A Digital Wallet is a unique identifier used on a blockchain to record ownership or issue control of NFTs and other digital assets (eg cryptocurrencies). When a person sends NFTs or other digital assets on a blockchain (eg cryptocurrencies), they are essentially signing off ownership of the tokens to someone else’s wallet address.
To be able to use those tokens, a private key stored in the sender’s wallet must match the public address to which the token is assigned. If public and private keys match, the token is transferred successfully. The transaction is signified merely by a transaction record on the blockchain and a change of ownership. There are 2 important parts to a Digital Wallet:
The Public Address
As the name suggests, this is the public identifier of a digital wallet. It is a unique string that is visibly associated with transactions on the blockchain. The public address is typically used to receive payments and NFT transfers.
The Private Key
This is another unique string but is different from the public address as it should always be kept private. The private key grants its holder permission to transact using the associated wallet. Anyone who has access to your private key can take control of your wallet and its contents.
How do I set up a Kred wallet?
When a new account is created on NFT.Kred, a wallet is created and associated with the account's credentials. By logging into your account on NFT.Kred, you are able to easily access and interact with that wallet. By default, this wallet is named "Kred Wallet" but can be renamed to any custom name on the Whitelabel NFT Hubs to associate with the branding.
To get started, you will first need to connect with a wallet to the NFTs marketplace. This wallet allows you to easily store your cryptocurrency and allow access to see all your NFTs in one convenient place. Remember that wallets don’t hold cryptocurrency or NFTs — they store your private key which is needed to authorize transactions. The wallet should be very secure and capable of handling several cryptocurrencies.
Updated over 1 year ago