If there’s one word that has made highlights in 2021, it would obviously be “NFTs.” They are all over the news and discussions forums, especially in the crypto community. The new breed of digital assets is changing the definitions of asset ownership and management. Non-fungible tokens bring the value of uniqueness to the table above everything else, and this is probably the formidable highlight separating them from other digital tokens. 

As the popularity of NFTs continues to grow, it is reasonable to wonder about methods for interacting with them. This is where you would come across the Metamask NFT connection. Now, what is Metamask? How is it related to NFTs? There is no reason to be confused as Metamask is basically a crypto wallet that helps you manage your NFTs. Let us shed some light on the ways for using Metamask to send or receive NFTs in the following discussion.

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What are NFTs?

The foremost thing you need before reflecting on the process of Metamask NFT transfer is an understanding of NFTs and Metamask. NFTs or non-fungible tokens are a new class of digital assets that have gained considerable popularity in recent times. A non-fungible token is available as a representation of an asset on a blockchain, which is basically a collection of transactions stored in a distributed computer network. 

With the help of the blockchain as a public ledger, anyone could easily verify the ownership and authenticity of NFTs. The most crucial highlight about NFTs is that it is impossible to reproduce them, and every NFT features unique digital signatures. The popularity of NFTs surged in early 2021, with NFT sales reaching around $10.7 billion in the year’s third quarter. 

The uniqueness of NFTs is the most important thing for which people look for solutions to “How do I receive an NFT?” and the best practices for the same. As unique assets, NFTs fetch higher value, with artwork bidders ready to pay even millions for NFT ownership. Furthermore, users could also have different types of files in the form of NFTs, which also include music, photos, and other types of assets. 

As a matter of fact, the buzz around NFTs has been largely attributed to the increasing emphasis on digital artwork. Deep-pocket bidders have shown interest in collecting NFT artworks, thereby fuelling the industry’s growth. However, it is also important to note that majority of NFTs are based on the Ethereum blockchain. So, you need to understand the Metamask NFT connection for transferring and receiving NFTs with Metamask. 

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What is Metamask?

The next important thing you need to learn how to sell NFT on Metamask is a clear understanding of Metamask. It is basically a cryptocurrency wallet that helps users in storing and interacting with different Ethereum-based assets. Users could store Ether and ERC-20 tokens in the wallet. The most interesting aspect about Metamask is the easy installation process. You could easily install the Metamask wallet as a web browser extension or as a mobile application on your smartphone.

The Metamask crypto wallet helps users in transferring crypto to Ethereum addresses. If you want to know the answer to “Can I buy NFT with Metamask?”, then you must create a Metamask wallet after the installation process. You can easily create an account on the Metamask application or browser extension for creating your wallet and seed phrase. Ensure that you note the seed phrase as it is important for accessing your account.

Now that you are aware of the basics of Metamask and NFT, you must be eager to find out the ways for sending and receiving NFTs through Metamask. Let us find out the processes followed for transferring non-fungible tokens by using Metamask. 

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How to Use Metamask for Sending and Receiving NFTs? 

One of the foremost doubts that comes to the minds of people while thinking about NFTs and Metamask is “Can I store NFT on Metamask.” You should note that you could add NFTs in the form of custom tokens on the Metamask browser extension. As of now, Metamask is working on enabling better NFT support on the Metamask browser extension. 

However, you can find an assuring answer for “Can I store NFT on Metamask” with Metamask Mobile. You can easily discover your NFTs in the “Collectibles” tab of the Metamask Mobile app. The application can help you find a list of the NFTs you own alongside insights on pricing of NFTs and market trends. 

With a major concern out of the way, you could now think of finding out more about the Metamask NFT transfer and receiving processes. Before you start the process of sending or receiving NFTs, you should follow an important prerequisite. You need to understand that majority of NFTs are basically ERC-721 tokens. 

Therefore, sending NFTs through Metamask is more or less the same as sending an ERC-20 standard crypto token. The ERC standards help in the implementation of Application Programming Interfaces or APIs for concerned assets. As a result, users could enjoy the benefit of interoperability in transferring tokens among ERC accounts alongside improved accessibility for tokens. Now, let us take a look at how you transfer NFTs with Metamask.

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Steps for Sending NFTs through Metamask

Before you start transferring NFTs through Metamask, it is important to make sure that you are sending NFTs through your mobile application. This will help you avoid losing your valuable NFT assets. 

• The first step in “how to sell NFT on Metamask” or transfer its ownership to another user is to verify that you have adequate gas for the transaction. If you don’t have an adequate amount of gas for the transfer process, you will end up with a rolled-back transaction and lost gas. 
• In the second step of sending NFTs or “how to sell NFT on Metamask,” you need to click on the “NFT” tab in the Metamask application. Then, the application would direct you towards the collection of the NFTs in your ownership. 
• Browse through all the NFTs and choose the icon of the NFT you want to transfer or sell. Click on the icon of the NFT you have selected for transfer. 
• Once you have clicked on the NFT of your choice, you can find a new page. You can find a “Send” button at the bottom of the new screen. Click on the button to express your agreement for sending the NFT to another user’s account. 
• After clicking on “Send” in the Metamask NFT transfer process, you can move to the final stage. In the final step, you need to enter the address to which you want to transfer the selected NFT. Click on “Next” after you have entered the address to which you wish to send the NFT. Then, all you have to do is comply with the standard transaction prompts for completing the transfer. 

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Steps for Receiving NFTs through Metamask

The next important concern of NFT beginners would also point towards “How do I receive an NFT?” after understanding the process for sending NFTs. Many people are worried about concerns such as “Can I buy NFT with Metamask?” and the ways for receiving NFTs. However, it is important to note that the NFTs you purchase is automatically transferred to your wallet through a marketplace. On the other hand, you may come across situations in which you may not have received NFTs in your wallet. In such cases, you need to follow some important steps for checking the validity of the transaction. 

• Start by providing your public address to the sender. The correct public address is an important step for avoiding the accidental loss of your token. You could easily access your address by clicking on your account name in the wallet extension. 
• In the next step of answers to “How do I receive an NFT?” you should verify that you have the adequate amount of gas for the transaction. With the right amount of gas, you could ensure a smooth and seamless transaction.
• Now, you have to ask the sender to send the NFT to the public address you have provided. After they have sent the NFT, you can move to the final step of receiving the NFT.
• The final step in the answer for “How do I receive an NFT?” would involve the addition of the token to your wallet. All you have to do is ensure that the transactions for sending and receiving NFTs are executed on your smartphone. You can easily check the NFTs you have received recently on Metamask in the “Collectible” tab of the application. 

Learn about the fundamentals of NFTs, NFT marketplaces, NFT wallets, NFT projects, and real-world use cases through this NFT E-book

Final Words

On a final note, it is quite clear that Metamask is the simplest choice for interacting with NFTs. The processes of sending and receiving NFTs through Metamask are quite straightforward and easy to understand. Most important of all, the common point in the Metamask NFT connection emerges in the form of Ethereum. As a reliable crypto wallet for Ethereum-based crypto tokens, Metamask serves as an ideal platform for transferring and receiving NFTs. 

If you look closely, NFTs are basically ERC-721 tokens, which are related closely to the common crypto tokens. Therefore, Metamask makes sending and receiving NFTs as easy as carrying out simple crypto transfers. Learn more about Metamask and NFTs in detail right now to tap into the potential of an emerging technological intervention.

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*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post How to Send and Receive NFTs on MetaMask? appeared first on 101 Blockchains.

Many new types of DeFi passive income generation methods have emerged in three years since the inception of DeFi. You can find various decentralized protocols and smart contract applications in the DeFi landscape, offering exclusive ways for passive income. The following discussion aims to introduce readers to four common methods for earning passive income in DeFi, which you can employ for deriving additional value from your crypto assets. 

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Using Your Assets for Passive Income in DeFi

The most interesting aspect of decentralized finance or DeFi is the opportunity for any individual to access the ecosystem. On top of it, you would find key features of DeFi which establish it as a unique intervention in finance. With a diverse assortment of value advantages as well as risks in DeFi, it has birthed many new possibilities for income generation. The decentralized traits of DeFi ensure that participants can interact with financial products and services in a variety of ways. 

Furthermore, the DeFi ecosystem is also expanding continuously with every passing day. Therefore, DeFi is creating new perspectives on how to invest in DeFi for favorable returns. Interestingly, DeFi users don’t have to go through any complex measures for earning passive income with DeFi. You can use your digital assets to earn passive income in DeFi with methods like staking, yield farming, and lending. 

Methods for Earning Passive Income in DeFi

If you are seeking answers to “how to earn passive income with DeFi,” then you might find them easily. The evolution of DeFi has simplified financial services alongside the process for earning favorable returns on investments in digital assets. However, you should also remember that DeFi does not offer any ‘get-rich-quick’ schemes for growing the value of your assets. 

You need comprehensive awareness of topics such as automated market makers or AMMs and the basics of blockchain. In addition, you should also have a clear impression of the ways of interacting with crypto wallets for employing DeFi passive income generation methods. With the basic knowledge requirements, you can interact easily with strategies to obtain passive income on your crypto assets. Here are the four important methods you can follow to earn passive income with DeFi.

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• Lending

One of the foremost answers for “how to earn passive income with DeFi” would point you towards lending. It is the most commonly followed DeFi activity primarily because of the emphasis of early DeFi protocols on lending. For example, MakerDAO is one of the earliest entries in the DeFi ecosystem, which focused on lending protocols. Interestingly, the concept of loans in DeFi is quite simple, and you can find easy avenues for earning passive income. 

You have to lend your digital or crypto assets to a platform by locking them in a smart contract. Subsequently, borrowers could access the deposited assets as loans by placing their own assets as collateral. The borrowers have to pay back the loan with interest to the platform. Then, the smart contracts distribute the interest among lenders according to the proportion of their assets locked in the platform. 

The method of crypto lending is one of the trusted approaches for DeFi passive income generation for various reasons. First of all, the process of DeFi lending is quite clear and straightforward, which is also easy to use. You can just lock in your tokens in smart contracts for lending purposes. You could also unstake them when you want to take the tokens back. The next important detail of lending as an answer for “how to invest in DeFi” refers to higher interest rates. 

