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August 1, 2022

What is a Wallet?

Find out more about what is a wallet, and how to keep your connected wallet safe online with our safety tips

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To get started on NFT.io, you will first need to understand what a crypto wallet is and how having one is a much-needed tool to start bidding on an Entropia egg. A crypto wallet allows you to send, receive and store tokens (e.g. Ethereum) and assets (e.g. NFTs, digital assets).

A wallet can appear in two different ways:

  • Hot Storage Wallets
  • Cold Storage Wallets

Hot Storage Wallets are the most common when interacting with NFT Marketplaces. These are essentially wallets connected to the internet. Examples of Hot Storage Wallets are Desktop/Browser wallets or mobile wallets from the Play Store/App Store.

  • Examples: MetaMask, Enjin Wallet, Coinbase Wallet, MyEtherWallet (MEW), Fortmatic etc.

Cold Storage Wallets are wallets that don't connect to the internet and allow for extra security for sending, receiving and storing tokens. These are built with a physical device and are often always kept offline. It usually involves the user plugging their hardware device into their PC.

  • Examples: Ledger, Trezor, KeepKey, SafePal etc.

With the creation of your wallet, there are a few other terms you may want to be on the lookout for. Upon creating your wallet, you will have a public address and a private key (Recovery Phrase).

Public Address

A public wallet address is your very own, unique address that is generated upon creating your crypto wallet. These addresses come in the form of strings of numbers and letters. It is used to recognise your wallet and is used to receive tokens and NFTs to your wallet. Your public address can be visible on any explorer.

Private Key

Your private key acts as your important password - a key to gain access to your wallet and funds. This private key should never be shared with anyone and it should never be written down or stored on a digital device. It's crucial to keep your private key safe, written down on paper where only you know where it is.

To learn more about what is a Recovery Phrase, check out our article here.

Which Wallets can I use with the NFT.io Marketplace?

To begin using NFT.io, you will need a wallet.

You can use MetaMask (Browser Extension), WalletConnect, or Coinbase (Browser Extension and wallet).

When you log into your account, you will be redirected to the screen below, where you will be asked to connect your preferred wallet.

Supported Wallets

I have a wallet created, how do I keep it safe?

As in any space, there lies many scammers and impersonators trying to gain access to your funds and assets. We have outlined various things that you can do to keep your wallet safe from malicious scammers:

  • Never share your Recovery Phrase (your 12-words) / Private Key with anyone!
  • Note down on paper, your Recovery Phrase / Private Key, versus on a digital device.
  • Never give out your personal information.
  • Block anyone asking you for your personal information.
  • Pay close attention to the websites you're interacting with and if they are 100% genuine. NFT.io's official marketplace URL is https://nft.io
To learn more, we've created a dedicated article on the best safety practices.

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