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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Hi everyone!

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

1. You might want to try new things but don’t want to clutter your best work.

2. Your new stuff is getting traction, but your old work is holding it down.

3. You have multiple styles, but they don’t fit together in one wallet.

4. You found a new vision for your art long-term, and you want a clean start.

5. If your wallet gets hacked say bye-bye to your royalties.

blue 🫧 (🐥,🪱) @boredbluewhale

@Kaloh_nft the security aspect is my main pro for using multiple addresses i think a lot about what happens when i should loose access to my current address an alternative is to use a cold wallet address for royalties if possible

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.

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.

Melissa Wiederrecht @mwiederrecht

@Kaloh_nft I was literally thinking about this the other day.... could have an alt me to publish work as 🙃🙃🙃

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.

Lisa Orth @lisaorthstudio

@Kaloh_nft I have one for generative, one for non-generative, and just made a new one for generative experiments and sketches

Vector Recite @vector_recite

@Kaloh_nft Currently I use 2 wallets. 1st: Main for all artwork, different styles, experiments. 2nd just for fxhash, Ex: I did a collab 2 days ago for 555 supply which went well and we sold out. If all that was on main wallet, the other artworks would go so far back in the pages.

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.

on vacation🔺aebrer (Andrew Brereton) @aebrer

@Kaloh_nft I made a few wallets for different purposes (3 total, including picogalaxies.tez) regretted it ever since much nicer IMO to mint everything in one place, let the tags sort it out and I send my royalties to my vault via a Teia smart contract which splits between accounts

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.

🛡David Michael @dmoneyblah

@Kaloh_nft Thoughtful analysis. When I put on my collector hat it can be confusing and even devalue some previously collected work. Clearly not for quibibi :) As a creator multiple identities has never served me well personally - past artists had latitude to “evolve”

And… As Sableraph points out, taxes might get more complex.

Raphaël de Courville (he/him) @sableRaph

@Kaloh_nft All valid points. I’ll add multiple wallets can make tax reporting really painful

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,

- Kaloh

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