In comparison to traditional accounts in banks which offer interest, DeFi lending can help you earn higher APYs. For example, you can learn more about a popular DeFi Lending Protocol, Compound, to discover some exciting details. The crypto lending platform offers an exceptional offer of more than 8.1% APY on your assets. The smart contracts serve as intermediaries or facilitators of the loans to borrowers alongside enforcing interest repayments from collateral deposits.        

Must Read: DeFi Tokens – A Complete Guide

• Staking

Staking is also another common addition among responses for “how to earn passive income with DeFi.” It is the process in which users lock their tokens in a smart contract and are able to earn more of the same token. The token, in the case of staking, generally refers to the native token of the blockchain network. For example, ETH is the native token in the case of Ethereum network.

Various DeFi platforms leverage staking as an alternative for helping users in opening the equivalent of a savings account on the blockchain. Just like a savings account, your asset balance in the platform will help you accumulate additional income. The additional income is offered in the form of rewards by the network in the native tokens of the blockchain or other tokens on the same blockchain. 

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Staking provides a credible avenue for passive income in DeFi and derives its origins from networks that use Proof-of-Stake algorithms. The Proof-of-Stake consensus algorithm basically implies that users on the platform would place their assets as stakes in the platform. In return for the trust shown by the users in the network, the platform rewards them with tokens. 

Furthermore, the total contribution of users to the platform in form of stakes would also determine their governance privileges. Users with the highest stakes in a network would get the privilege of validating transactions on the network. 

In the case of DeFi, staking is more than just a way to earn passive income with DeFi. As a matter of fact, it plays a crucial role in encouraging users to lock their assets in DeFi platforms for longer periods of time. Users who stake their assets in the platform would receive rewards from the net revenue.   

Another interesting highlight about staking as a DeFi passive income generation method is that majority of DEXs featuring AMM systems allow users to stake the native tokens. Such facility is often termed as a “Savings” option and can help in earning a share of revenue generated by all solutions on the DeFi. For example, investors can earn fees from the swaps on liquidity pools. Investors could earn the rewards as additional tokens when they take their savings out of the stake. 

Preparing for a DeFi interview? Check out the top DeFi interview questions and get ready to ace the interview!

• Take on the Identity of Liquidity Providers

The third proven approach for drawing promising levels of passive income with the help of DeFi is to provide liquidity. Many popular decentralized exchanges such as Yearn Finance and Uniswap have become successful with the adoption of Automated Market Maker or AMM protocols. 

The DEXs do not depend on order books that were employed in traditional exchanges. On the contrary, the DEXs generate liquidity pools comprising of token pairs with equally distributed values. The equal value of token pairs has opened up the foundation for trading markets on DEXs while offering a plausible solution for “how to invest in DeFi” for favorable returns. 

Liquidity pools are publicly accessible on a DeFi platform and allow anyone to provide liquidity in the pools. You can learn more about how liquidity pools lock in equal values of specific token pairs with the basics of liquidity pools in DeFi. For example, you could contribute liquidity in the amount of $3000 by offering $1500 worth of ETH and $1500 worth of USDT. 

Now, you would be wondering about the ways to earn passive income in DeFi by providing liquidity. Upon locking in the assets in a liquidity pool, you would receive LP tokens or liquidity provider tokens. The LP tokens represent the share of an individual user in the total liquidity pool. Investors can redeem the LP tokens for recovering their stake alongside the revenue generated from swaps in the trading pair. 

Liquidity providers can find a flexible answer for “how to earn passive income with DeFi” with the share of swap commission or fee. Based on the share of an investor in the liquidity pool, the platform determines the swap fee which should be awarded to them. APYs can be considerably higher for liquidity providers in DeFi platforms, albeit with a profound risk. Becoming a liquidity provider brings the additional risk of impermanent loss, and you need to be wary of it. 

Impermanent loss is clearly evident due to the significant fluctuations in the price of pooled tokens. However, you can take necessary precautions for addressing the risk of impermanent loss in the DeFi passive income method of providing liquidity. Liquidity providers could address the concerns of impermanent loss through a selection of pools with high liquidity. On the other hand, liquidity providers can also choose pools with stablecoins or assets with less volatility.

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• Yield Farming

The most common answer for “how to invest in DeFi” would obviously bring attention to yield farming. The interesting aspect about yield farming is that it offers liquidity alongside providing a reliable instrument for passive income in DeFi. When you provide liquidity to a DeFi protocol by locking your assets in it, you get LP tokens. 

You have the option of holding the LP tokens and redeeming them for recovering your original stake and other associated rewards. However, you could choose yield farming and discover an exceptional approach to earn passive income. You can lock the LP tokens in yield farms, which are basically DeFi protocols, and earn rewards in the same token or different tokens. 

One could clearly notice the similarities of yield farming with staking and the practice of providing liquidity. However, yield farming is exclusive to LP tokens only. Therefore, if you want to earn passive income with DeFi through yield farming, you have to become a liquidity provider first. Another critical aspect of yield farming refers to the requirement of proper due diligence on the concerned DeFi platform. 

Due diligence measures can help in identifying any form of discrepancies in the platform. In addition, you can also ensure safety from ‘rug pull’ scams wherein the developers can compromise LP tokens for withdrawing liquidity from the liquidity pools on DEXs. Therefore, it is reasonable to go with reputed platforms for yield farming that have a favorable reputation. In addition, you should also pay attention to external auditing of the smart contracts of the yield farming protocol. 

Know the Key Differences between Staking Vs. Yield Farming Vs. Liquidity Mining

Ready to Earn More with DeFi?

As you can notice clearly, there are many potentially productive answers for “how to earn passive income with DeFi” when you search in the right direction. Before the arrival of DeFi, crypto assets were a mysterious enigma for financial investors and traders. However, the arrival of decentralized finance has changed the way we perceive the functionality and value of crypto assets. DeFi has opened up favorable prospects for accessing financial services on a decentralized infrastructure. At the same time, it has also prepped many paths for earning passive income with DeFi. 

With so many promising methods such as yield farming, staking, becoming a liquidity provider, and crypto lending, you can earn passive income easily. The common thing in all the answers for “how to invest in DeFi” refers to locking your assets in a DeFi protocol. The type of returns on your assets depends on the method you have selected. For example, if you are providing liquidity to a platform, you get the rewards in form of LP tokens. 

On the other hand, staking also gives the additional rewards of governance privileges in the protocol. In addition, the different traits of the methods for generating passive income through decentralized finance also present new possibilities. You can choose the one you want according to your flexibility and participation in DeFi. Learn more about investing in DeFi with the best practices suggested by experts right now!

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*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. Do your own research!  

The post How to Generate Passive Income with DeFi? appeared first on 101 Blockchains.

At the time when blockchain came to public notice for the first time, there was no other way to imagine its applications than in the development of cryptocurrencies like Bitcoin. Almost a decade later, blockchain has evolved in more than the foundation of a peer-to-peer payment system. Other than Bitcoin, many other blockchain networks such as Ethereum have evolved with a wider focus.

Ethereum offers the functionalities of smart contracts for delivering something more than simple payment systems. How would anyone access the applications on blockchain networks like Ethereum? MetaMask provides the ideal answer for this question and also raises many questions about what it is and its work. Let us find out more about how to use MetaMask with a comprehensive introduction for it in the following discussion. 

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Why Do You Need MetaMask?

Ethereum has shown prolific growth as the trustworthy blockchain platform for the development of decentralized finance or DeFi applications. At the same time, Ethereum is also the go-to space for NFT development which has gained formidable popularity in recent times. The demand for decentralized apps (dApps) is clearly evident in the example of CryptoKitties, which was responsible for crashing the Ethereum blockchain. 

Since many users experience difficulties in interacting with dApps and tokens on the blockchain, MetaMask emerges as a promising solution. It basically focuses on reducing the barrier of entry into the dApps market and introducing the mass market to the decentralized web. 

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What is MetaMask?

The Metamask wallet is basically a crypto wallet that provides support for ETH-based tokens such as ERC-721 and ERC-20 tokens. It is available as a browser plugin that you can install easily, just like any other browser extension. Interestingly, you can enjoy a seamless connection to any Ethereum-based decentralized app after installing the Metamask Chrome extension or Firefox extension. You could easily access any decentralized application like yield farming protocols and NFT marketplaces with the wallet. 

With the facility of web browser integration in the form of plugins, you can have convenient experiences in the use of MetaMask. This is probably one of the foremost reasons for its rapidly increasing rates of adoption. As the demand for a decentralized web starts to gain momentum, MetaMask can serve as a gateway for you into a new world of exciting opportunities with dApps, web browsing, and DeFi, and blockchain technology.

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Steps for Setting up Metamask

The next critical factor in any discussion on the Metamask wallet will obviously point you towards the way it works. Understanding the use of a new tool can provide a detailed impression of how easy it is to work with. One of the first things about MetaMask is that it is a comparatively simpler alternative among decentralized app browsers and Ethereum wallets. 

Most important of all, you would be surprised to find out the easy ways for how to set up Metamask within a couple of minutes. All you need for using the crypto wallet is Google Chrome or a Chromium-based browser such as Firefox or Brave. Let us take a look at the important steps which can help you find out the basics of how to use Metamask effectively. 

• Downloading Metamask

The first step would obviously start with Metamask download, and you can use the official website for the same. The official website can offer you support for three major operating systems such as Android, iOS, and Windows. You need to download the Metamask Firefox or Chrome extension according to the browser of your choice. 

You could also avail the crypto wallet on the desktop or mobile platforms according to your convenience. Interestingly, the Metamask download procedure is nearly similar for all types of supported browsers, thereby offering better ease of setup. 

Also Check: An Exclusive List Of Crypto Wallets

• Creating Your Wallet

After you finish installing the Metamask Chrome or Firefox extension, you need to identify the steps for creating your wallet. The splash screen which comes after you have installed MetaMask will welcome you to the platform. Find out the “Get Started” button and click on it to start the process of creating your Metamask wallet. All you have to do is tap on the “Create a Wallet” button which pops up as soon as you click on “Get Started.”

Furthermore, you would find prompt asking users whether they want to improve the platform. If you don’t have any interest in the same, then you can click on “No Thanks” or click on “I agree.” Now, you could clearly notice the ease and flexibility in answering how to set up Metamask within minutes. 

• Creating Your Password 

The next step in using the Metamask Firefox or Chrome extension you have installed involves creating your password. You need to pick up a strong password which must have a minimum of 8 characters. Make sure that you have used a distinctively unique password that is difficult to guess. 

