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What is a Wallet?
A web3 wallet is simply a digital wallet that can be used to store digital assets. These digital assets include Non-fungible tokens (NFTs). A “crypto wallet” is the same as a web3 wallet.
A web3 wallet is a tool for accessing the web3 economy, allowing users to interact with dApps.
Crypto wallets often have a non-custodial characteristic, which means that you, as a wallet owner, can store digital assets without the need for an intermediary or middleman. This means that you as a user remain in complete control of all your assets as no one else has access to your tokens. However, with exclusive access, all the responsibility lies with you, meaning that it is essential to keep private keys to yourself.
Along with the ability to host digital assets, wallets often provide additional functionalities. For instance, this makes it possible to utilize Web3 wallets to send and swap tokens. As such, crypto wallets can be used to fully manage your assets, including a way to acquire additional tokens.