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Ledger has released a new USB-C stick called Nano S Plus that can store thousands of digital assets. While many are familiar with the company’s solutions to store cryptocurrencies, this is the first one working with NFTs.
With a starting price of $79, the Nano S Plus wishes to be an excellent value for the money. The Ledger Nano S Plus costs almost half its predecessor (Ledger Nano X), with no battery or Bluetooth connection.
A Few Words About Ledger
Ledger is a French fintech company that made its first appearance on the market in 2013. The team’s idea was to provide the market with a hardware version of crypto wallets. This operation could have enhanced the security of a crypto portfolio, in the view of Ledger’s founders.
Founded in Paris, Ledger has a production plant in Vierzon (France) and an office in San Francisco.
Ledger sold over one million hardware security devices in more than 165 countries. The fact that most readers know about Ledger means the business has established itself as an industry leader.
A fully managed SaaS solution, the Vault from Ledger lets businesses and organizations protect vast amounts of many cryptocurrencies. The tool aims to reduce the risk of cyber and physical attacks.
The company uses its hardware technology to connect sensors and equipment to the blockchain in the industrial IoT sector.
The Nano S Plus Launch
The $79 price tag isn’t as shocking as the $150 cost of its first hardware wallet. However, some reviewers believe it’s probably still high for a USB stick-like gadget.
Up to 100 crypto programs can execute on the Ledger Nano S Plus, with 1.5MB of storage. The Nano S Plus has received a CC EAL5+ certification to guarantee that its chip is secure.
Like Secure Element chips, high-end security technologies help Ledger hardware wallets to encrypt data (e.g., credit cards, passwords, etc.).
Differences with Existing Products
The Nano S wallet costs $59, with 320 kilobytes of storage and the possibility to run six crypto apps. But what is, exactly, a crypto app in Ledger’s lingo?
Cryptocurrency apps are just what their names suggest. You will need to install a crypto app for the token you wish to store in your wallet.
If you wish to store Bitcoin or Solana on your wallet, you’ll need to download and install the appropriate apps. Let us be clear: we are not saying that one app can only store one cryptocurrency.
It would probably be better to see the aspect in terms of blockchain protocol rather than cryptocurrency. The Ethereum app can store all the tokens using the ERC-20 protocol, for example.
In other words, the Ethereum app does not only store ETH but SHIB and other cryptocurrencies.
What Does the Market Think of the Product?
While the Nano S Plus became available only on April 5th, reviewers have already put their hands on the product. The initial Ledger Nano S Plus reviews applaud the device’s security protocols, but they are skeptical on other aspects.
The system’s security protocols make it so that hackers wishing to take your NFTs away may have difficulty. The primary issue they would need to solve is that they need to gain physical access to the product.
Reviewers are less enthusiastic about the staking option, as we mentioned earlier. Expressly, reviewers point out a narrow choice of blockchains for the staking mechanism.
Ledger NFT Solution – Final Thoughts
The Ledger Nano S Plus is a hardware wallet that can store your crypto assets offline, including NFTs. If you are worried about common crypto scams online, a hardware wallet can theoretically grant you more security.
From this point of view, Ledger probably wishes to attract a new category to the market: crypto beginners. Understanding how wallets work on centralized exchanges, swaps, or other platforms may be challenging.
There are a lot of other hardware wallets out there, and the Nano S Plus will also have to compete with all the online solutions. Self-custodial, hot wallet services that exchanges and software providers offer make up an enormous market.
The market expects self-custody to bring a manageable and foolproof solution to store crypto assets without giving up security. It will be fascinating to monitor the investors’ behavior to see whether Ledger’s new solution will be successful.