The best practice for creating your password for MetaMask would refer to the use of symbols, upper and lower case letters, and symbols. Confirm your password once again in the specified field and read the “Terms of Use” by clicking on the link. Once you are done with the “Terms of Use,” you can just click on “Create” to set your password. 

• Confirming the Backup Phrase

Once you have created the password for your Metamask wallet, you will receive a 12-word backup phrase. The backup phrase is quite crucial for accessing your funds in the wallet, and you should note it down exactly as it is displayed on the screen. The backup phrase proves helpful for recovering your crypto wallet if you cannot access your computer. 

Therefore, you need to store your backup phrase in a safe location. You can find your answers for ‘is Metamask safe’ with the help of the backup phrase. Do not expose your backup phrase to anyone and keep the 12-word phrase a secret for safeguarding your assets. 

After writing down the secret backup phrase, you need to click on the “Next” button. You have to confirm the backup phrase in the next screen. All you have to do is enter the backup phrase in the exact same order as seen on the previous screen. Once you have entered the phrase, you can click on “Confirm” to complete the process. 

• Final Steps

Confirming the secret backup phrase is the penultimate step in how to set up Metamask. You have to click on “All Done” on the final page. Subsequently, users would be logged in automatically to Metamask. You can log in again by clicking on the icon added for the browser extension, generally found near the URL bar. 

Also Check: What is Staking Crypto?

Using Metamask

Now that you have set up MetaMask, you need to find out how to use it. As a matter of fact, you wouldn’t find any complicated answers for how to use Metamask. You can use the wallet with basic functionalities such as the “Assets” tab, which helps you find a list of your assets. In addition, the “Activity” tab can help you take a look at your transaction history. 

• Sending Transactions

Another interesting highlight about the Metamask wallet is that it simplifies transactions. You can enter the recipient address and the amount you want to send alongside a transaction fee and click on “Send” to send transactions. Users can also leverage information from ETH Gas Station or related platforms for manual adjustment of the transaction fee. Once you click on “Next,” you could have the flexibility of confirming or rejecting the transaction on the following page.                 

• Connecting with dApps

The next important and most notable application of MetaMask focuses on connecting with dApps or smart contracts. You can click on the “Connect to Wallet” button or a similar option on the decentralized app platform you want to use. Once you have clicked on the button, you will discover a prompt asking you for permission to connect the dApp to your wallet. When you connect with a decentralized application, it can view your public addresses. However, they could not access your funds. Interestingly, dApps connect automatically to the Metamask wallet, thereby ensuring a simplified connection process. 

Also Read: Hot Wallet vs Cold Wallet Comparison

Future of MetaMask

MetaMask definitely has many promising advantages when you think of simplicity in connecting to dApps and the expanding DeFi ecosystem. It also provides better scope for integration as emerging dApps are designed for compatibility with the wallet. On the other hand, it is also reasonable to wonder about concerns such as ‘is Metamask safe,’ especially when the platform stores private keys in the browser of the user. Therefore, you might have to compromise on security for better ease of use and interaction with dApps. 

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Bottom Line

The gradually expanding domains of crypto, DeFi, and decentralized web solutions continue to transform the ways of interacting with technology. Crypto wallets have emerged as a viable option for accessing and managing your crypto assets. On the other hand, MetaMask provides a credible opportunity for tapping into the space of DeFi, NFT, and dApps marketplaces with ease. 

The crypto wallet has served as a prolific gateway into the growing dApp ecosystem. As of August 2021, the Metamask wallet crossed the mark of 10 million monthly active users, establishing its credibility as a non-custodial wallet. Learn more about the wallet and how it can transform the decentralized web for the world.          

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post What is MetaMask and How to Use It? appeared first on 101 Blockchains.

The rising popularity of cryptocurrencies alongside their mainstream adoption all over the world has opened up the crypto world to a broader audience. At the same time, crypto-assets present many interesting opportunities for expanding their savings and boosting their investments. As compared to holding your crypto assets, you can lend them for earning passive income on them. The following discussion would help you find out the answer to “what is crypto lending?” and how it works.

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Traditional Lending Mechanisms

Before you try to find a crypto lending calculator, it is important to know the foundations of cryptocurrency lending. The best way to understand crypto-backed lending is to take a look at the traditional lending mechanisms. People generally take loans when they are short of cash and approach a bank or a finance company for loans. The borrowers must repay the loan to the bank or the company with a specified amount of interest. 

The bank or company could make money through the interest earned on the loans they provide to borrowers. In this case, you might wonder where the bank gets the money to lend to its borrowers. The answer is evident in the money deposited by other customers of the bank and in other financial instruments. So, the bank or the company is just working as a middleman between the actual lenders and borrowers.

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What is Crypto Lending?

Imagine a scenario where you don’t have any middleman between the borrower and the lender. Crypto lending provides an alternative approach for investing your crypto assets, where you can lend cryptocurrencies or fiat to borrowers. You can earn interest on the cryptocurrency you loan to a borrower without any intermediaries. You can find various solutions which can help you give out a loan with your crypto assets and earn interest directly. 

Working of Crypto-backed Lending

The next important aspect in an introduction to crypto lending would obviously draw attention to its working. Crypto-backed lending processes generally leverage digital currency in the form of collateral, just like securities-based loans. The primary principle in crypto-backed lending is almost similar to that of an auto loan or a mortgage loan. You can pledge crypto assets to obtain a loan at specified crypto lending rates and pay back the loan over a specific period of time. The most common places to get such loans include crypto exchanges or cryptocurrency lending platforms. 

Borrowers can retain the ownership of the crypto they have used as collateral, albeit while losing some rights. For example, borrowers could not use the crypto assets for transactions or trade them. In addition, a substantial drop in the value of assets placed as collateral would imply that borrowers would have to pay more than the borrowed amount in event of a default on a loan. 

You can clearly notice that there are two distinct parties in crypto lending transactions, the borrower and the lender. The borrower takes on the responsibility for depositing crypto assets in the form of collateral for securing the lender’s investment. The lender would receive the interest from borrowers in return for the loan and have the assurance of the collateral. If the borrower fails to repay the loan, the collateral can compensate the lender. 

Also Read: An Exclusive List Of Crypto Wallets

Steps in Crypto Lending

Diving further into the steps involved in crypto lending from the perspective of lenders and borrowers could provide a better impression of the DeFi solution. Irrespective of the platform used for crypto-backed lending, the steps are almost the same in the view of borrowers and lenders. 

Borrowers have to go through the following steps. 

• Register on the platform which offers crypto-backed loans and showcases the desired sum. 
• The cryptocurrency lending platform would leverage crypto lending rates for calculating the amount of crypto required as collateral. 
• Borrowers have to deposit the estimated collateral on the lending platform and apply for the loan. 
• The platform verifies the borrower’s collateral and deposits funds in the account of the borrower upon the approval of their loan. 

On the other hand, the process of crypto lending is different from the perspective of lenders. Here are the steps for you if you are a lender of crypto.               

• Lenders must select a specific interest rate. 
• The lender offers crypto assets to borrowers and receives bonds in return. The bonds prove the fact that you have lent crypto to the borrower.
• Lenders would receive additional bonds as interest.
• You can recover your money after the agreed-upon time by sending back all the bonds. Lenders could utilize smart contracts for sending back the bonds and receiving crypto in exchange for the bonds. 

Also Check: Know the Difference between SegWit and Native SegWit (Bech32)

Reasons to Lend Crypto

Now that you know about crypto lending rates and how crypto-backed loans work, it is reasonable to wonder why you should choose crypto loans. Here are some promising reasons for which you should lend crypto to other people.

• Better Interest Rates

The clearly evident benefit for lenders in crypto-backed lending is the opportunity to earn interest directly. Lenders are more likely to get more crypto in exchange for the loaned amount. As a result, you can make better profits without investing any considerable effort. Furthermore, the crypto lending rates are considerably better than the ones for conventional savings accounts.

• Safety from Volatility

The most basic advantage of crypto lending is the flexibility to lend any type of crypto you want. Crypto owners can use the opportunity for lending stablecoins to expand their assets without any volatility risks. Basically, you would have a clear impression of how much you will get in return for your crypto assets. 

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Best Practices for Crypto Lending

Even if there are many opportunities associated with crypto asset lending, it is also reasonable to consider certain implications. For example, you need to find answers to doubts such as “How safe is crypto lending?” before you venture out. Here are some important pointers which can help you with crypto-asset lending. 

• Invest in Research

One of the foremost factors which can help you with crypto-asset lending more than a crypto lending calculator is research. Investing some time in doing your own research could help you identify suitable platforms for crypto loans. The best choice in such cases would refer to platforms or smart contracts with well-audited security and a favorable track record. 

Also Check: Staking vs. Yield Farming vs. Liquidity Mining – Key Differences

• Identify the Parameters

The next critical factor among best practices for crypto lending refers to a detailed understanding of the loan’s terms. It is important to verify the time within which you can get back your crypto and the amount of interest. In addition, you should also check for any contingency plans which can help you in case anything goes wrong. For example, the lending platform should have provisions for taking collateral from borrowers or insurance for lenders. 

• Understand the Implications

You should also take note of the implications such as “How safe is crypto lending?” and the consequences of having your crypto locked in the lending platforms. Furthermore, the best security measures in the world have not been able to restrict hacks in the crypto world. So, you should take some time to think over these things before investing in crypto loan platforms. 

Must Read: Know Everything About Crypto Wallet

Getting Started with Crypto Lending

The massive growth in attention on ‘what is crypto lending?’ has definitely encouraged many investors to participate in the idea. Here are some favorable options you can try out for getting started with crypto-based lending. 

• Exchanges and Platforms

You can rely on crypto exchanges and custodial platforms offering lending services, which are basically centralized services. The exchanges and platforms serve as middlemen, and you have to provide your private information for making accounts on these platforms. 

• DeFi Protocols

Another prolific approach for getting started with crypto lending refers to decentralized finance or DeFi protocols. The DeFi protocols remove the need for any middleman and use smart contracts for the management of loans. In addition, the smart contract would also automate transactions in accordance with the fulfillment of specific predefined conditions. Lenders do not have any possession over the crypto which they have lent as the assets would go into a smart contract. The well-audited smart contracts in popular DeFi protocols provide the assurance of security from any potential vulnerabilities. 

