Two of the most exciting subsectors in the larger crypto world are DEFI and NFTs. Everyone desires a piece of the growing cryptocurrency market. Despite the complexity of the blockchain technology that powers cryptocurrencies, there are some simple concepts that can guide your initial steps. A web3 wallet is one of those.
A Web 3.0 Wallet: What Is It?
A Web 3 wallet is a mechanism for gaining access to the web3.0 economy, which is the most recent version of the web in which people have considerably more control over their data and privacy and may get value from it as opposed to allowing it to be collected by tech giants like Google or Facebook.
A web3.0 wallet is non-custodial because control and anonymity are so important. It implies that you can store digital assets safely without having to rely on a third party and that you can maintain your privacy and anonymity without having to go through onerous KYC/AML procedures.
On the other hand, it necessitates that you accept full responsibility for the custody of such assets through a mechanism known as a recovery Seed, which will be covered in detail in the next practical steps.
Since the interactions are too sophisticated for a small screen, web3.0 delivers a whole different user experience that is more in line with desktop programs than mobile. There are currently a lot of non-custodial crypto wallets available on the market.
Web3.0 wallets are the perfect entry point to a wide range of blockchain-based cryptocurrency applications, such as Decentralized Finance (DeFi), Gaming, and Non-Fungible Tokens (NFTs), that are best accessed and used via desktop browsers because processes frequently run in the background and share activity notifications with your browser. MetaMask is one of the most well-liked web3 wallet development.
Exchange and purchase within your browser wallet
You can utilize the wallet’s buy feature if you don’t have any Ethereum-based tokens. Wyre allows you to buy cryptocurrency with a bank or credit card and have it put directly into your account.
Additionally, you can exchange tokens you already own by sending them to your wallet address and exchanging them through the ShapeShift connection.
To switch tokens, select “Swap.” Choose the tokens you want to exchange, but keep in mind the associated gas fee. You cannot directly exchange tokens using Metamask’s mobile app. Instead, you should look for a third-party app under the mobile apps’ browser extensions.
Incorporating other blockchain networks
Although MetaMask, by default, sends and receives transactions through the Ethereum network, you can also choose to move money using other blockchain networks.
There is a dropdown menu at the top of your browser wallet that is currently set to “Ethereum Mainnet.” Choose this to put a different Binance Smart Chain after it. Three pieces of information will suffice: the Network Name, a new RPC URL, and the Chain ID.
Getting connected to your Ledger Hardware wallet
Although MetaMask offers excellent features, the fact that it is a hot wallet—online by default—means that your money is in danger. Connecting your MetaMask wallet to your hardware wallet, if you have one, is one way to reduce that risk.
To connect your hardware wallet, simply connect it, as usual, sign in to your MetaMask web wallet, click on the round account icon in the top right, and select “Connect Hardware Wallet” from the menu. You will be given the choc to use either a Trezor or Ledger device (others are not supported at this time).
Using MetaMask on a Smartphone
The mobile app for MetaMask is also accessible. However, it has fewer features than the browser-based version. To utilize the wallet as an app, follow these steps:
From the App Store for iOS or Android, download the application. You can use the instructions provided for the browser extension to create or add an account.
You’ll be taken to the following interface after logging in.
If you want to buy ethers, click “Buy ETH.” The app offers a type of method for purchasing ETH, each of which depends on the user’s country. Additionally, you can directly transfer ETH from a centralized exchange. If you want to, for instance, add ETH from Binance. When you click on ETH Token, choose “RECEIVE.”
To withdraw money to MetaMask, copy the address and paste it on the exchange.
As was already indicated, using the mobile app to swap tokens directly is not possible. Click “Browser” from the menu in the top right corner to exchange coins.
You can perform a search for the app you need to use. For instance, we looked up UniSwap. To use Uniswap, open the exchange and select that option.
Choose the tokens you wish to exchange. You will receive the token in your MetaMask wallet after clicking “Swap” and confirming the transaction. Be mindful of the gas costs related to Swaps.