Crypto assets, or assets like cryptocurrencies and non-fungible tokens (NFTs) that come with blockchain ownership verification, should be stored properly. After all, these assets can be worth ridiculous amounts of money and if they’re not stored properly, they become targets for thieves and con-artists. 

Crypto wallets offer secure places to store your valuable crypto assets. Moreover, storage isn’t the only thing a crypto wallet is for. You’ll also use your wallet to purchase crypto assets. That’s especially the case if you choose to buy an NFT from a website that doesn’t accept fiat currency payments, which account for the vast majority of NFT marketplaces. 

Here are the steps to setting your wallet up:

Step #1: Choose Hardware or Software

All crypto assets are essentially digital files. These files can be stored offline in a hardware wallet that acts like a hard drive for valuable items, or in a software wallet. 

There are pros and cons to both. 

Software wallets can’t be lost or stolen, but they can be hacked into. Hardware wallets provide more protection, but they’re more difficult to keep track of. When deciding between the two, consider the pros and cons of both options.

You’ll also have to buy hardware wallets while most software wallets are either free or come with a low monthly fee. 

Step #2: Choose a Wallet Provider 

No matter if you choose to move forward with a hardware wallet, or a software wallet, you’ll need to find a provider. Some of the most popular providers include:

Hardware Wallet Providers

Some of the most popular hardware wallet providers include:

  • Ledger
  • Trezor
  • Safe Pal
  • D’Cent Biometric Wallet
  • SecureX 

Software Wallet Providers

Some of the most popular software wallet providers include:

  • Coinbase
  • Exodus
  • Mycelium
  • Electrum

Step #3: Purchase or Sign Up for the Wallet

If you’ve decided to move forward with a hardware wallet, you’ll need to purchase it. Most hardware wallets come with price tags ranging from $100 to $300, but some are more or less expensive. 

Figure out which hardware wallet you’d like to move forward with and purchase it. The instructions for setting it up should come with the package when you receive your wallet. 

If you’ve decided to go with a software wallet, figure out which provider you’d like to use and go to their website to sign up. Once you sign up, you’ll likely receive various prompts walking you through your new wallet and how to use it. 

It’s That Easy

That’s it my friends. If you followed the three steps above, you have a crypto wallet and you’re ready to move forward in your NFT journey. Come back next Thursday to learn about funding and using your new wallet.