Protect Your Fund, Use Web3 Wallet Stay SAFu

As interest in Web3 heats up, participation in the various ecosystems is drastically increasing. Moreover, if you’re unfamiliar with the space, it can seem like the entry barriers are high and difficult to overcome. However, with the growing interest in crypto and Web3 development, these hurdles gradually disappear as the industry becomes more user-friendly. Along with becoming more accessible, the crypto space also evolves as competition grows, meaning that new dApps (decentralized applications), tokens, NFTs, and Web3 wallets are continuously developed. Wallets are vital for getting into crypto as they fulfill several essential functions within the Web3 space. Therefore, in this article, we’ll dive deeper into the crypto space and answer the question of “what is a Web3 wallet?”.

What is Web3?

With the emergence of the blockchain industry, you’ve most likely heard of ”Web3”. However, to the uninitiated, this might be a term that is unfamiliar and can be somewhat confusing. Therefore, in this section, we’ll take the time to explain and summarize what Web3 is.

What is a Web3 Wallet?

If you’re thinking about getting involved in crypto, the first step in your journey is to acquire a Web3 wallet. Web3 wallets are essential to access the Web3 space, DeFi, and crypto. You might have stumbled upon the words ”Web3” or ”crypto wallet”. If you’re new to the space, let us first answer the question ”what is a Web3 wallet?”.
First of all, Web3 wallets are essentially digital wallets. As such, they have the ability to store digital assets. This includes everything from fungible to non-fungible (NFTs) tokens. Second, a Web3 wallet also opens the door to the crypto realm, allowing you to interact with dApps on various blockchains. In turn, wallets help you access an extensive ecosystem of dApps. 

Web3 Wallet Alternatives

Earlier, we mentioned that the number of Web3 wallets is growing as more people enter the crypto space. This is the effect of a simple “supply and demand” dilemma as businesses see an opportunity to grow in an emerging market. However, this might confuse users when trying to select among the abundance of alternatives. 
As such, we will highlight five alternative wallets that you can choose from. Most of them serve the same purpose; however, they will differ somewhat, and they are unique in their own way. The five Web3 wallets are:

• MetaMask
• Coinbase Wallet
• Argent
• Trust Wallet
• Rainbow

So, without further ado, let’s start this off by taking a closer look at MetaMask!

If you are planning on getting into the world of crypto, then the first thing you’ll need is a Web3 wallet. A crypto wallet allows you to manage all of your digital assets while simultaneously providing access to the decentralized ecosystem of dApps. Moreover, all this is possible while remaining in total control of all assets as decentralization characterizes Web3 by nature. As such, no intermediaries are necessary to perform actions like trading, lending, and borrowing assets.