Why do I need an Ethereum wallet?

Why do I need an Ethereum wallet?

Cryptocurrencies are unleashing the new era of decentralized internet, shifting control from centralized repositories to the hands of users. Swappable is a community-driven platform that enables users to directly trade NFTs in a peer-to-peer manner, thereby avoiding delays and high costs of centralized systems!

In order to create NFTs and trade on Swappable, users need to create an Ethereum wallet and hold ETH, the native token used to pay for buying NFTs. Note that NFTs can also be bought via SWAP, the native token of TrustSwap.

Why is an Ethereum wallet needed for Swappable?

A Swappable user must own an Ethereum wallet which can be connected to their web browser. This wallet allows users to connect with Swappable and make payment for purchases and store purchased NFTs, as well as mint your own NFTs and receive the revenue from sales.

Swappable supports several Ethereum wallet integrations as presented in the figure above. For the ease of users, MetaMask or Torus are the wallet integrations recommended as the ideal browser extensions.

MetaMask is the most widely used Ethereum wallet across the NFT and cryptocurrency space. You can find step-by-step instructions to get started with MetaMask here.

Torus is the super easy-to-use crypto wallet that allows you to login with your social media profiles, so is perfect for new users. You can find step-by-step instructions to get started with Torus here.

The importance of cryptocurrency wallets

It is important for users to choose wallet types that allow them to enjoy exclusive ownership and maximum safety. Such a cryptocurrency wallet enables users to gain full ownership of their funds, enhancing security and eliminating the reliance on third parties.

The concept of cryptocurrencies is to shift control to the hands of the end users. A cryptocurrency wallet that allows users to be the only owners of their private keys is a standard practice to enhance wallet security. Wallet users usually keep private keys in their possession in the form of passwords or backup phrases. Neither the company that created a wallet like Metamask nor their programmers, are able to access funds within the wallet and postpone, alter or affect transactions by any means.

In terms of wallet management within Swappable, a variety of wallet options is available for users to choose from. These wallet types allow for purchasing and storing NFTs within a safe environment as well as receiving funds upon NFT sales.

After setting up your cryptocurrency wallet, you just need to fund it with ETH tokens and you will be ready to create and buy a plethora of amazing NFT items on Swappable!

Ready to explore Swappable? Get started here.