
1. It is hard to link them together
Newcomers or even established collectors could find them confusing. I don’t think many wallets are an intelligent decision.
2. Not the best way to get started
If you are starting, multiple wallets don’t make sense as you want your work to be discovered quickly. Various wallets add complexity and a barrier for collectors to find your creations.
They could make sense for established artists or emerging artists with many minted works.
3. Different blockchains = multiple wallets
If you are minting on different blockchains, you already have multiple wallets. Adding additional complexity isn’t ideal.
4. Your main wallet holds special value
Some collectors care about the artworks being minted from your primary wallet, so the NFTs on your secondary wallets could be seen as less valuable.
And… As Sableraph points out, taxes might get more complex.
These were some ideas to think of. Remember, if you are having success, it is usually better not to make any radical changes.
“If It Ain’t Broke, Don’t Fix It”
Until next time,
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Wish I read this a year ago 🙈