It's important to protect your crypto wallet while buying NFTs. We believe in best practices for storing and preserving your NFT collection.
How Ethereum wallets work
Crypto wallets are like real wallets. But because they're digital, they use cryptography to ensure that only the proper owner can use them. There are 2 ways to gain access to a wallet on the Ethereum network.
A Secret recovery phrase can create as many Ethereum addresses as you need. This one phrase grants you access to all of the wallets it creates. It’s important to keep this as safe & secure as humanly possible.
A Private key grants you access to a single Ethereum wallet.
When using cryptocurrency, it's important to follow best practices to secure the safety of your funds.
Storing Your Secret Recovery Phrase
When you create your wallet, you should write your secret recovery phrase on a piece of paper. Then, you should make one copy and store them in two separate locations. This protects you in case one of them gets destroyed.
Some location storage ideas are a vault or a safety deposit box.
Use Multiple Wallets
When participating in Web3, you should spread your funds across multiple wallets. This way, if one of them is jeopardized, you don't lose all of your crypto.
Use Centralized Exchanges
Most users only need a small amount of their crypto in an active wallet. The rest can be stored on a centralized exchange such as Coinbase. Their security is top-notch and so long as you follow best practices, you shouldn't run into any problems.