A crypto wallet is a software on a blockchain (such as Ethereum) that stores your cryptocurrency, private keys and other crypto assets - including NFTs. A crypto wallet lets you create on-chain transactions, sign transaction messages, add funds to your wallet and sell or buy NFTs. Your crypto wallet lets you connect to a decentralized application (dApp) like Rarible. An example of a crypto wallet is MetaMask.
Private key vs Public address:
A private key (also called a seed phrase) is your unique key that gives you access to your crypto wallet. When transactions are made to and from your crypto wallet, your unique key is used to prove that you own the wallet and it enables you to receive the cryptocurrency that is exchanged in the transaction.
In comparison, a public address can be seen by any individual as the address is available to everyone on the internet. This public address is used when you first request or receive cryptocurrency payments in to your wallet, e.g. wallet address: 0x724613bf92fe478b9a02e7f9006bd08a4ec4a6f0.
In essence, a private key provides proof of ownership so that you are able to spend or receive the funds linked to your public address that was used to request the payment or acceptance of a transaction.
For safety reasons: You should never give anyone your private key (seed phrase).
Steps to create a crypto wallet:
MetaMask will be used in this demonstration about how to set up a crypto wallet.
1. Go to MetaMask (https://metamask.io/) and download their wallet browser extension.
2. Choose which browser you'd like to download your wallet on.
3. Agree to the Terms & Conditions and then click on "Create a new wallet."
4. Create a password for your wallet, agree to their conditions and then click on "Create a new wallet."
5. Click on "Secure my wallet."
6. Reveal your seed phrase and store it somewhere safe.
Note: This unique phrase is the key to your wallet.
7. Enter the missing words of your seed phrase to confirm your recovery phrase.
8. Your crypto wallet has now been created and you can see all of your transactions, funds and assets that you own.
Note: You can find your wallet in your extension of browser:
Note the following:
- If you would like to connect your wallet to Rarible, follow this article: How do I create a Rarible account?
- If you would like to know about other crypto wallets that you can use, follow this article: What crypto wallets can I use with Rarible?
- If you would like to learn about more terminology in the NFT space, follow this article: Terminology