In this guide, we’ll be covering exactly what a digital wallet is and how to create, set up, and use one for Play-to-Earn games. Digital wallets (sometimes referred to as a crypto wallet) can be used to hold cryptocurrency, make purchases, and some wallets will even hold and display digital goods such as NFTs. Additionally, this guide will cover the importance of seed phrases in terms of a digital wallet’s security, the most common wallet/s used, and discuss a few frequently asked questions. Getting a wallet is a common first step for entering the world of Play-to-Earn games.
What is Digital wallet (crypto wallet)?
A digital wallet, also known as a crypto wallet or a Web 3.0 wallet, is the key to your experience with cryptocurrency, NFTs, blockchain games, and more. Users utilize their digital wallet as a safe online personal storage for holding cryptocurrency and NFT assets. Purchases or trades can also be made by connecting one’s wallet, much like connecting a debit card to a service. The wallet is an essential tool for interacting with blockchain related platforms, acting as a personal identifier for your online digital activities.
Users can have multiple wallets for various platforms but the most common digital wallets typically work with most cryptocurrencies and blockchains. Of course, there are outlying situations and solutions, plus crypto and Web 3.0 technology is evolving rapidly. In the most general terms, a digital wallet is a service used to safely store digital currency and items.
What are seed phrases?
Seed phrases are random 12-24 list of dictionary words generated by your cryptocurrency wallet which is an unencrypted form of the private key. It is incredibly important to write down or take a screenshot of that seed phrase. Without this information, it is impossible to retrieve your accounts if your wallet becomes compromised. Store the seed phrase in the safe place and never share this information with anyone.
What is the most common digital wallet?
MetaMask is definitely the most common digital wallet on the Ethereum blockchain that has been praised for its ease of use. It mainly focus on P2E games/assets NFTs, ETH, Polygon and other limited tokens. Think of a blockchain like a platform like iOS, Xbox, or PlayStation. MetaMask is usable in four different types of browsers and also on mobile devices. This particular wallet is great for those entering play-to-earn games or those who want to expand their NFT collection. Simply connect MetaMask to a market like OpenSea to start buying and trading.
Another digital wallet, Coinbase wallet, is popular among those into cryptocurrency. Coinbase wallet is associated with the marketplace platform Coinbase where users buy and trade cryptocurrencies and tokens.
How are funds added to a digital wallet?
For the most part, either a debit card or bank information can be used to purchase cryptocurrency which can then be used to buy NFTs, play various games, or purchase even some traditional goods. Many kiosks can be found at gas stations and convenience stores but it’s usually done through a wallet’s website or mobile app, much like one would use a typical bank app.
Note that some services have regional restrictions. Please be sure to check your region’s regulations before purchasing cryptocurrency.
FAQ
Do I need cryptocurrency to use MetaMask?
Technically no, you can accept signature requests from sites without any value in an Technically no. You can accept signature requests from sites without any value in an account. Adding cryptocurrencies to your MetaMask account (such as ETH, ERC-20, or ERC-721 tokens) allow you to invest, trade, play games, own unique digital items (NFT collectibles), and much more.
How do I send ETH and tokens?
In the app, click the menu button (top left), then click Send.