The Different Kinds of Wallets
There are two kinds of wallets, most commonly referred to as hot and cold. A hot wallet is a wallet that is connected to the internet. A cold wallet stores assets offline and is not connected to the internet.
Many d'Apps offer both custodial and non-custodial hot wallet solutions (coming soon to RareCircles!). A custodial wallet is a wallet that is created and managed on the users behalf in contrast to a non-custodial wallet, which is managed by the user themselves.
In order to purchase NFTs online, you’ll need a hot wallet to receive and store them. You can use your wallet to purchase crypto in order to complete your purchase. When you purchase an NFT, the ownership of that NFT transfers from the holder's wallet (or minted from the contract) directly to your wallet via the blockchain.
Most wallets are connected directly to your browser. Anytime you browse a site selling NFTs, it will ask whether you'd like to connect your wallet. Connecting your wallet to these sites enables you to transact. Most blockchains will have their own wallet solutions (ie. you will need a separate wallet to transact with the Solana blockchain versus the Ethereum blockchain). As an Ethereum based dApp, RareCircles supports leading Ethereum wallets including MetaMask and Coinbase. We recommend using MetaMask, but there are other great wallets that you can use to purchase and store your NFTs.
How do wallets work?
When you install a wallet, you become the owner of two 42-character keys. There’s a public key (known as your wallet address) and a private key. The public key, as the name suggests, is public. Think of it as the bank number you’d share if someone wanted to wire you money. Your private key, however, is like your password. You’ll want to keep that safe, secure and most importantlyprivate.