Crypto Wallets for Metaverse Gambling

July 1, 2022
Crypto Wallets for Metaverse Gambling

When someone mentions metaverse gambling, the first things that come to mind are juicy play-to-earn rewards and sought-after NFTs. It makes sense since it’s the main reason people walk into a decentralized casino. However, players often disregard arguably the most crucial link in the whole chain – crypto wallets.

Believe it or not, faulty wallets are the #1 cause of hacks. For this reason, it’s essential to protect yourself and your portfolio. As with everything in this niche, it’s difficult to find the right option in an ocean of pretenders.

That’s where GamblingVerse comes in. Our goal today is to dispel all the myths related to crypto wallets and teach you how to spot fraudulent ones. In addition, we’ll also provide a list of contenders for the title of best metaverse crypto wallet. Sounds good? Great, let’s begin.

Why You Need a Metaverse Crypto Wallet

One of the best things about metaverse options for gambling is that everything is decentralized. Such a format isn’t only financially beneficial, as there are no regulatory fees to be paid, but it also promotes creativity. As a result, we have thousands of different tokens and NFT collections.

But how do crypto wallets tie into all of this?

Basically, they’re a form of digital storage where coins and NFT can be safely stored. Think of it as a virtual warehouse where you can flaunt your collection of rare and expensive tokens. Just like Lost Ark players get jittery when they get the Serenity Island token, so do gamblers when they win a freshly minted NFT.

Crypto wallets have another aspect to them, aside from safekeeping assets. They also serve as a form of ID in the metaverse, as it’s the only way to track the ownership of NFTs. If you go to OpenSea and click on a piece, you can see who owns it currently, as well as all the other hands it went through after being sold for the first time.

Now that you know the purpose and role of crypto wallets at metaverse websites, it’s time to take a look at their inner workings.

How Do Crypto Wallets Work?

Despite how the words ‘wallet’ and ‘coins’ sound, make no mistake – nothing is being stored anywhere. The coins aren’t physical, and neither is the wallet, so you won’t hear that sound of spare change jingling.

Instead, crypto wallets are just software, coded programs that can be run on computers, mobiles, and tablets. And the cryptocurrencies you own are bits of data stored on the blockchain. Your wallet then locates these bits of data, connects them to your wallet address (more on that shortly) and shows you a catalog of coins and NFTs you own.

In tech jargon, it’s a tool that gives you the ability to wield cryptographic control over the assets associated with your wallet.

Now, it’s important to know that every crypto wallet has two keys – public and private. The public key is visible to everyone, and it’s what other people type in when they send you crypto or sell you NFTs. Think of it as a more convoluted bank account number.

As for the private key, it is known only to you – the user of the wallet. If a hacker manages to get your hands on this one, they can empty your wallet in a matter of seconds. And nowadays, with services such as TornadoCash, it’s easy to spoof the trail. Unfortunately, this often boils down to the human factor, the weakest link in any security system.

Before moving on, you should also know that there isn’t just one type of crypto wallet. Each of them has its distinct pros and cons, which leaves the final choice up to the user.

Types of Crypto Wallets for Metaverse Gambling

Most experts agree on the following two categorizations:

  • Hot vs. cold. Hot wallets are always connected to the internet, which allows for greater ease of use, but are vulnerable to malware and social engineering attacks.
  • Custodial vs. non-custodial. Custodial wallets are provided by a third party, which also houses your keys for you. Generally, these are only used by large organizations and enterprises due to the convenience involved. Non-custodial ones are, for instance, those you can install on your phone or PC. You’re the one in custody of the keys and are the sole responsible party.

However, this only relates to two aspects of wallet use in decentralized gambling – internet connectivity and private key safekeeping. If we also look at the form of the wallet, these two categories also emerge:

  1. Software wallets. These hot wallets can be accessed in the form of an app on your device or through a website. One of the best features of this wallet type is that there are lots of exchange integration options. If you have an account with an exchange that also offers a wallet, you can transfer money with just a few clicks or taps.
  1. Hardware wallets. Instead of being constantly connected to the internet, these cold wallets remain ‘dormant’ until connected. They look exactly like the average USB stick. Once plugged in, the stick sends signals which automatically enter your key. This is great for avoiding keyloggers and other security risks. After disconnecting the wallet, it’s useless to anyone but you.

It’s worth noting that software wallets are much more popular. Even though hardware ones are more secure, they aren’t convenient because you have to carry them around and always be aware of where they are. Many software providers have upped their security significantly, so there’s virtually no risk unless you’re careless with the public key.

The Best Crypto Wallets for Metaverse Games in 2022

After months of testing and consulting with players, NFT collectors and experts, our team found that these wallets reign supreme:

1. MetaMask

A project by ConsenSys, MetaMask is by far the best option for those looking to venture into the world of metaverse casinos. Its parent company has a lot of experience in creating Ethereum-based software, but no one could predict this level of success.

What makes MetaMask special is the ability to create multiple wallet addresses. This is paramount if you’re storing casino NFTs or coins from P2E games. By segmenting your digital assets, you drastically reduce the chances of losing your entire portfolio to a hacker.

