A Hardware Wallet is a physical ‘wallet’’ that connects to your device (computer or phone using bluetooth or a USB connector/port) and it allows you to sign and confirm transactions on the blockchain as well as keep your private keys safe and isolated. Usually, when buying crypto/NFTs online, you are using what’s called a ‘hot wallet’. A ‘hot wallet’ is a wallet that lives on the internet. It compromises the security of your assets by living online. This makes it dangerous to connect your wallet to certain sites and leaves you vulnerable to hacking. Although a hot wallet makes for quicker transactions, a hardware wallet/cold wallet protects your assets. We recommend having both a hot and cold wallet available to use. Use your cold wallet to protect your assets and use the hot wallet to interact with smart contracts. That way, if your wallet is breached, the hope is that you’ll only have a very limited amount of assets that can be stolen.
What Hardware Wallet do we use?
Here at Metaversed, we use the Ledger Nano X. With a price tag of $149 It is more expensive than the Nano S but it allows for storage of up to 3 to 20 apps and has Bluetooth connectivity. For anyone on a budget or someone new to the space trying to learn and get into the NFT space, the Nano S ($59) should be serviceable. There are other reputable wallets if you want to go out and do your research. We are aware that a large population of people also use Trezor brand hardware wallets, therefore those are the only two companies we feel secure in suggesting.