Metaverse is redefining the way we interact with each other in the digital world. Every other day we are moving towards endless possibilities in a computer-generated virtual world. The current social media is only limited to photo sharing, texting, calling and playing games online. But, Metaverse is mixing up reality and the virtual world altogether. One can create their own virtual world inside the virtual world! Sounds interesting huh? It comes with all the benefits that current social media is providing us but the next revolution here is, we can create our own avatars, flip digital assets, manage and buy our own NFTs, houses, cars and a lot more in Metaverse. The primary currency that will be used to trade everything in the Metaverse will be cryptocurrency. And here comes the need of owning a wallet. You will have to store all your cryptocurrency, digital assets in this wallet only. But, the question still remains unanswered! Is a hardware wallet really necessary for your metaverse journey? Let’s talk more about it.
Why do you need a wallet?
Just like you have a wallet to keep your money, driving licence and other stuff in your pocket, you will require a digital wallet to store and manage cryptocurrencies, NFTs and other digital assets that you own or trade in metaverse. Today people have found cryptocurrency as a better option for investing and trading. They’ve been adding different currencies in their wallet and are investing in smart contracts like Forsage. So, Yes! It is really necessary to have a wallet when you’re transacting in Metaverse. A wallet is like a key to interact with blockchain.
Different Types of Wallets
Now you have learnt that you will be needing a wallet to transact. But, again a series of questions will arise in your mind like where to get one? Which wallet should I opt for? Is there just one kind of wallet or are there different types of wallets available to manage my digital assets? Well, we will try to answer most of your questions in this article.
There are two types of wallets that are currently being used to store digital assets.
Software Wallets: A software wallet is a digital wallet that you can create from online exchanges or a wallet website. All you need to do is register an account on a trusted crypto exchange or a wallet website.
Hardware Wallets: It’s a physical wallet that you can purchase from different stores. It comes with a software that runs on your PC or mobile and you can manage your assets in that. There are several manufacturers making hardware wallets.
Software vs Hardware Wallets
When you talk about spending or investing your hard earned money, be it in the physical or digital world, you care about security. It is really important to make sure your digital assets stay safe and secure. A software wallet is stored somewhere on the internet. But, a hardware wallet is a physical wallet that you keep with yourself and without pressing a key on it, nobody can transact from it.
In both conditions, the owner of the wallet is you. But, private keys of a software wallet are stored in the database of the exchange. What if the exchange gets hacked? All your money will be gone! In case of a hardware wallet, the private key is stored with you and you fully own the wallet and currency inside it. If the exchange where you are transacting with your wallet gets hacked, you still don’t have to worry! Because all your money is safe in your hardware wallet.
Speed of transaction
When you own a hardware wallet and make a transaction on blockchain, you approve the transaction. So, they’re lightning fast. But, transactions made by software wallets are a little slow because they get approval from the exchange.
Suppose you went shopping in a mall with cryptocurrency. But forgot to keep your hardware wallet with you, you can’t make a payment to them. Because you will have to press a key on your wallet to approve the transaction. But, on a hardware wallet, everything is stored online and you don’t have to press a physical key. This is the only limitation with a hardware wallet.
Is Hardware Wallet Really Necessary for your Metaverse Journey
Now, after discussing everything we’re back to the main question. Is a hardware wallet really necessary for your metaverse journey? It’s a big YES! In the metaverse, you will be owning some really really expensive and wonderful avatars, land, games and many more assets that you just don’t want to lose.
Conclusion:Today the metaverse has become a topic of real gossip and even children have some knowledge about it. It has become like a topic of general knowledge. When it comes to owning and holding your digital assets, it is really important that you own a hardware wallet to keep them safe and handy.