Web3 Wallêts are digital wallets designed for the world of Decentralized Finance (DeFi). They act as gateways for users to interact with Blockchain networks and Decentralized Applications (DApps), providing a secure way to manage cryptos, NFTs, and other digital tokens.
Web3 Wallets vs. Crypto Wallets
Although the two terms are often used as synonymous, not all crypto wallets are compatible with DApps and DeFi platforms. So, while both Web3 and crypto wallets are used to manage cryptos, Web3 wallets support a wider variety of digital assets.
Most Web3 wallets are designed to provide users with full control over their digital assets. This means that users are responsible for managing their KeyPhrase and/or PrivateKey.
Basically, anytime that you create a new Web3 wallet, you will generate a unique keyphrase of 12 or 24 words. This is what gives total control/access to your wallet.
Do not share your keyphrase and privatekey with anyone.
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