What is Phantom Wallet? How To Set Up and Get Started

Digital collectibles such as CryptoKitties, CryptoPunks, Bored Ape Yacht Club (BAYC) and other popular NFT projects have arguably been driving massive interest in the NFT space.

Non-fungible tokens (NFTs) enable digital creations to have a unique and verifiable method to establish scarcity and authenticity which ultimately contributes to an NFT’s value.

That being said, in order for anyone to buy, sell, and store NFTs, you must first have a wallet to interact and secure the NFTs.

Phantom Wallet is one of many notable web3 wallets that allow users to easily interact, protect, manage digital assets – including NFT digital collectibles.  

Further reading: What are NFTs?

What is Phantom Wallet?

The Phantom wallet is a non-custodial crypto wallet that was built in the Solana network. It functions like Metamask Wallet, which is the top NFTs wallet for the Ethereum blockchain.  

Phantom wallet can be used to store cryptocurrencies and NFTs, and it supports staking. In addition, it also enables connectivity to hardware wallets such as Ledger.

Learn More: What is Solana?

How to Use Phantom Wallet?

Phantom is a really easy wallet just like Metamask. They have two different versions , desktop. First, we will learn how to set up your Phantom Wallet through the desktop.

Desktop

The easiest way is to use Chrome plug-ins. To install, just go to the Phantom website and click on the “Download” button. 

Proceed to follow the instructions just like you would install any other extension. One of the first prompts you’ll get when setting up Phantom is creating a password, and then a recovery phrase. This will be used if you forget your password.

After this, you will be asked to save your seed phrase which is basically like a private key that allows you to access your wallet.

Note: Make sure to save the recovery phase and store it in a secure location. Metamask, and other Web3 wallets do not store the recovery phrase, so it’s your responsibility to keep it safe.

Mobile Device

The mobile version has an Android and iOS app, which makes it very convenient to use on your phone. The app is also very simple and easy to navigate through.

The setup process for the mobile app is similar to that of the browser extension outlined above. Just follow the prompts, and set up your recovery phrase. Once you’re done with that, you should be able to use Phantom on your mobile phone.

Transferring cryptocurrencies to Phantom Wallet

Now that you’ve got Phantom setup and ready to go, the next step is to add crypto funds to your wallet.

With Easy Crypto, you can easily add funds with your local currency and we’ll send the crypto funds directly to your Trust Wallet wallet address.

Connecting Phantom to an NFT Marketplace

Before we move on to connecting Phantom to the NFT marketplace, it is important for you to know what NFT marketplace is. Simply, it’s a place where you can buy and sell your NFTs. 

There are quite a few different marketplaces in the NFT space, such as OpenSea, SolSea and so on. 

To make things easier for you when buying or selling NFTs in one of these marketplaces, there are several wallets which can be used. One of those is Phantom. 

Phantom is a wallet which supports the Solana ecosystem and is compatible with both OpenSea and SolSea. But we’re going to connect Phantom with SolSea because they were built on top of the Solana blockchain.

First, go to SolSea’s website and click “Register” on the top right.

Second, you will need to register your email and password. Once you are done with that, then you will be able to connect your wallet. 

Third, Finally, your wallet has been connected to the SolSea. And, you can use it for creating or buying NFTs.

It’s possible for you to connect your wallet without registering. However, they won’t let you buy or sell NFTs. Follow these steps, then you will be able to start your NFT journey easily.

Is Phantom Wallet safe?

Phantom is a non-custodial wallet (a wallet where you hold your own funds). That means no third party can access or manage the funds in your wallet. 

Remember, when you set up the wallet, there are 12 recovery phrases that only you knew about.

If you lose your recovery phrase, there is no way to recover your wallet. If someone has your recovery phrases or steals it from you, your crypto assets will be gone forever. So, it is really important for you to keep it safe and write it down correctly.

Get more detailed information Crypto Wallet Security Tips.

Takeaways

Phantom wallet is a cut above the other competitors in the non-custodial wallets market. It offers an easy to use and simple interface for sending, receiving, storing, and purchasing crypto or NFTs. 

Phantom wallet is definitely a good choice if you are looking for a non-custodial wallet that gives you the all-in-one service.

If you’re curious about NFTs or other cryptocurrencies topics. Read our related articles on our learning hub.