NFT Glossary Deep Dive: Crypto Wallet

NFT Glossary Deep Dive: Crypto Wallet

Ellen Britt for CNT #NFT

To own an NFT, you need a crypto wallet, which is a specific address on the blockchain that only you control, and where your NFTs will live.

You may have thought crypto wallets were only for cryptocurrencies, such as bitcoin or ethereum. But you’ll also need one when you purchase an NFT.

A lot of people get confused when they hear about wallets and assume the wallets actually “hold” the cryptocurrency or the NFT, similar to the way a leather wallet holds a fifty-dollar bill.

Wallets Don’t Actually Hold The Asset

But a cryptocurrency wallet is a bit different. These wallets don’t actually contain your assets, whether those be cryptocurrencies such as bitcoin or ethereum or an NFT.

The wallet’s function, through the use of private keys, is to provide a “pointer” of sorts to the exact place on the blockchain where your digital asset is located. Your private keys are digital passwords that allow you to prove ownership of the asset, securely assess the asset, and transact on the blockchain.

Mintified will support the wallets MetaMask, Coinbase, and TrustWallet, three of the most reputable and  trusted companies in this space.

Wallets As Software

The wallet itself is a piece of software and is provided through a variety of desktop and mobile applications, as well as web extensions.

So as long as you have the digital keys your wallet provides for you, then you have control of the asset!

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By Ellen Britt

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