You don’t need a lot to get started as a trader. As long as you have a laptop and a brokerage account, you can get started pretty quickly.
Then again, taking the time to choose the RIGHT broker, learning the patterns in my e-book, and tuning in to my Pre-Market Prep sessions can help you make smarter decisions than a lot of the newbies out there.
The same is true for traders who wanna dive into the NFT market — a little preparation goes a long way.
Right now, a TON of traders are getting amped about the non-fungible token (NFT) market. And I can see why. There are some incredible opportunities right now. My buddy Tim Sykes is jumping on the train. If you wanna get in on the action, don’t miss his live event next Wednesday, March 30 at 8 p.m. Eastern.
NFTs are not the same as trading low-priced stocks. But you still need to understand the market and have a few basic resources — like a crypto wallet. Keep reading to learn more…
Table of Contents
- 0.1 What’s a Crypto Wallet?
- 0.2 Crypto Wallet Types: Hot Wallet
- 0.3 Crypto Wallet Types: Cold Wallet
- 0.4 Why Is a Crypto Wallet Important?
- 1 How to Choose a Crypto Wallet
- 2 What’s the Best Crypto Wallet For You?
- 3 Join the NFT Revolution!
- 4 One Platform. One System. Every Tool
What’s a Crypto Wallet?
It’s a little different than the wallet in your pocket…
Cryptocurrencies live on the blockchain. That’s a digital public ledger that keeps track of transactions.
If you want to use your cryptos to buy something, you need to access a private key. This is what proves that you own the currency. Without it, you can’t process a transaction.
Your crypto wallet holds these private keys.
But not all crypto wallets are created equal. There are two primary types…
Crypto Wallet Types: Hot Wallet
This type of crypto wallet is connected to the internet. It’s digital storage that you can access through a computer or smartphone.
A few popular hot wallets include Phantom, Coinbase Wallet, and MetaMask.
Crypto Wallet Types: Cold Wallet
This type of crypto wallet is not connected to the internet. It’s on a device that keeps your keys offline.
One of the most popular types of cold wallets is called a hardware wallet. It looks like a USB drive — but it isn’t just storage. Instead of just holding your keys, it contains the key. But you still need to physically authorize the transaction.
A few popular cold wallets include Ledger and Trezor.
Why Is a Crypto Wallet Important?
A crypto wallet is important because it stores your NFTs and crypto tokens.
Without access to your private keys, you don’t have access to your cryptocurrencies and you won’t be able to use them for transactions.
How to Choose a Crypto Wallet
You wouldn’t settle on just any stockbroker for trading. Likewise, you shouldn’t just settle on just any crypto wallet. You’ve gotta think about your specific goals in the NFT market. Let’s start with a little education.
NFTs transactions happen on different blockchains.
One of the best-known NFT blockchains is Ethereum. It’s a massive market and considered secure.
But there are other blockchains for NFTs, too.
Some of the most popular ones right now include Polygon and Solana. One advantage is that the “gas fees” associated with transactions are lower. The transaction time is also faster than Ethereum. Solana is also known for being more environmentally friendly than Ethereum thanks to its speed.
What’s the Best Crypto Wallet For You?
The best crypto wallet for you depends on your objectives.
Start by thinking about what type of wallet will work best for you — hot or cold.
Hot wallets are the easiest option for many traders, but the risk of hacking is heightened.
While a cold wallet may be harder for hackers to access, it’s a physical object that could be misplaced or destroyed.
Next, think about where you want to conduct your NFT transactions. For instance, the Phantom wallet is really popular for Solana blockchain transactions, but it might not be as desirable on a different blockchain.
Join the NFT Revolution!
As a trader, you’ve gotta read the room and adapt to the ever-changing market.
Right now, NFTs are creating some of the most exciting opportunities out there. If you want to take advantage of them, be prepared!
At the very least, it’s worth learning more. If you want to expand your repertoire and learn more about NFTs, including a 3-step system for trading them, don’t miss Tim Sykes’ NFT event this Wednesday. He’s even giving away a limited supply of his first NFT collection!
What do you think about trading NFTs? Are you interested, or do you prefer to stick with stocks? Leave a comment — I wanna know what you think!