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The cryptocurrency boom has acquainted us with many exciting innovations, the most prominent being non-fungible tokens, or NFTs. NFTs paved the way for newer ways of creating and expressing art. As the NFTs gained momentum, almost every enthusiast in the crypto arena wanted to purchase one. This led to the growth of NFT marketplaces like Opensea, Rarible, and others. As more people started buying, selling, and trading these digital assets, there arose a need for easier ways for them to transact. Wallets are required to buy or sell NFTs, but getting one can sometimes be cumbersome. With this in mind, newer inventions came into the picture. One such example is the NFT Paper Wallet. In this article, we delve into what the NFT Paper Wallet is, how it works, the benefits of using it, and more. Let’s get started.
Contents
What is an NFT Paper Wallet?
As NFTs gained popularity, marketplaces realized the need for users to have a relatively easier and more convenient option for accessing a custodial wallet. Enter Paper Wallet. These are Web3 wallets from Paper, requiring users to sign up with their email address, social media account, or other credentials to gain access. The subsequent process of buying the NFT involves just a few simple steps.
Recently, the NFT marketplace OpenSea partnered with Privy to develop something similar to a Paper Wallet or self-custodial wallet. Users can create the wallet using just their email addresses to buy, sell, receive, send, or trade NFTs on the marketplace. Opensea’s wallet supports various blockchain platforms like Avalanche, Solana, Polygon, Optimism, and more. These are amazing advancements in the Web3 space that make buying and selling NFTs a hassle-free, secure, and rewarding experience.
How does the process work?
The NFT Paper Wallet works very simply. You just need to follow a few steps before you can buy an NFT.
Initial steps
To create an NFT Paper Wallet, you must complete the signing-up process. This requires you to create a wallet using Paper by paying a small fee in crypto or fiat currency. You can also connect to a browser wallet extension like Metamask, Coinbase Wallet, or others. Alternatively, you can even use a pre-existing Paper Wallet in some cases. If you have any of these options, that’s great. Otherwise, you may see a button like “Create My Wallet.”
Only E-mail is needed
You’ll be asked to enter a valid email address at the outset. Just fill in and click “Submit.” The idea of entering the email address is to connect to the Paper Wallet to which the NFT you purchase needs to be delivered. The best part is that you can use this wallet anytime in the future to purchase NFTs with Paper. After entering your email address, you’ll be sent a link to confirm this. Click the message “Log in to Paper” to confirm your address.
Check out step
This is the final step towards completing your NFT purchase. You just need to fill in your payment details, which are usually your credit or debit card information. Fill in the details and click “Review.” Once all the required information is duly filled out, you should receive a confirmation. This will allow you to access your NFT Paper Wallet, which will show you all the transactions and the complete list of NFTs that you bought using this service.
What are the benefits of Paper Wallets?
Paper Wallet brings with it a plethora of benefits. Some of these are:
- Your wallets are created in just a matter of time. All you need is only a valid email address.
- Your wallet remains in your custody; neither developers nor anyone else can access your private keys.
- Your Paper Wallet has secure cryptographic key recovery options with additional controls to avert potential threats.
- Your wallet is compatible across all EVM networks, seamlessly integrates with on-chain systems, and includes all the major features, such as signatures, transactions, and more.
Wrapping Up
NFT Paper Wallet or other Web3 custodial wallets are striking innovations in the realm of cryptocurrency and blockchains. Wallets are required to buy or sell NFTs, and the latter being a valuable digital asset, the transaction needs to be highly secure. With Paper Wallet offering greater control to users as they can sign up with their email addresses, there’s a vast potential to revolutionize the Web3 ecosystem.
