How to set up a Phantom Wallet
What is Phantom Wallet?
To use decentralized applications - sometimes known as dapps - or send and receive digital assets from NFTs to $SOL on the Solana blockchain, you need a Solana-based digital wallet. Phantom is a friendly Solana wallet built for De-Fi and NFTs. This non-custodial browser extension is a crypto wallet that offers users a secure and straightforward way to send, receive, store, swap, and stake tokens on a blockchain. Where the Ethereum community has the fox-faced MetaMask, the Solana community has Phantom.
The Phantom Wallet comes with an easily accessible extension that allows users to send and receive crypto assets and collect NFTs within the wallet directly from their browsers. Phantom is also currently developing a mobile version set to debut early next year. From an NFT collectors perspective, that Phantom has a dedicated collectables tab and also has the ability to group NFTs by the first verified creator. Which makes it incredibly simple for users to view their NFTs.
Phantom has best in class security
The code supporting Phantom is independently audited by Kudelski Security, an extremely well-respected software auditing firm. Additionally as a self-custodial wallet, Phantom offers encrypted private keys stored on your device, giving the user complete control. A self-custodial wallet allows a greater degree of security because only you have the specific set of keys to open it - imagine a digital safe whose combination lies only with you
By holding your crypto assets in an off-chain hardware wallet such as Ledger, you are making it even harder for anyone else to access your wallet. Phantom’s Ledger support provides an additional layer of security by enabling you simply and securely connect your hardware wallet.
Simple to use:
One of the greatest benefits of the Phantom wallet is that it unlocks a secure and straightforward way to interact with blockchain-based applications directly from any of your favorite web browsers. Phantom currently supports Chrome, Brave, Firefox or Edge.
Additionally, Phantom is specifically designed for simplicity. For many, this will be their first crypto wallet of any kind which is why every action, tool or option found within Phantom is intuitive, straightforward and clear- without the buzzwords and acronyms found in many other wallets.
How to get started:
Visit https://phantom.app/download and select your browser type. Follow the steps below in your respective extension store to add Phantom to your browser, and let’s get started!
After installing, you should see Phantom start up in a new tab:
Select “Create New Wallet”, and in the next screen, you’ll be presented with twelve words called the “Secret Recovery Phrase “—this is your private key to the wallet you’re going to create. It is imperative that you record these twelve words and store them safely. Do not lose them as there is no failsafe or way to recover them. This is a one-and-done situation. Welcome to Crypto!
Next up is to create a password:
Make sure that you pin Phantom to your Chrome toolbar!
Lastly, add some $SOL to your new wallet by copying your new address. You can find this in the Phantom plugin by selecting “Receive” to reveal your wallet address. If you want to learn more about buying $SOL, Kraken has a great step by step guide.
A best practice with a new wallet is to send through a test amount (keep it small, around $20 USD) to ensure you have synched everything properly.
What comes next?
Now that you have your Phantom wallet all set up, it’s time to share your creations with your community or buy your first NFT. Metaplex is a permissionless on-chain protocol for creators to launch their own non-fungible token (NFT) storefront to connect directly with their audiences, natively on the Solana blockchain. The protocol offers an open-source framework to manage independent NFT storefronts, which can be fully customized and self-hosted without passing through a centralized authority—all with significantly lower minting and transaction fees. Metaplex Studios was founded to accelerate the transition to Web3 by providing creators with the tools, capital, and resources needed to launch their own NFT storefronts on the Metaplex Protocol.