Wallets
If you are new to cryptocurrency in general, we highly recommend that you check out the below video on cryptocurrency wallets.
Video Summary
- Wallets are merely interfaces to the blockchain, they do not store actual tokens
- Public keys and your wallet address can be thought of like an account number
- Private keys can be thought of like your password. Do not give this to anyone under any circumstance
- Hot wallets (also known as desktop, exchange and mobile wallets) store your private keys online.
- Cold wallets (also known as paper wallets, hardware wallets) store your private keys offline.
- Make sure you save your seed phrase/mnemonic of your hot/cold wallet somewhere safe. Never show anyone
Once your purchase your NFT, it will be sitting on either the marketplace website where you purchased it in a wallet or, a connected third party wallet such as Metamask, Coinbase or Phantom just to name a few.
If you are new to NFTs, the below video contains some great information on how to setup a Metamask wallet and connect it to Opensea.
Two Factor Authentication (2FA)
Two-factor authentication (2FA) is a security system that requires two separate, distinct forms of identification in order to access something. 2FA is the last line of defence for your accounts to avoid being hacked. 2FA apps can be downloaded from the app store on your smart phone. Google Authenticator and Authy are the most popular 2FA apps currently used. A user is generally required to use an email and password to login to a marketplace, but with 2FA activated, you will be required to enter a code as a third step. This code will be generated from your selected 2FA code generator app. .