What is a cryptocurrency wallet and why do you need one?
A simple explanation of what cryptocurrency wallets are, what they do and why you need one.
What is a cryptocurrency wallet?
Put simply, a cryptocurrency wallet is a piece of software which is used to store and manage your cryptocurrencies and tokens, such as $SAND, LAND, GEMs, ETH (Ethereum) and BTC (Bitcoin). They also allow you to interact with blockchain technologies.
Why do I need a cryptocurrency wallet to register an account on The Sandbox?
The Sandbox utilises blockchain technology and therefore a wallet is required in order for you to be able to interact with this blockchain technology. Your wallet will securely authorise your access to the website and help you to keep track of any transactions that you perform.
It will also act as storage for any ERC-20 tokens that you have from The Sandbox, such as $SAND and GEMs, as well as any virtual goods that you own (ERC-1155), such as LAND and ASSETs. For example, you might earn some $SAND via The Sandbox’s Play2Earn features and will need a place to store it.
A cryptocurrency wallet provides you with true ownership of everything that you purchase, earn or win on The Sandbox’s platform. You will always have control and access to these virtual goods as long as you remain in control of your wallet.
What wallets can I use to register for The Sandbox?
At the time of writing, The Sandbox officially supports the MetaMask, Bitski and Venly wallets. See the page linked below for more information regarding these three wallets.
Always save your wallet's security key or passphrase in a safe place, including as a physical back-up off your computer. And keep this safe, never, ever share it with anyone, even with those claiming to be staff.
Always keep your login information secret, safe and secure. Your cryptocurrency wallet in time could potentially be worth hundreds or thousands in your national currency!