What is a Phantom Wallet?
Phantom is a crypto wallet that is used to store, send, receive, stake, and swap tokens on the Solana blockchain. It can also be used for NFTs on Market Places like Magic Eden.
With Phantom Wallet, you can transact and interact with decentralized finance (Defi) apps, exchanges, Non-fungible token (NFT) platforms, and games on the Solana blockchain.
For Solana, the Phantom wallet is the best digital wallet for NFT, DEFI, Staking. They also have a mobile app for iOS now. Almost all Solana-based NFT Marketplace supports phantom wallets.
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Phantom has released their IOS application recently and they are in process of building their Android application. Phantom does not have a Web Wallet, it only has a browser extension.
Why Should You Use Phantom?
- Web3 support
- Can transfer SOL, USDC, and USDT
- NFT Support
- Non-custodial
- Ledger support
- Intuitive interface
- SOL staking (you can earn rewards)
- Token swaps
On Solana, Phantom is the native wallet. It reached the 1 million+ active user mark on October 2021.
The ultimate goal will be using these funds to expand staff, develop new features, and expand to other blockchains; it already supports the Ethereum blockchain. Phantom Technologies, Inc. raised $9 million from a16z, Variant, Jump Capital, and Defi Alliance. Phantom Technologies Inc., a provider of a noncustodial cryptocurrency wallet, announced that it has also raised $109 million in a new funding round led by Paradigm placing the company’s valuation at $1.2 billion as of Jan 31, 2022.
According to Brandon Millman, the CEO and Co-founder of Phantom, this amazing technology will be multi-chain in the future! This guide will show you how to install a phantom wallet, to setting up your phantom wallet in a chrome browser to launching your phantom wallet.
How to Create a New Phantom wallet?
Best to follow the below step-by-step process to set up the Phantom Wallet extension and create a Phantom account for your Solana adventurers.
- Download the extension
- Click on the Phantom Wallet extension
- Click on Create New Wallet
- Storing Secret Recovery Phrase or Mnemonic
- Create a password for your wallet
- Keyboard shortcut
- Use Phantom
1.) Download the extension
To download the Phantom wallet extension, you need to go to the Phantom website or can directly go to the Google Chrome extension store or Firefox extension.
Click on the Add to Chrome/ Add to Firefox button whether you are in the Phantom website or Chrome extension store/ Firefox extension store.
or
Clicking the Add to Chrome/ Add to Firefox button will add Phantom Wallet Extension to your browser.
2.) Click Phantom Wallet extension – “On”
Now you’ve successfully added the Phantom Wallet Extension to your browser.
On the successful installation, the Phantom wallet window will automatically open in the new tab. If not, you can click the puzzle icon on the top right of your browser and click on the Phantom Wallet.
For faster access in the subsequent times, you can use the ‘pin icon’ to pin the Phantom Wallet extension.
Or
In Firefox, click the Phantom Wallet Icon on the top right in your browser window.
Now, it will open in the new tab.
3. Click on Create New Wallet
After clicking the Phantom Wallet, you could see two options:
- Create New Wallet
- Use Secret Recovery Phrase
Since you are a new user, click on Create New Wallet
Checkout: Learn how to Change and Recover the Phantom Wallet password
4. Storing a Secret Recovery Phrase or Mnemonic
After clicking the Create New Wallet, you could see the Secret Recovery Phrase aka Mnemonic.
First, note it somewhere private. Generally do not make a digital copy. You could only recover your account via this Secret Phrase. There is literally no other alternative to this, so don’t fuck up. If you lost your Recovery Phrase, you lost everything and no rollbacks.
You can copy the code by clicking the Copy button underneath the Secret Recovery Phrase, ez pz fren.
You can store your Secret Recovery Phrase in a hardware wallet, a mobile wallet, or a desktop wallet. Otherwise, you can write it down on a piece of paper and keep it somewhere private. Seriously don’t be a statistic.
