Near Wallet

Basic Information

Near Wallet is an official non-custodial software wallet that allows you to safely store your tokens and NFTs on the NEAR blockchain

Functionality

NEAR is a blockchain that runs on Proof-of-Stake (PoS) and focuses on creating a user- and developer-friendly environment. The blockchain also supports dApps and smart contracts, and has experienced a recent gain in popularity.

In order to provide further safety and development for the whole blockchain, the Near Wallet was developed to allow the purchase of NEAR coins through one of the supported partners (MoonPay, UTORG or NearPay). You can also buy the cryptocurrency on one of many supported exchanges; e.g., Binance or Huobi. Thanks to Rainbow Bridge, you can also transfer tokens from the Ethereum blockchain to your Near Wallet, as well as staking your NEAR tokens with a validator and using your wallet with a wide range of dApps.

Near Wallet is a web wallet, which means it is only accessible via a web browser. The safety of the wallet is provided either by a seed phrase or a connection with your Ledger hardware wallet. Please make sure to not share your seed phrase or any other private information with anyone else.

One thing that is very important, but which might be a little confusing, is the existence of another wallet called MyNearWallet. This is a wallet being built by a company called Kikimora Labs, who are developing a replacement for Near Wallet as the creators of Near Wallet have decided they will no longer support it. MyNearWallet is very similar to Near Wallet, but the latter will become a listing page for all ecosystem wallets. The creators believe that this change will further support decentralization and competition, ultimately providing users with more advanced products. For now, the date at which support for Near Wallet will end is unknown.

Pros and Cons

Pros

User friendly - the wallet is easy to use and suitable for beginners
Connection with Ledger HW wallet - You can connect your Near Wallet to your Ledger hardware wallet, making your assets even safer
Official wallet of the NEAR blockchain
Wallet address can be personalized - you can choose a name for your wallet, which will then be used as its address

Cons

Limited time - the wallet itself will soon cease to exist and will become a listing page for all ecosystem wallets

Supported Chains

Only NEAR blockchain is supported.

Tips from an Analyst

To store your assets more safely, be sure to connect your wallet with a Ledger hardware wallet. Also, remember never to share your seed phrase or any other personal data which could be used to steal your assets. Your seed phrase should be never written on any electronic device and should be stored offline.

Personal Opinion

Near Wallet is a great wallet that is really easy to use. You can create one in a couple minutes and there is nothing complicated about using it. It’s great for using in conjuntion with the NEAR blockchain, as it is its official wallet.

Unfortunately, the wallet will not continue to be supported, instead being replaced by MyNearWallet in the near future. Right now, the wallet is offering users the chance to move all their assets to another wallet supporting the NEAR blockchain. If I was looking to get started using the NEAR blockchain, I would perhaps look for another wallet, considering the fact that the lifespan of Near Wallet is coming to an end.