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 is your gateway to Web3 because it 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 into your wallet.
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.
You should never give anyone your private key or seed phrase.
Setting Up a Crypto Wallet
MetaMask will be used in this demonstration regarding how to set up a crypto wallet.
1. Go toi MetaMask and download their wallet browser extension.
2. Go onto MetaMask's wallet browser extension and follow the prompts.
To get started, choose the option to set up a new wallet. Follow the steps thereafter.
3. Seed phrase.
A seed phrase will appear once you have set up a new wallet. Ensure that you store this seed phrase in a safe and reliable space as this unique phrase is the key to your wallet. Whoever has your seed phrase can send any transaction they want from your wallet and controls all your assets. Remember to never share this phrase with anyone.
4. Connect your wallet to Rarible.
Go onto the Rarible site and click on "Connect wallet." Once you have completed this, you will need to agree to connect to Rarible on your wallet provider's extension of browser. Then, click on the sign in button on your wallet provider's extension of browser to log in to Rarible.