What is a Custodial Wallet?
A Custodial Wallet is defined as a wallet in which the private keys are held by a third party. This means, a third party has control over your NFT and you give permission to send, receive, and trade the NFT.
Examples of custodial wallets include Coinbase and Binance.
What is a Non-Custodial Wallet?
It is a type of Blockchain wallet in which you have full control over your NFTs and the associated private key.
Examples of non-custodial wallets include Exodus, Ledger Nano X, and TREZOR One.