What is a Web3 wallet?

A web3 wallet (or crypto wallet) is a digital or physical device that stores your private keys, which are used to access and manage cryptocurrency and blockchain-based assets, like NFTs. A private key is a unique code that is generated for each wallet, and is required to access the funds and assets stored in that wallet.

What is a web-based cryptocurrency wallet?

Web-based cryptocurrency wallets are suitable for those users who earn their living by trading or buy and sell their coins frequently. Web-based wallets, also called hot wallets, are connected to the internet and make coins accessible asap when you decide to perform a transaction. They can be accessed directly from your browser.

What is a hardware wallet?

Hardware wallets are physical electronic devices (often resembling a USB device) that use a Random number generator (RNG) to generate public and private keys. This is considered one of the safest alternatives because of its ability to hold public and private keys in the device without any connection to the internet.

What is a non-custodial Web3 wallet?

A popular example of a non-custodial web3 wallet is MetaMask, a software storage option that can store both crypto coins and NFTs that come under the ERC-721 standard. This kind of web3 wallet employs a trustless model, in which you don't need to rely on any kind of third party to keep your sensitive information safe.