NFT multisig wallet
NFT multisig wallet is a type of a wallet that adds an extra layer of security by requiring multiple users keys to authorize transactions.
NFT is a one-of-a-kind (non-fungible) digital token that certifies ownership of a specific digital or physical item. It is suported on different networks, such as Ethereum (ERC-721 tokens), Avalanche, Binance Smart Chain (BEP-721 tokens), Optimism etc.
Reasons to use Multisig wallet
Increased Security
Traditional wallets rely on a single access point, which, if breached, leaves funds vulnerable. Multisig wallets elevate security, necessitating multiple private keys for transactions. A fortified barrier, it substantially reduces the chances of unauthorized access and fund theft.
Risk Mitigation and Business Continuity
In traditional single-key systems, if a key holder is unavailable, it can disrupt operations. Multisig addresses this risk. With multiple key holders, transactions proceed without delay, ensuring smooth business operation.
Shared Ownership
In instances where assets need collective decision-making, multisig wallets shine. By distributing control among several parties, it mandates consensus for transactions, ensuring that no single entity holds unilateral power, fostering collaboration and mutual trust.
Decentralized Organizations
Embracing the ethos of decentralization, multisig wallets cater perfectly to decentralized autonomous organizations (DAOs). With no central authority, these wallets empower collective management, ensuring that decisions and transactions echo the shared values and visions of its members.
Why choose Totalsig?
One account to manage it all
With TotalSig, you'll experience the convenience of having a single account that can effortlessly manage all your and other network assets. Say goodbye to the hassle of juggling multiple accounts and passwords.
Cheapest transactions
TotalSig is designed to minimize transaction fees, ensuring that you can send, receive, or trade your coins and tokens without worrying about high costs eating into your holdings.
Compare multisig fees
User friendly multisig
TotalSig's user-friendly multisig feature empowers you to enhance the security of your holdings without the complexity. Our wallet simplifies the process of setting up and managing multisignature accounts.
Frequently Asked Questions
Create a wallet in the TotalSig app, and you will be given a public address. You can see and copy your wallet address by clicking on the newly created wallet. Note: the wallet is created on a particular network that you choose, and the same wallet can be used to store all of the coins and tokens existing on that network. If you want a separate NFT wallet, you can simply create multiple wallets in TotalSig and use them to keep your assets separate.
NFT can be created on many different Networks, for example: 1. Ethereum, as ERC721 token 2. Tron, as TRC721 token 3. Polygon, as ERC721 token.
To create NFT multisig wallet:
1. Open TotalSig and click 'Add multisig wallet' button.
2. Choose a network you want your NFT on, number of participants and number of required confirmations, for example 2-of-3 (any 2 signatures from 3 participants are required to approve the transaction) and click Create button.
3. Copy session ID, share it with other wallet participants and wait them to join the wallet.
4. Wait few more seconds for wallet to be created, and voila! Your multisig wallet has been created!
Go to your wallet and find your public address. Share this address with the sender. The funds will appear in your wallet after the transaction is confirmed on the blockchain.
Open your wallet, select USDT and click on the Send button, fill the transaction details and click Continue. If it is a multisig wallet, wait until other participants have signed the transaction.
NFT stands for Non-Fungible Token. Unlike cryptocurrencies like Bitcoin or Ethereum, NFTs are not interchangeable on a one-to-one basis, each NFT is unique.