Enroll Now: Certified Enterprise Blockchain Professional (CEBP)

Bottom Line

The concept of lending your crypto to earn interest on it is definitely a favorable proposition. As a matter of fact, lending crypto could easily open new avenues for mainstream adoption of cryptocurrencies. In the longer run, crypto lending can evolve into one of the most prolific aspects of the transformation of financial services. 

Lending crypto assets offers a flexible approach for borrowers to obtain cryptocurrency or fiat money in return for their crypto assets. However, crypto-based lending is still limited to the developmental stages and might take some more time to gain prominence. Start discovering more about crypto-backed lending and its implications right now!

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post What is Crypto Lending? appeared first on 101 Blockchains.

Blockchain technology has been around for quite some time now, still actively being in the spotlight. Even though there are some mixed feelings toward this technology, yet no one can entirely underestimate its role in the global economic landscape.

The technology first came into the spotlight through bitcoin, a much popular cryptocurrency. Sadly, now it’s become too much overrated and volatile compared to other cryptocurrencies. But what Bitcoin brought to our attention is the blockchain technology itself.

Enroll Now: Certified Enterprise Blockchain Professional (CEBP)

List of Top Blockchain Features

Blockchain technology isn’t just a backup network for cryptocurrencies, but it offers a lot more. So, what are the key blockchain features that makes it so irresistible? Why is it gaining so much popularity? Let’s dive in a little deeper into the features of blockchain in this guide to answer these questions. Let’s start with the quick Blockchain infographic!

Please include attribution to 101blockchains.com with this graphic. <a href='https://101blockchains.com/blockchain-infographics/'> <img src='https://101blockchains.com/wp-content/uploads/2018/05/Blockchain-Technology-Features.png' alt='Blockchain Technology Features='0' /> </a>

1. Immutability

There are some exciting blockchain features but among them “Immutability” is undoubtedly one of the key features of blockchain technology. But why is this technology uncorrupted? Let’s start with a connecting blockchain with immutability.

Immutability means something that can’t be changed or altered. This is one of the top blockchain features that help to ensure that the technology will remain as it is – a permanent, unalterable network. But how does it maintain that way?

Blockchain technology works slightly different than the typical banking system. Instead of relying on centralized authorities, it ensures the blockchain features through a collection of nodes.

Every node on the system has a copy of the digital ledger. To add a transaction every node needs to check its validity. If the majority thinks it’s valid, then it’s added to the ledger. This promotes transparency and makes it corruption-proof.

So, without the consent from the majority of nodes, no one can add any transaction blocks to the ledger.

Another fact, that backs up the list of key blockchain features is that, once the transaction blocks get added on the ledger, no one can just go back and change it. Thus, any user on the network won’t be able to edit, delete or update it.

Also Check: Blockchain Fundamentals Presentation

How does It Fight Corruption?

We know how every year there’s a massive amount of money that gets hacked through our regular channels. Many people spend Trillions of money to protect their business from any external hacks. However, we always forget to count the internal cybersecurity risks that come from corrupted people and authorities.

In many cases, there’s always an internal link for these hacks to know about all the security measures, so in the end, we pay the price for our trust. As you all know banks aren’t that trustable now and the global economy needs a trustless environment to fully overcome this issue.

So, when it comes to a corruption-free environment, you can easily assume that blockchain can definitely change a lot of these scenarios.

If businesses start to integrate blockchain technology to maintain their internal networking system, no one would be able to hack into it or alter or even steal information.

Public blockchains are a perfect example of this. Everyone in the public blockchain can see the transactions, so it is super transparent. On the other hand, private or federated blockchain could be best for enterprises that want to remain transparent among staff and protect their sensitive information along the way from public view.

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2. Decentralized

The network is decentralized meaning it doesn’t have any governing authority or a single person looking after the framework. Rather a group of nodes maintains the network making it decentralized.

This is one of the key features of blockchain technology that works perfectly. Let me make it simpler. Blockchain puts us users in a straightforward position. As the system doesn’t require any governing authority, we can directly access it from the web and store our assets there.

You can store anything starting from cryptocurrencies, important documents, contracts or other valuable digital assets. And with the help of blockchain, you’ll have direct control over them using your private key. So, you see the decentralized structure is giving the common people their power and rights back on their assets.

Also Read: Decentralized Vs. Centralized: A Detailed Comparison

Why it’s So Useful?

Now let’s see how this blockchain feature is truly making changes –

• Less Failure: Everything in the blockchain is fully organized, and as it doesn’t depend on human calculations it’s highly fault-tolerant. So, accidental failures of this system are not a usual output.
• User Control: With decentralization, users now have control over their properties. They don’t have to rely on any third party to maintain their assets. All of them can do it simultaneously by themselves.
• Less Prone to Breakdown: As decentralized is one of the key features of blockchain technology, it can survive any malicious attack. This is because attacking the system is more expensive for hackers and not an easy solution. So, it’s less likely to breakdown.
• No Third-Party: Decentralized nature of the technology makes it a system that doesn’t rely on third-party companies; No third-party, no added risk.
• Zero Scams: As the system runs on algorithms, there is no chance for people to scam you out of anything. No one can utilize blockchain for their personal gains.
• Transparency: The decentralized nature of technology creates a transparent profile of every participant. Every change on the blockchain is viewable and makes it more concrete.
• Authentic Nature: This nature of the system makes it a unique kind of system for every kind of person. And hackers will have a hard time cracking it.

3. Enhanced Security

As it gets rid of the need for a central authority, no one can just simply change any characteristics of the network for their benefit. Using encryption ensures another layer of security for the system.

But how does it offer so much security compared to already existing techs?

Well, it’s extremely secure because it offers a special disguise – Cryptography.

Added with decentralization, cryptography lays another layer of protection for users. Cryptography is a rather complex mathematical algorithm that acts as a firewall for attacks.

Every information on the blockchain is hashed cryptographically. In simple terms, the information on the network hides the true nature of the data. For this process, any input data gets through a mathematical algorithm that produces a different kind of value, but the length is always fixed.

You could think of it as a unique identification for every data. All the blocks in the ledger come with a unique hash of its own and contain the hash of the previous block. So, changing or trying to tamper with the data will mean changing all the hash IDs. And that’s kind of impossible.

You’ll have a private key to access the data but will have a public key to make transactions.

Blockchain Security provides premium protection for enterprises. Learn more about Blockchain Security.

Hashing is Irreversible!

Hashing is quite complex, and it’s impossible to alter or reverse it. No one can take a public key and come up with a private key. Also, a single change in the input could lead to a completely different ID, so small changes aren’t a luxury in the system.

If someone wants to corrupt the network, he/she would have to alter every data stored on every node in the network. There could be millions and millions of people, where everyone has the same copy of the ledger. Accessing and hacking millions of computers is next to impossible and costly.

That’s why it’s one of the best blockchain features. As it’s too hard to bypass, you won’t have to worry about hackers taking all your digital assets from you.

Read More: Newbie’s Guide: Private Key Vs Public Key – How They Work?

4. Distributed Ledgers

Usually, a public ledger will provide every information about a transaction and the participant. It’s all out in the open, nowhere to hide. Although the case for private or federated blockchain is a bit different. But still, in those cases, many people can see what really goes on in the ledger.

That’s because the ledger on the network is maintained by all other users on the system. This distributed computational power across the computers to ensure a better outcome.

This is the reason it’s considered one of the blockchain essential features. The result will always be a higher efficient ledger system that can take on the traditional ones.

Also Read: What is Distributed Ledger? Beginners Guide

Why It’s One of the Blockchain Important Features?

• No Malicious Changes: Distributed ledger responds really well to any suspicious activity or tamper. As no one can change the ledger and everything updates real fast, tracking what’s happening in the ledger is quite easy with all these nodes.
• Ownership of Verification: Here, nodes act as verifiers of the ledger. If a user wants to add a new block others would have to verify the transaction and then give the green signal. This provides the user with fair participation.
• No Extra Favors: No one on the network can get any special favors from the network. Everyone has to go through the usual channels and then add their blocks. It’s not like you have more power so you’ll get more privileges.
• Managership: To make the blockchain features work, every active node has to maintain the ledger and participate for validation.
• Quick Response: As I said earlier, removing the intermediates quickens the system response. Any change in the ledger is updated in minutes or even seconds!

Want to learn blockchain for free? Enroll Now: Free Blockchain Course

5. Consensus

Every blockchain thrives because of the consensus algorithms. The architecture is cleverly designed, and consensus algorithms are at the core of this architecture. Every blockchain has a consensus to help the network make decisions.

In simple terms, the consensus is a decision-making process for the group of nodes active on the network. Here, the nodes can come to an agreement quickly and relatively faster. When millions of nodes are validating a transaction, a consensus is absolutely necessary for a system to run smoothly. You could think of it as kind of a voting system, where the majority wins, and the minority has to support it.

The consensus is responsible for the network being trustless. Nodes might not trust each other, but they can trust the algorithms that run at the core of it. That’s why every decision on the network is a winning scenario for the blockchain. It’s one of the benefits of blockchain features.

There are lots of different consensus algorithms for blockchains over the globe. Each has its own unique way to make decisions and perfecting previously introduces mistakes. The architecture creates a realm of fairness on the web.

However, to keep the decentralization going every blockchain must have a consensus algorithm, or else the core value of it is lost.

Read More: PoW Vs. PoS: A Comparison Between Two Blockchain Consensus Algorithms

6. Faster Settlement

Traditional banking systems are quite slow. Sometimes it can take days to process a transaction after finalizing all settlements. It also can be corrupted quite easily. Blockchain offers a faster settlement compared to traditional banking systems. This way a user can transfer money relatively faster, which saves a lot of time in the long run.

These blockchain features make life easier for foreign workers and help to understand Why Blockchain is Important. Many people travel to another country in search of a better life and job and leave families behind. However, sending money to their families overseas takes a lot of time and could become fatal in times of need.

Now, blockchains are way too fast, and they can easily use it to send money to their loved ones. Another fun fact is the smart contract system. This can allow making faster settlements for any kind of contract. This is one of the best benefits of blockchain features to this day. And with the third party out of the way, people can send money with a minimal fee. Seems intriguing, right?

This way blockchain will impact the international trades too!

So, why shouldn’t you use blockchain technology? Although there are some cases where the network struggles to support too many users and faster settlement isn’t possible. Even so, many are improving this scenario, and we’ll soon see a better take on the issue.

