Web3 provides a huge range of digital services, including something known as a web3 wallet.
But what exactly is a web3 wallet, and should you be using one?
What Is Web3?
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Before web3 came web2 (web 2.0), and before that web1 (web 1.0).
Decentralization is a key element here, which you may have heard of before.
Decentralization is now very popular in the crypto realm, specificallyDeFi (decentralized finance).
The core idea is that, when platforms are owned by everyone, they become more transparent and secure.
It can also provide a trustless ecosystem, as it does not rely on third parties to operate.
Rather, it employs its own token-based systems using blockchain technology.
So, where do web3 wallets come into this, and what can they offer you?
What Is a Web3 Wallet?
Because web3 has clear ties to cryptocurrency, you may think that it is identical to a crypto wallet.
In fact, the two terms are often used interchangeably.
And, while the crypto and web3 wallets do share similarities, they are not the same.
As the name suggests, a cryptocurrency wallet is designed to store just that, cryptocurrency.
Do You Need a Web3 Wallet?
If you want a hardware web3 wallet, consider one of Ledger’s models.
Trezor’s range of hardware wallets can also store NFTs on top of cryptocurrencies.
You may find that the wallet you’re currently using to store your cryptocurrencies also supports NFTs.
It’s worth checking whether this is the case before opening an entirely new wallet.
