A crypto wallet is a software program that stores public and/or private keys for cryptocurrency transactions and Non-Fungible Tokens (NFTs).
Watch our video to learn how to install a crypto wallet and connect it with NvirWorld.
How do crypto wallets work?
When you download a crypto wallet, you are given two 42-character keys, a public key (wallet address), and a private key.
While the public key is comparable to a username, a private key is like a password. When asked for your wallet address, copy and paste your public address.
It's essential to never reveal your private key to others.
Crypto wallets and NvirWorld
Decentralized applications, or "Dapps", work differently from traditional websites like eBay. When you purchase an NFT on NvirWorld, there is no exchange or coins or currency, and the transaction made is recorded on the blockchain. This, in turn, will result in a change in the balance of the sender and receiver's cryptocurrency wallet as the funds go straight from your crypto wallet to the seller's.
Security: keep your funds safe
Understanding risk is the key to successfully navigating the brave new world of crypto and NFTs. As NvirWorld never stores your funds or assets, we can’t retrieve them if you lose access to your wallet or it’s compromised.
If you forget your password, you can get access to your wallet via your seed phrase, a series of words that accompany all wallet addresses. It’s good practice to write down and safely store your seed phrase in multiple places when you first download your wallet, so if you can't find it, search online for info or reach out to your wallet provider before buying NFTs or storing digital currencies.
Now that you know what a crypto wallet is, check out which ones you can use with NvirWorld.