Want to know more about the working of Blockchain? Read our previous article to understand How Blockchain works.

Blockchain Features: Concluding Remarks

Blockchain technology isn’t just another hype that people forget after a few days. With all its blockchain features and applications, we can safely assume that it’s here to stay. All the blockchain important features are making a whole another level of impact on the web.

And why wouldn’t it? It’s infused with all sorts of new techs. Although blockchain is giving rise to a lot of controversies, still if people can utilize the ideology behind all benefits of blockchain they can make a brighter and shinier future for everyone. Not to mention, Blockchain can change the world.

Aspiring to build a career in Blockchain. Start now with the Free Blockchain Fundamentals Course and get ahead to have a successful Blockchain career.

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Non-fungible tokens or NFTs have shown promising potential for the transformation of the gaming industry. As a result, people are eager to know more about the top NFT games and how to choose one. The following discussion helps you learn about NFT games alongside the advantages you can find with the best NFT games. In addition, you can find a clear impression of the different NFT games which you should start playing right now. 

Aspiring to Become a Certified NFT Expert? Enroll in Certified NFT Professional (CNFTP) Course Now!

What are NFT Games and Why are they Popular?

Before an outline of the most popular NFT games in present times, it is important to understand the definition of NFT games. The NFT game basically brings a unique blend of traditional gaming functionalities along with new gameplay mechanisms. The primary focus of the new and upcoming NFT games largely revolves around offering improved control to players over the in-game assets. 

NFT games could help players enjoy absolute control over in-game assets such as virtual territories, skins, weapons, and characters. The concept of NFT games is viable through launching games on blockchain networks alongside the integration of economies driven by digital assets. NFTs are the common candidates for digital assets in such cases due to their tamperproof and unique nature.

Curious to know about the future applications of NFTs? Check out our guide on Future Applications And Challenges Of NFT right now!

The best NFT games also ensure the implementation of NFT token standards, thereby providing assurance for the uniqueness and rarity of in-game assets. Therefore, the value of blockchain or NFT-based gaming assets is generally perceived as higher than others. Players could easily claim ownership of in-game assets by leveraging three major techniques in games in the NFT games list. 

Players have the option of creating or breeding new characters, earning and unlocking new items, or purchasing digital assets on third-party or native markets. The players enjoy exclusive ownership rights for the in-game assets regardless of the method for accessibility. So, you can also notice the NFT games play-to-earn model clearly wherein players could distribute or sell their unique in-game assets. 

Want to become a certified blockchain professional? Enroll Now: Certified Enterprise Blockchain Professional (CEBP)

Most Popular NFT Games

NFT games bring a wide variety of advantages into the conventional precedents of the gaming industry. They revolutionized the gaming industry by introducing blockchain technology to change the traditional perception of the value of in-game collectibles. The top NFT games help players in earning new in-game assets and earning profits by distributing or selling them. 

However, the most prominent setback at this point would directly refer to the multiple options available among existing and upcoming NFT games. Any beginner can be confused at first sight by different popular entries among NFT games. Here is an outline of some of the top mentions you would find in an NFT games list in present times.

• Axie Infinity

One of the prominent entries among the most popular NFT games in present times would refer to Axie Infinity. The game has some thematic similarities to the Pokemon game franchise, with the power of blockchain making it more engaging. The primary objective of players in Axie Infinity is the breeding and collection of NFT-based creatures known as Axies. 

Based on Ethereum, the Axie Infinity game pits players against own another. Players should note that Axie Infinity is a unique addition among the best NFT games, with the facility of a unique genetic fingerprint for each Axie. Therefore, players could also discover the transfer of strengths and weaknesses from Axies to their descendants. 

The Axies or digital creatures are eligible for trading on Ethereum NFT marketplaces. You need to collect three Axies before you start playing the game, and the prices for the Axies depend on their uniqueness and rarity traits. Another important highlight about one of the top NFT games is the Smooth Love Portion or SLP, which serves as the native ERC-20 utility token of the platform. 

Players receive rewards for each mission, adventure mode, and player-versus-player fight. In addition, SLPs could help players in breeding new Axies, and players could also purchase SLPs through exchanges. Another important highlight of Axie Infinity refers to the Axis Infinity Shard or AXS. It is basically an ERC-20 token available as a native token on Axie Infinity as the governance token of the platform. 

Want to know more about NFT? Enroll Now: NFT Fundamentals Course

• CryptoKitties

Another top entry among NFT games play-to-earn alternatives with a bit of fun would refer to CryptoKitties. It is an Ethereum-based game with a simple setting. All you have to do as a player is collect and breed cats on digital platforms. Apart from the common tasks of collecting and breeding digital cats, you would also find adventures with rewards such as creating collections and solving puzzles. As of now, CryptoKitties is easily one of the most popular NFT games on this list. With over 50,000 generations of CryptoKitties in the game, it is quite evident that this NFT game definitely grabs the attention of players. 

CryptoKitties truly emphasizes the efficient use of NFTs by highlighting unique attributes in the digital cats. The distinct coding sequence associated with each digital cat specifies its unique attributes, and the pricing depends on the generation of the cat. Interestingly, CryptoKitties is one of the best NFT games with a marketplace for purchasing, selling, or breeding virtual kittens. 

Here’s a detailed guide to know Everything About the NFT Marketplace

• Gods Unchained 

The third addition in the NFT games list would bring Gods Unchained into the equation without any doubts. It is a free-to-play game that brings NFT components into a conventional card trading game. Players could obtain cards either through purchasing them from other players or by winning them in matches. 

The quality of the cards and the gaming ability of players are quite crucial factors in determining the chances of success in Gods Unchained. The interesting fact about Gods Unchained is the reasonably positioned emphasis on tactics and skills with a ranked game mode.     

If you are successful in reducing the opponent’s life to zero, then you can win the match and experience points. The experience points help you in moving to the next level, and you can get a new pack of cards when the meter is filled. The highlights of Gods Unchained as one of the top NFT games would point towards ERC-721 tokens backing up the cards. Players could exchange the cards on the native marketplace or Gods Unchained or on an open marketplace. 

Become a member now to watch our on-demand webinar on Demystifying Non-Fungible Tokens (NFTs).

• F1 Delta Time

Another top choice over the upcoming NFT games would obviously take your attention towards F1 Delta Time. It basically resembles a Formula One game that allows users to play in different racing tournaments by leveraging digital collectibles. Some of the collectibles in the game include race tracks, cars, drivers, tires, and trinkets. It is also interesting to note that the collectibles are available with different racing qualities and are created only in trivial amounts. 

It is also important to note the rarity tiers for tradable collectibles in F1 Delta Time. As a matter of fact, it is one of the unique entries in NFT games list with distinct categories for collectibles according to their rarity. The four rarity tiers include Common, followed by Epic, and then Legendary, with Apex being the final tier. 

Players could use the native utility token REVV for purchasing the collectibles and also for using them in tournaments. Furthermore, players could also sell the REVV tokens on secondary NFT marketplaces for potential returns. With over $1 million in terms of weekly trading volumes alongside more than 1000 new weekly users, F1 Delta Time is definitely one of the most popular NFT games now.

• Splinterlands

The final addition among NFT games play to earn alternatives would refer to Splinterlands. The NFT game is just another tradable card game with similarities to Gods Unchained. It helps players in earning rewards as they play new games. Players need to purchase a pack of cards for starting the game and reveal the purchased cards in the game.

Lucky players with rare cards in the first set of cards could get better returns. On the other hand, you might find multiple similar cards and group them together for increased strength. Once you are comfortable with the cards, you can take on other players in combat alongside participating in missions. The outcomes of the missions would play a dominant role in deciding whether you can earn more cards or not. 

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Final Words

The different entries among top NFT games have distinct ways of providing engaging experiences to gamers. From the first look, NFT games might not be the alternatives you are looking for right now. However, the NFT games have changed the way you perceive the world of gaming as they enable players to earn returns on their efforts. 

The best NFT games enable players to participate in the games and generate, breed, or collect unique in-game assets. Subsequently, players can get favorable returns for the unique assets or collectibles based on their rarity. Therefore, NFT games can transform the traditional ways in which you perceive gaming with their exceptional value.

If you really want to understand the concepts of NFT, you must enroll in NFT Fundamentals Course.

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post 5 Best NFT Games to Explore appeared first on 101 Blockchains.

The tokens caught the attention of ICOs as suitable instruments for representing ownership or utility. Subsequently, Ethereum tokens also discovered promising uses as representatives for in-game assets such as in the popular NFT game CryptoKitties. The different highlights of the tokens in the ERC721 vs. ERC20 debate draw attention towards them. The following discussion offers a detailed overview of both the ERC20 and ERC-721 tokens alongside a reflection on the differences between them. 

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What is ERC?

The first thing you need to understand the ERC20 vs. ERC721 differences is a clear impression of ERC tokens in general. ERC basically means Ethereum Request for Comments, and its basic role is offering functionality for Ethereum. It features a standard set of rules for creating tokens on Ethereum. The instructions in the ERC tokens outline the sales, purchases, unit limits, and existence of tokens.

The rules specified with each token standard could help exchanges, applications, and wallets in understanding the basic monetary functions. Generally, developers are responsible for generating the token standards, which also provide contract descriptions and protocol specifications. On the most basic level, ERC is just public and open system that allows any individual to create and provide comments on the proposals for the standardization of Ethereum tokens and smart contracts.

ERC-20 and ERC721 tokens are the initial types of ERC token standards that serve an important role in defining the functionality of the Ethereum ecosystem. You can think of them as the standards for the creation and publication of smart contracts on the Ethereum blockchain. It is also important to note that people could invest in tokenized assets or smart properties created with the help of smart contracts. ERC is more of a template or format which all developers should follow in developing smart contracts. The best thing about ERC is that it could help in easier code writing with improved predictability and prospects for reusing the code. 

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Understanding Fungibility and Non-fungibility

If you want to understand the ERC20 vs. ERC721 differences clearly, then you need to know the differences between fungibility and non-fungibility. Fungible assets are the assets that you can swap with another similar entity. For example, you can swap currency or shares with similar values. You can exchange a one-dollar bill with any other one-dollar bill as all of them represent same value.

