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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 isnāt necessarily an ideal solution.
Letās see the pros and cons of using one crypto wallet vs. multiple wallets.
![](https://storage.googleapis.com/papyrus_images/20cc2ea7e57b012a5648427a87fafa8d.jpg)
Downsides of using only one crypto wallet
You might want to try new things but donāt 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 donāt 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.
![Twitter avatar for @boredbluewhale](https://substackcdn.com/image/twitter_name/w_96/boredbluewhale.jpg)
blue š«§ (š„,šŖ±) @boredbluewhale
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.
![Twitter avatar for @mwiederrecht](https://substackcdn.com/image/twitter_name/w_96/mwiederrecht.jpg)
Melissa Wiederrecht @mwiederrecht
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 āartist name or characterā 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.
![Twitter avatar for @lisaorthstudio](https://substackcdn.com/image/twitter_name/w_96/lisaorthstudio.jpg)
![Twitter avatar for @vector_recite](https://substackcdn.com/image/twitter_name/w_96/vector_recite.jpg)
I donāt 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 donāt think many wallets are an intelligent decision.
![Twitter avatar for @aebrer](https://substackcdn.com/image/twitter_name/w_96/aebrer.jpg)
on vacationšŗaebrer (Andrew Brereton) @aebrer
2. Not the best way to get started
If you are starting, multiple wallets donāt 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 isnāt 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.
![Twitter avatar for @dmoneyblah](https://substackcdn.com/image/twitter_name/w_96/dmoneyblah.jpg)
Andā¦ As Sableraph points out, taxes might get more complex.
![Twitter avatar for @sableRaph](https://substackcdn.com/image/twitter_name/w_96/sableRaph.jpg)
Raphaƫl de Courville (he/him) @sableRaph
@Kaloh_nft All valid points. Iāll 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.
āIf It Aināt Broke, Donāt Fix Itā
Until next time,
- Kaloh
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