Once you note down your Secret Recovery Phrase, click OK, I saved it somewhere. Don’t mess up!
5. Create a password for your wallet
The next step will be creating a password for your Phantom Wallet.
You can type your password in the Password field and Confirm Password. Ensure to set a solid password with combinations of numbers, alphabets, and special characters.
After typing the password, you have to select the check box and Click Save; make sure to read the Terms of Service before selecting(who reads this). In a nutshell, Terms of Service include a privacy policy, third-party services, content ownership and removal, rights, fees, account termination policy, and government law.
6. Keyboard shortcut
After setting the password, now your browser window will show an instructional message for ease of use.
That is nothing but a shortcut to open Phantom Wallet. Click Alt+Shift+P together to open Phantom Wallet without navigating in your browser.
Here, you need to click the Continue button.
This is one of the cool features to use.
7. Use Phantom
On the successful completion of all steps mentioned here, you could see the message below. Click Finish!
It indicates that you’ve successfully installed the Phantom Wallet Extension and created a Phantom Wallet account to become a web3 User.
To transfer Solana from other Marketplace, we have covered detailly you can check them out
- How to transfer Solana From Binance to Phantom Wallet
- How to transfer Solana From Coinbase to Phantom Wallet
- How to transfer Solana from Crypto.com to Phantom Wallet
- How to buy Solana directly Inside Phantom Wallet.
Solana NFT Marketplaces
What is an NFT first of all? A non-Fungible Token is a digital asset that simply proves ownership of digital items such as images, art, video games, or virtual lands. With blockchain technology like Ethereum or Solana, Digital ownership is stored on the decentralized network.
The latest NFT statistics suggest Non-Fungible Tokens may be one of the most exciting trends to ever hit the cryptocurrency landscape. In 2021, NFT sales hit a massive $25 billion, with countless individuals purchasing everything from video clips to cartoon monkeys. That is an unprecedented change in NFT sales volume and 2022 is the time NFT goes nuclear potentially with innovations.
The Top Solana Marketplace for NFTs is Magic Eden where you can create, sell and buy NFTs. They have a listing fee of 0% rather they take 2% on every transaction. Creators can set their royalties and paid immediately after a sale happens.
Magic Eden supports almost all Solana Wallets from Phantom, Slope, Sollet, Solflare, Clover, Ledger, Solong, and MathWallet.
Magic Eden has popular NFT projects/collections ranging from Stoned Ape Crew, Shadowy Super Coders DAO, GALACTIC GORILLÆ GANG, and much more.
Bots exploit NFT Marketplaces
In the world of cryptocurrency, NFTs are all the rage. However, there is a dark side to the world of NFTs. Recently, NFT bots have been exploiting marketplaces at a rapid pace. These bots buy up large quantities of NFTs sometimes 90% of the total supply! This bot effect also drives up gas wars on networks like $Ethereum. Programmable bots are great at automatically sweep floors of collections or sending out thousands of bids in a collection hoping for a paper hand shake out.
OPENSEA: A LEADING PLATFORM FOR TRADING NON-FUNGIBLE TOKENS (NFTS)
OpenSea is a leading platform for trading non-fungible tokens or NFTs. As the largest NFT marketplace in the world, OpenSea is a major player in the NFT ecosystem, offering a wide range of NFTs for sale and facilitating transactions between buyers and sellers. It’s the Amazon of the non-fungibles.
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Conclusion
Congrats you’ve successfully created a wallet with Phantom for your future! Now, you could send Solana to your Phantom wallet, stake it, swap it, and buy NFT using your Phantom wallet. With a secure wallet like a phantom now you can navigate Solana Ecosystem from DEFI, play-to-earn games, NFTs, and Metaverse.
Please for the love of God, always remember to store your Secret Recovery Phrase in multiple places to prevent it from losing. If you lost them, nobody can access your account—even Phantom developers.
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