On the other hand, non-fungible assets are the opposite and cannot be swapped for one another. For example, a house could be easily considered a non-fungible asset as it would have some unique properties. When it comes to the crypto world, representation of assets in the digital form would definitely have to consider the aspects of fungibility and non-fungibility. How is the concept of fungible and non-fungible assets relevant in a discussion about ERC20 and ERC-721 tokens? A comprehensive overview of the two distinct ERC token standards could help in understanding the ERC721 vs. ERC20 difference clearly.  

Also Read: Detailed comparison between ERC20 vs ERC 223 vs ERC777.

ERC-20 Tokens

The first thing that you would need for understanding the differences between ERC20 and ERC-721 tokens would refer to the definition of the tokens. With the growing popularity of smart contracts, users preferred the creation of contracts that served as tokens. As the use of smart contracts in such a manner started to gain prominence, it was difficult to maintain records of coding tokens by leveraging Ethereum smart contracts. The early Ethereum smart contract tokens did not feature similar sets of information in the same formats. As a result, token ecosystems started to experience formidable difficulties in interacting and establishing synergy with each other. 

As a result, the ERC20 tokens came into existence with the efforts of Fabian Vogelsteller in 2015. The ERC-20 token standard supported the implementation of a standard API or Application Programming Interface for tokens in smart contracts. So, ERC20 serves as a standard protocol for the Ethereum blockchain and enables users to share, exchanging or transfer tokens. The standardization with ERC-20 presented prolific opportunities for programmers to achieve token designs in accordance with a specific set of rules. 

Therefore, the ERC-20 token standard is easier to use throughout the Ethereum blockchain. The standard content in ERC-20 token would include distinct components such as Token Name, Symbol, Decimal, totalSupply, balanceOf, transfer, transferFrom, Allowance, and approve. The first three components, i.e., Symbol, Decimal, and Token name, are optional entities in ERC20 tokens. However, the other six components are mandatory for the tokens following ERC-20 standard.

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Functions of Components in ERC-20 Tokens

If you want to understand ERC721 vs. ERC20 differences clearly, then you need to know the work of distinct components in ERC-20 tokens. The components in ERC-20 tokens have specific uses which can help in understanding them better. 

• The “Token Name” component specifies the name of the token to users. 
• With the “Symbol” component, users could find the ticker symbol for the token.
• The “Decimal” component in the ERC20 token specifies the divisibility of the token. 
• totalSupply is an important mandatory component of ERC-20 tokens as it showcases the total supply of the token.
• The “balanceOf” component provides information about the account balance in the owner’s account. 
• “transfer” component in the token focuses on enabling the transfer of a specific number of tokens to a user account from the total supply.
• The “transferFrom” component helps in transferring tokens between users.
• With the “approve” component, the tokens can allow spenders to withdraw a particular number of tokens from a given account.
• “allowance” specifies the set number of tokens that are returned from the spender to the owner. 

ERC-721 Tokens

ERC721 tokens have become quite popular in recent times with the radically growing attention towards NFTs. As a matter of fact, the basic nature of ERC-721 tokens is one of the formidable factors for ERC20 vs. ERC721 differences. ERC-721 tokens are also referred to as NFTs. Developed by Nastassia Sachs, William Entriken, and Dieter Shirley, ERC-721 token standards help developers in tokenizing the ownership of any type of arbitrary data. As a result, the ERC721 token standard basically changed the conventional perceptions regarding the representation of assets on the blockchain. 

The working of ERC-721 tokens also influences the discussions on ERC721 vs. ERC20 comparisons. Interestingly, the ERC-721 token standard also follows a specific collection of standards just like the ERC-20 tokens. The standards in ERC-721 tokens focus on critical aspects for deciding ownership and approaches for the creation of tokens. The standards also dictate the approaches for destroying and transferring the tokens. 

Curious to know about the future applications of NFTs? Check out our guide on Future Applications And Challenges Of NFT right now!

Components of ERC-721 Tokens

From a technical perspective, the ERC20 vs. ERC721 difference becomes clear with an understanding of their components. It is important to note that ERC-721 is more of an Ethereum Improvement Proposal or EIP. ERC-721 is basically a proposed standard that can help smart contracts for working as tradable tokens just like ERC-20 tokens. ERC721 tokens have the value of uniqueness in the fact that they are non-fungible in nature.

Another important factor about ERC-721 tokens refers to the flexibility for using them in almost any exchange. However, the value of ERC-721 tokens depends considerably on the uniqueness and rarity associated with each token. The ERC721 standard provides a definition for important components such as Functions name, Symbol, totalSupply, balanceOf, ownerOf, approve, transfer, takeOwnership, tokenMetadata and tokenOfOwnerByIndex.

ERC-721 tokens provide better prospects for defining the events of transfer and approval. The introduction of the new ERC721 standard has opened up new possibilities for smart contracts to serve as non-fungible assets. You can notice ERC-721 tokens in notable applications such as CryptoPunks, CryptoKitties, and many others. 

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Difference between ERC-20 and ERC-721 Tokens

The basic difference you find in ERC20 vs. ERC721 comparisons would directly point to the fungibility of ERC-20 tokens. On the other hand, ERC-721 tokens are non-fungible. While ERC-20 tokens represent a single asset and are interchangeable, ERC-721 tokens are indivisible and represent a collection of assets.

Here is a detailed overview of the differences between ERC-721 and ERC-20 tokens –

Please include attribution to 101blockchains.com with this graphic. <a href='https://101blockchains.com/blockchain-infographics/'> <img src='https://101blockchains.com/wp-content/uploads/2021/11/Difference-between-ERC-20-and-ERC-721-Tokens.png' alt='Difference between ERC-20 and ERC-721 Tokens='0' /> </a>

Bottom Line

The ERC20 and ERC-721 tokens are the foundations of the thriving Ethereum ecosystem. They provide the foundation for defining smart contracts, which are the core elements in modern blockchain-based decentralized applications. The understanding of ERC721 vs. ERC20 differences is essential for developers to figure out the ideal token standards. 

With the specific approaches for representing asset ownership and flexibility of access, the two token standards have some formidable disparities. With the growing demand for NFTs, ERC-721 tokens are definitely a hot topic now. However, the basic functionalities of ERC-20 tokens cannot be left out of the equation in any case. Learn more about ERC tokens and find out the suitable option for your use cases.

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*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post ERC20 vs. ERC721 – Key Differences appeared first on 101 Blockchains.

This is where you would come across Blockchain Demo. It is an interactive tool for learning how blockchain works. At the same time, people also look for blockchain demo alternatives to improve their understanding of revolutionary technology. The following discussion helps you find some trustworthy platforms which can offer the same or better advantages as blockchain demos to learn blockchain. 

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Why Learn About Blockchain Demo and Its Alternatives?

Prior to a reflection on different alternatives to blockchain demo, it is reasonable to take a look at current trends. As of February 2021, the total number of transactions on blockchain amounted to 620.37 million. The global expenses on blockchain solutions would reach almost $17.9 billion by 2024. Most important of all, by 2030, blockchain is expected to boost the global GDP by almost $1.76 trillion. 

The projected value of the global blockchain market in 2025 is $39.7 billion, a staggering difference from the estimate of $3 billion in 2020. With all these numbers, it is definitely a good reason to find a list of blockchain demo alternatives. However, it is also important to find out what exactly is blockchain demo before looking for other options than the blockchain demo. 

Must Read: List Of Top 50 Companies Using Blockchain Technology

Defining Blockchain Demo

Blockchain Demo is nothing more than just a visual demonstration of blockchain technology. It shows users how to interact with a blockchain through the simple user interface and breaks the initial barriers in learning about new technology. The dynamic user tour of blockchain functions and how it works as a peer-to-peer network on Blockchain Demo offer flexible learning. 

At the same time, you might also find discussions on alternatives to blockchain demo 2.0. So, what is Blockchain Demo 2.0? It presents an improved visualization of blockchain data structure with the facility of an in-built P2P network. Blockchain Demo 2.0 features a completely revamped interface along with new topics and their explanations. Both Blockchain Demo and Blockchain Demo 2.0 help in decoding the mystery surrounding blockchain technology. 

Want to know the definition, working, and ways to use the unique tool for exploring blockchain? Check out this guide Know Everything About Blockchain Explorer now!

Top Blockchain Demo Alternatives to Try Out 

There is no limit to the thirst for knowledge. You might want to look for blockchain demo alternatives that could offer some better insights on blockchain and its working. It is also possible that you want an alternative to a blockchain demo that suits your learning preferences. 

The good news is that you have many alternatives in the market presently for blockchain demo. Sadly, the massive assortment of alternatives creates confusion in choosing the most feasible option. So, you can always rely on the suggestions of industry experts and peer reviews for finding suitable alternatives to blockchain demo.

Here is an outline of the top solutions which you can try as a replacement for the blockchain demo. Interestingly, the list also covers some of the notable alternatives to blockchain demo 2.0. 

1. Coin Demo

Coin Demo is one of the favorable alternatives for people who are interested in learning about the working of Bitcoin transactions. It also features a dynamic blockchain as well as a user tour and a peer-to-peer network. Bitcoin is one of the revolutionary interventions in the domain of digital currency and digital payment systems.

Coin Demo is a common entry in the list of blockchain demo alternatives as it helps in finding out more about the mechanisms of Bitcoin transactions. 

2. TokenAnalyst

TokenAnalyst is also another promising addition among alternatives for blockchain demo. It is the one place destination for addressing all blockchain information needs. The platform caters to the proprietary data needs of notable hedge-funds, researchers and traders.

TokenAnalyst is popular for offering unparalleled insights regarding the events of crypto markets, one of the notable areas of blockchain application.   

3. 0xcert

Have you heard about NFTs? If you want to learn more about non-fungible tokens, then 0xcert is your best bet.

It is an open-source protocol that helps in transforming the existence, ownership, authenticity, and authorship of unique real-world or digital assets into NFTs.

Aspiring to Become a Certified NFT Expert? Enroll in Certified NFT Professional (CNFTP) Course Now!

4. EthHub

The next promising addition to the list of blockchain demo alternatives is EthHub, a trustworthy platform for information on Ethereum. EthHub basically focuses on the fundamentals of the Ethereum blockchain platform.

It is an open-source hub for research and resources on Ethereum powered by community efforts. Interestingly, it aims at a resolution of the problem related to information asymmetry in the Ethereum ecosystem.      