Additionally, this wallet can also be accessed through a browser extension. So when you’re in the metaverse, there’s no need to Alt+Tab to sort your coins and NFTs. If you’re into dApps, MetaMask lets you explore them on any Ethereum blockchain without running the full Ethereum client or node.

2. Math Wallet

Similar to MetaMask in many ways, Math Wallet’s calling card is a high degree of blockchain support. In addition to Bitcoin, Ethereum, and Polkadot, it can house 60+ other chains. In a time where metaverse casinos are on the rise and new utility coins are created on a daily basis, Math Wallet is a great way to prepare for the future.

Unlike most other wallets, this one also lets you stake directly from their extension. And they just so happen to have one of the best programs, too. Exchanging BTC, ETH and other cryptos for MATH can increase your math mining power and allow you to mine more MATH.

3. Coinbase

By far the most accesible crypto wallet to use, Coinbase is riding on the coattails of the eponymous crypto exchange. This gave the project a significant head start. But the thing that kept most users on the platform is the security. Coinbase Commercial (the exchange) is famous for its imperviousness to hacks, and we’re happy to see Coinbase Wallet adopting the same protocols.

Furthermore, you can also connect your Ledger, Trezor or another hardware wallet to it. Users also love the fact that you can connect Coinbase to your bank account if the institution is crypto-friendly. For added convenience, you can also store fiat currencies, such as USD or EUR, next to your NFT and coins.

4. AlphaWallet

This isn’t your average hot wallet. While AlphaWallet does have all the benefits of this subcategory, it also offers a significant number of off-chain solutions. This is possible with the help of Secure Enclave, Apple’s proprietary technology for app security and encryption.

As a result, AlphaWallet drastically reduces the resources used by dApps. The off-chain layer bridges the gap between them and public chains, creating a better environment for both users and aspiring developers.

In addition to providing a safe refuge for NFTs and all Ethereum-based coins, AlphaWallet also works with large companies to tokenize assets such as tickets, deeds, contracts and everything else in need of some blockchain security.

5. Enjin Wallet

If you’re on the market for extra features, Enjin Wallet has plenty of them. It’s one of the only platforms to provide infinite wallet creation capabilities. ERC20, ERC721, ERC1155, BTC, LTC and ETH wallets can all be replicated as many times as the user wants. Managing your personal finances is also easy because you can segment and customize your account in a variety of ways.

The Enjin Wallet mobile app automatically blocks screen recording. Additionally, it provides a proprietary keyboard that’s immune to keylogging and can randomize access keys. If you lose your device(s), there’s a 12-word master password that you can use to restore all funds in a matter of seconds.

How to Buy Cryptocurrencies

Now that you know where to store the top metaverse crypto to buy, let’s take a look at how to fill that wallet up with coins. The process is always the same regardless of the app or the exchange. Therefore, no need to adjust.

  1. Create a crypto wallet. Choose one of our exclusive GamblingVerse picks, or try a new one. Make sure it can house coins from different blockchains, especially if your goal is to try out multiple metaverse casinos.
  2. Purchase coins at a crypto exchange. Many exchanges, such as Binance and Coinbase, have their own wallets nowadays. If you pick one of those, you won’t have to create another account. If not, follow the instructions and connect a card or another payment method. You’re going to need to buy the coins.
  3. Wait for the funds to land. Depending on the protocol, the transaction can take anywhere between five and 30 minutes. Refresh your wallet to ensure the cryptos are there.
  4. Enter a metaverse casino and have fun. That’s it, really, other than having to learn how to play in metaverse venues. Do some research online, both about the casino and the games it offers. A bit of preparation can go a long way. Good luck and have fun!

What to Look for in a Crypto Wallet for Metaverse Casinos

Our experts are confident in the picks from the list above, but that doesn’t mean better options won’t appear. That’s one of the best things about playing at virtual casinos. The market is still emerging and there are new creations and solutions popping up every day.

So, what should you do if you see a new crypto wallet being advertised? First and foremost, look for personal experiences. If someone you know and trust is happy with it, you can move onwards and see if the service has these qualities:

  • Top-notch security. Nowadays, NFTs can be worth thousands, if not millions of dollars. To accommodate affluent clients, wallets have significantly improved their security. Whether it’s storing data on a remote server or undergoing regular audits, they must adhere to relevant industry standards if they’re to become your crypto wallet of choice.
  • Easy-to-understand UI. Learning how to play multiverse games is simple, but your wallet’s UI should be even more simple. If you need to understand systems or memorize anything, you should look for another service. Your portfolio should always be a click away. The same goes for the Send Crypto feature.
  • Inter-chain compatibility. The Bitcoin blockchain may have been the first, but Ethereum, Polygon, and several others have leapfrogged it. There’s no outright number one, and that’s why you should always keep your options open. Whether it’s proprietary gambling coins like MANA and ATRI, or regular ones like DOGE and ETH, you should be able to house all of them. It’s 2022, and there’s no point in having multiple wallets.
  • Multi-platform use. The top crypto wallets can be accessed on iOS, Android, and Windows devices. If you’re using multiple operating systems or travel a lot, having your portfolio always accessible is a big deal.
Author GamblingVerse