Enroll Now: Ethereum Development Fundamentals Course

Bottom Line

On a final note, it is quite clear that blockchain demo alternatives have a lot to offer. It is difficult to make a single choice as every platform has something unique to offer for learning about blockchain. Blockchain Demo is a fundamental level tool to gain an understanding of basic concepts of blockchain. Beginners have the best chance of practical experience with blockchain technology through Blockchain Demo. 

The advanced version, Blockchain Demo 2.0, also offers a better interface with an in-built P2P network. On the other hand, if you want a comprehensive understanding of blockchain technology, industry trends, and access expert insights, you can try 101 Blockchains courses and certification programs. Go ahead and explore this alternative right now! 

The post Blockchain Demo Alternatives – A Must Read Guide appeared first on 101 Blockchains.

So, what are paper wallets, and how do you store your crypto on paper? With the continuously escalating instances of hacking attacks alongside people losing their crypto funds, crypto wallets definitely offer a promising solution for securely purchasing and storing cryptocurrencies. A suitable variant of crypto wallet could help you with security of your digital assets, and paper wallets are one of them. The following discussion tries to describe “what is a paper wallet” in detail alongside its working and processes to set up paper wallets.

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Understanding Crypto Wallets

In order to understand the concept of paper wallet blockchain, you need to understand crypto wallets. They are basically digital wallets that help you in storing, sending, and receiving cryptocurrencies. Now, you should understand the concept of public and private keys to know the basics of how crypto wallets work. 

The public key is like a public wallet address, which anyone can use for sending payments to your wallet. The private key is the secret code for accessing your funds in the wallet. Users should not lose the private keys for the crypto wallet, or they risk losing their funds forever. Basically, the crypto wallet stores your private keys, which help you access your funds or crypto assets on the blockchain. 

Depending on the way the crypto wallets store your private keys, you can find two distinct variations of crypto wallets. The two categories of crypto wallets include hot storage wallets and cold storage wallets. Hot storage wallets are the ones that store private keys in an online environment. 

On the other hand, cold storage wallets ensure the storage of your private keys in completely offline environments. Cold storage wallets are great choices for long-term crypto holders who do not require access to crypto for long periods of time. The two most common types of cold storage wallets include hardware wallets and paper wallets. 

You can use hardware wallets just like a USB device for accessing your crypto and making transactions with it. On the other hand, a paper wallet is basically a printout of your public and private keys on a piece of paper. Let us discover more about paper wallets. 

Read More: Hot Wallet Vs Cold Wallet Comparison

What Are Paper Wallets?

Whenever you go out to find answers for “What is a paper wallet,” you wouldn’t experience any difficulties in understanding them. Paper wallets are considered one of the best ways for storing any cryptocurrency, and you could set them up easily without any costs. As a result, you can have complete control over the ownership of your crypto assets. Interestingly, the right precautions with a paper wallet could also ensure that your private keys are never known to anyone else. On the other hand, losing the paper could also imply that you would lose all the contents of the paper wallet. 

You might be seeking a more practical answer for “What is a paper wallet,” which shows what it looks like. As you all know, paper wallets provide an offline storage method for storing and managing your cryptocurrency. The design of paper wallets basically involves printing the public and private keys to crypto assets on a piece of paper, which you can store and save in a secure location. A paper wallet for Bitcoin would just have QR codes printed on paper. You can scan the QR codes for all transactions associated with the wallet.

The foremost factor responsible for empowering safety in paper wallets is offering complete control to the user. Interestingly, you do not have to take care of any hardware or software application with a paper wallet or worry about hackers, virus infections, and malware. Just protect the piece of paper, and you are good to go!

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Advantages and Risks of Paper Wallets

The next important factor you should look for in a description of paper wallets would refer to their advantages and risks. You could develop a clear understanding of the reasons for using paper wallet in blockchain applications to store your cryptocurrency. Here are the notable advantages of paper wallets.

• Paper wallets stay in your hand and in offline environments. Therefore, you don’t have to worry about any technical failure with paper wallets, like in the case of hardware or software wallets. 
• Most important of all, a paper wallet is completely free of cost. You can get the advantages of cold storage with paper wallets without investing a lot of bucks in hardware wallets.
• With offline storage for your crypto assets, paper wallets could prevent many hackers from compromising your crypto. The offline storage of keys is a plausible method for improving the immunity of your crypto to threats. 

While a paper wallet for Bitcoin might offer some exclusive advantages, it also comes with certain risks. Some of the notable risks associated with paper wallets include the following.

• One of the formidable setbacks with paper wallets is the vulnerability to damage. You have the possibility of issues such as the paper getting torn or the ink fading away. Furthermore, you also have concerns about damage to the paper due to water and fire. 
• The process of creating a paper wallet is quite sensitive, and you have to follow some precautions for setting up the wallet. On the contrary, a malicious printer could lead to exposure of your private keys to unauthorized agents. 
• If you are using paper wallets, then you would have to create a new wallet following each transaction for security reasons. Furthermore, people could also encounter issues about reusing the same address, thereby leading possibility of exposing your identity by tracing the sign of the private key. 

Know Everything about Blockchain Wallet

How to Create Paper Wallets?

The next crucial factor in any discussion on paper wallets would obviously refer to “how to make a paper wallet.” Interestingly, you don’t have to go through any complex steps for creating paper wallets. Here are some of the basic steps you can follow for creating your own paper wallet for storing cryptocurrency.

1. Visit the BitAddress website. BitAddress is an open-source paper wallet generator that helps in the production of paper wallets. You could also find another notable example of a paper wallet generator in WalletGenerator.
2. In the case of BitAddress, you need to navigate the website or enter random text for generating a random private key. 
3. After you get the private key, you need to select the “Paper Wallet” option and print out the result. Subsequently, you can have Bitcoins stored through the public address towards the left. 
4. Users can also add a passphrase for safeguarding the paper wallet with additional protection by using BIP38 encryption. 

BitAddress provides exceptional functionality as a paper wallet generator, and you could create paper wallets within 30 seconds. Users could create as many addresses as they want by entering the desired amount in “Addresses to generate.” You would get all the unique and different addresses. 

Even if the answer to “how to make a paper wallet” definitely looks quite simple in the above-mentioned steps, it has some inherent setbacks. The foremost risk in such a process of creating a paper wallet is internet connectivity. You are connected to the internet when creating private keys for your crypto assets and risk the exposure of private keys. 

Subsequently, if any hacker compromised the BitAddress website, they would easily access all the private keys created through the platform. Furthermore, the system on which you are creating the paper wallet might be infected with malware. Is there any safer way for creating paper wallets without the security risks outlined here?

Also Check: An Exclusive List of Crypto Wallets

Secure Approach for Creating Paper Wallets

As you can notice the setbacks associated with the easy answer for “how to make a paper wallet,” you should look towards the advanced approach for setting up paper wallets. If you want better security for your crypto assets, then you need to create a heavily secure paper crypto wallet. Even if the process might take some time, you need to consider the implications of security for valuable crypto assets. 

Essential Requirements for Creating Paper Wallets Securely

If you want to build a paper wallet for Bitcoin or any other cryptocurrencies, you need some essential tools. You need an operating system like the latest version of Ubuntu and another software LiLi, which helps in installing Ubuntu on a flash drive. In addition, you also need to download the BitAddress software, which will help you in creating the paper wallet. Another important requirement in the advanced approach for the creation of paper wallets refers to a completely formatted or brand new flash drive. 

Once you have all the necessary tools for creating a paper wallet for blockchain assets, you are ready to start the process of generating the paper crypto wallet. Here are the steps you would have to follow for a secure approach to the creation of paper wallets. 

A Comparison Between Blockchain Vs Cryptocurrency

• Installation of Ubuntu on Flash Drive

The first step in creating paper wallets securely starts with the installation of Ubuntu on the flash drive. You need to open LiLi and insert the flash drive into the computer. It is important to select the right drive, and you need to click on refresh if you don’t find your flash drive. Now, you should select “ISO/IMG/ZIP” followed by selecting the Ubuntu ISO file which you have downloaded already. You should also ensure that the “Format the key in FAT32” option has been selected. 

Once you are done with all these steps, you can just click on the lightning bolt to begin the format and installation. After the format and installation procedure, you need to unzip the BitAddress software file you had downloaded earlier and copy it in your flash drive. 

• Test Your Printer in Offline Environments

The second step in how to make a paper wallet securely would involve testing your printer in an offline environment. All you need to do is disconnect your computer from the internet. It is also important to ensure that you have prevented all ways from granting remote access to the computer. With all these conditions in place, you need to check whether your printer works perfectly by printing a test page. 

• Operate Your Computer with Ubuntu in Flash Drive

After testing your printer, you need to restart your computer. Just click on F1 or F12 during the boot-up process, and you can get the option of running your chosen operating system from the flash drive. Once the Ubuntu operating system has finished loading, you must select the “try Ubuntu” option. 

• Setting Up the Printer

The next step in creating a paper wallet for blockchain assets involves setting up the printer on Ubuntu operating system. You can start by clicking “System Settings” followed by “Printers” and then “Add.” Subsequently, you could add your printer and then print a test page. 

• Access BitAddress to Open New Wallet

In the final step, open the BitAddress application, where you have to create a local paper wallet on the desired machine. Select private browsing in Firefox and type the address file://cdrom/bitaddress.org-master/ and then click on “BitAddress.org.html.” You can now generate a paper wallet just by navigating your cursor till the number on the top right reaches 100. 

Now, you should select “Paper Wallet” in the menu and choose the number of copies you want to generate. Furthermore, you would also get the option of adding BIP38 encryption if you want an additional layer of protection. Finally, you can print out your paper wallet for Bitcoin or any other cryptocurrency of your choice. 

The advanced approach for creating a paper wallet takes away internet connectivity, thereby ensuring better safeguards for private keys. In addition, you would also use an “out of the box” operating system, which reduces the possibilities for malware infection. Users are relying on an offline variant of BitAddress, thereby rendering it invulnerable to hacking attacks. 

However, you also need to follow some best practices for the safety of your paper-based crypto wallet. For example, make sure that it is laminated to avoid any damage due to fading or tearing away. The wallet should stay in a safe or a restricted location that you can access. 

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Bottom Line

As you can notice, paper wallets are definitely one of the best choices when it comes to storing huge amounts of crypto. It does have some risks, and so do other variants of crypto wallets. The most interesting thing about paper wallets is that they are easy to understand and create. You can find quite simple procedures for “how to make a paper wallet” and that too with advanced measures for improved security. 

Paper wallets can be great instruments for driving crypto adoption in the future. Therefore, crypto enthusiasts could definitely discover promising value in learning about paper wallets. Learn more about crypto wallets and how they can help you with the management of your crypto assets. 

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*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post A Beginner’s Guide to Paper Wallets appeared first on 101 Blockchains.

Crypto wallets serve as the ideal solution for simplifying access to your crypto assets alongside streamlining the management of crypto assets. However, the various types of crypto wallets create confusion for users in selecting the ideal pick among them. The following discussion offers a detailed overview of some of the top crypto wallets to help you find the best crypto wallet for your requirements. 

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What are Crypto Wallets?

Before a discussion on “which cryptocurrency wallet is best?” it is important to learn the definition of crypto wallets. Cryptocurrency wallets offer a digital solution for secure storage and management of your blockchain assets and cryptocurrencies. With the help of crypto wallets, users could send, receive or even trade in cryptocurrencies. While some crypto wallets offer support for a specific type of cryptocurrency, there are many other multi-asset solutions. 

Another important factor you should keep in mind while looking for the best crypto wallet in 2021 is the working of crypto wallets. You may have assumed that crypto wallets store your crypto exactly in the same way a physical wallet stores your cash and credit/debit cards. On the contrary, crypto wallets do not actually store your crypto assets. 

Cryptocurrency wallets store the public and private keys to crypto assets stored on a blockchain. The public keys are basically digital code associated with a decentralized blockchain and are similar to a bank account number. On the other hand, the public keys are also evident as pieces of digital code tailored to the cryptocurrency wallet of an individual. However, private keys are unique codes like the PIN code for your ATM. The matching of private keys and public keys could help users in conducting cryptocurrency transactions. 

Top Crypto Wallets for 2021

Over the years, different types of crypto wallets have been making news for their innovative functionalities. Therefore, it might be quite difficult to find the best crypto wallet suited to your needs. Here is an outline of the top crypto wallets which could help you in storing and managing your crypto assets effectively. 

Hardware Wallets

The foremost entry in a crypto wallet list would point towards hardware wallets. Hardware wallets or cold wallets store the public and private keys of crypto holders in offline environments. As a result, they can offer better security. Some of the top hardware crypto wallets you can discover in 2021 include the following.

• Ledger Nano X

Ledger Nano X came in 2019 and is one of the recent entries among hardware wallets in the crypto market. The Ledger Nano X moves one step ahead of its predecessor, the Ledger Nano S, with improved internal memory. Users could store around 100 apps compared to the two or three apps supported by Nano S. Furthermore; Ledger Nano X also features a revamped design along with a larger display. 

It also includes Bluetooth support for syncing wirelessly with the Ledger Live app. In addition, many other firmware updates since its release have made the Ledger Nano X the best crypto wallet among hardware wallets. The new features include full support for Ethereum 2.0 alongside a streamlined update process for the device. 

• Trezor Model T

The next answer to “which cryptocurrency wallet is best?” among hardware wallets would point to Trezor Model T. Developed by Satoshi Labs, Trezor Model T has many similarities to the predecessor, Trezor Model One. However, the Trezor Model T includes support for more cryptocurrencies along with a larger touchscreen interface. 

Even if the price of the Trezor Model T is on the higher side, it offers one of the best hardware wallets available now. Users concerned about the security implications associated with Bluetooth connectivity of hardware wallets could find the Trezor Model T helpful. As of July 2021, Trezor has launched a full desktop app known as the Trezor Suite as a replacement for the Trezor Wallet web app. Now, the Trezor Suite would serve as the primary interface for Trezor wallets. 

• NGRAVE ZERO

NGRAVE ZERO is another best crypto wallet in 2021 which has recently arrived in the hardware wallet market. The company has been developed by a leading security research firm, imec. Most importantly, NGRAVE offers a truly cold storage solution for your crypto as it does not allow internet connectivity. On the contrary, ZERO leverages a one-way QR code communication for sending information to connected devices as it continues to stay in an offline environment. 

Therefore, users don’t have to worry about any software vulnerabilities with the NGRAVE ZERO hardware wallet. The most interesting feature in the NGRAVE ZERO wallet is the facility of ‘Everlasting Backup’ for the user’s seed phrase. In addition, NGRAVE ZERO qualifies as the best crypto wallet for its durable components with resistance to fire and water.            

• Opolo Wallet

The Opolo hardware wallet is still in the pre-order stages and has started to gain attention. It is basically one of the best additions to the crypto wallet list, which is ideal for beginners in crypto. The Opolo hardware wallet leverages an EAL 6+ rated chip for the security of your crypto assets. The majority of the existing hardware wallets in the market feature EAL1 to EAL5 rated chips. 

Furthermore, the audit of Opolo by external companies like Digital Security Paris provides assurance of credibility. In addition, it can also support the security of IoT devices. The crucial advantages of Opolo include easier backup and recovery of seed phrases and support for more than 120 cryptocurrencies. Interestingly, Opolo is the best crypto wallet in 2021, with the facility of a fiat exchange that helps you convert crypto to fiat currency. 

Read More: Tips To Start A Successful Career In The NFT Space

NFT Wallets

The massively expanding popularity of non-fungible tokens or NFTs is practically known to everyone in the crypto space. However, you would need an NFT app or wallet for participating in the rapidly growing ecosystem of NFTs. Here are some of the best NFT wallets you can notice in a crypto wallet list for 2021.

• Metamask

Metamask has been touted as the best NFT wallet for collectors and creators. It is under the maintenance of ConsenSys, a firm backed by the Ethereum Foundation. Initially, Metamask was available as a browser extension only and allowed users to connect directly with dApps which empower NFTs. ConsenSys released a mobile variant of Metamask in 2020 with the objective of offering a simpler interface. 

As a result, it definitely qualifies as an answer for “which cryptocurrency wallet is best?” in the case of NFT wallets. The simple interface could help the easier collection of NFT tokens alongside interactions with other decentralized apps. The most promising factor about Metamask is the ease of setup and ability to explore NFT and DeFi applications. 

Read More: A Comprehensive Guide On Enterprise NFT (Non-Fungible Token)

• Enjin

The next big name as the best crypto wallet 2021 in NFT wallets refers to Enjin. It offers a promising blockchain wallet for storing in-game NFTs and other collectibles. The wallet features a marketplace that enables trading cryptocurrencies and tokens with its native token, ENJ. In addition, the browser with one-click access in Enjin also offers ease of accessibility for various Ethereum-based decentralized applications. 

Furthermore, the most striking feature of the Enjin wallet is the intuitive user interface for collection of NFTs. It also includes an in-built exchange feature for easy conversion of cryptocurrencies. Most important of all, Enjin wallet also offers a customer supper desk as a unique highlight compared to other wallets.

Aspiring to Become a Certified NFT Expert? Enroll in Certified NFT Professional (CNFTP) Course Now!

• Trust Wallet

Another top choice in the crypto wallet list for NFT wallets would obviously refer to Trust Wallet. It serves as a popular mobile-based wallet for NFT collectors and has a staggering user base, exceeding beyond 5 million. You can discover a decentralized apps list for art marketplaces with Trust Wallet. 

The app allows easy and flexible access to different sites like OpenSea, Axie Infinity, and others. While it does not support NFT transfers, users could avail functionalities of storage and management of their NFTs on the application. Trust Wallet features native integration with different public chains such as Ethereum Classic, GoChain, Binance Smart Chain, Calisto, and TomoChain. 

Enroll Now: NFT Fundamentals Course

Crypto Wallets

The final category in the best crypto wallet list would point attention towards the hot crypto wallets. The hot wallets basically offer support for storing and managing crypto in online environments. Here are some top choices in crypto wallets which you could choose for your crypto assets. 

• Exodus

Exodus is presently one of the top choices in the best crypto wallet 2021 as a renowned Bitcoin wallet. It can help you view the live price charts for different cryptocurrencies. The live charts could help you in monitoring market movements effectively, even on their mobile devices. As a result, users could easily make decisions about selling or purchasing crypto at the right time. 

With support for more than 100 cryptocurrencies, Exodus is undoubtedly a popular hot wallet right now. It works seamlessly on mobile and desktop, alongside offering the support for syncing with crypto hardware wallets like Trezor. Users can purchase or sell crypto directly from the Exodus app without withdrawing crypto or using centralized exchanges. 

Also Check: A Beginner’s Guide to Paper Wallets

• Coinbase Bitcoin Wallet

The reputation of Coinbase in the crypto community is one of the foremost highlights for the Coinbase Wallet is the best crypto wallet available right now. Users could ensure safe storage, sending, and receiving of Bitcoin, Ether, Bitcoin Cash, Litecoin, Ether Classic, ERC-20 tokens, and XRP with Coinbase wallet. The wallet allows users to connect to their accounts for transferring crypto to their own custody. 

Coinbase wallet helps users in signing transactions cryptographically with their private key. In addition, the wallet also offers visualization of the existing price of assets in local currency. Furthermore, the Secure Element technology also offers better prospects for retaining control of private keys without passing them to Coinbase. 

• Electrum

The final addition in this crypto wallet list would obviously bring Electrum into the equation. Electrum offers a local backup of public and private keys of a user on a specific device. As a result, the private key would never leave your mobile or desktop, thereby ensuring better security for your crypto assets. 

In addition, Electrum also leverages encryption and password for improving security in the wallet. Users would receive a recovery phrase with 12 to 24 keywords for wallet recovery. Therefore, Electrum provides a reliable contingency plan in event of damage to your devices due to technical issues or disasters. Furthermore, Electrum also favors integration with different hardware wallets like Ledger Nano and Trezor. 

Want to become a certified blockchain professional? Enroll Now: Certified Enterprise Blockchain Professional (CEBP)

Bottom Line

On a concluding note, you can clearly note that the choice of the best crypto wallet in 2021 is complicated. You cannot pick the top crypto wallet and expect it to support the ways in which you want to deal with your crypto. For example, you cannot store NFTs on any crypto wallet or hardware wallet of your choice. 

Therefore, it is important to establish your requirements before looking for answers to “which cryptocurrency wallet is best?” so that you can identify the right pick. As you can notice clearly, the top crypto wallets presented here have different features and functionalities. Learn more about crypto wallets and discover the best one suited to your needs right now! 

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post An Exclusive List of Crypto Wallets appeared first on 101 Blockchains.