A Digital Wallet is one of the most important tools to creating and selling your Rare Digital Art on MakersPlace. This article will provide an introduction into this technology and how it works on MakersPlace.
What’s a Digital Wallet?
A digital wallet is a tool built on blockchain technology, that serves as both your identity and the mechanism to sign and store the digital artworks that you create and sell. Every artwork that you upload on MakersPlace will use your digital wallet to issue authentic copies of your artwork. Collectors place significant value on the artworks on MakersPlace because of the authenticity and verifiability of each artwork, due to this signature.
If you’d like to learn more about the technology behind digital wallet technology, you can read the wikipedia article here.
How Digital Wallets work on MakersPlace
Whether you’re completely new to blockchain technology or an expert, there is an option available for you.
When you first sign up on MakersPlace, you have the option to either use your personal digital wallet or use a digital wallet issued and managed by MakersPlace. If you’re completely new to blockchain technology, we recommend using the MakersPlace issued digital wallet until you become more familiar — you can always connect a personal wallet in the future.
Using a MakersPace-Issued Wallet
There are a few technical hurdles and concepts to familiarize yourself with as you first begin creating Rare Digital Art including: managing your secret key, understanding blockchain transaction fees, speeding up transactions and more. With a MakersPlace-issued wallet, you can just start creating without needing to understand these concepts, although we highly encourage you to learn these concepts over time.
Things to note about a MakersPlace-issued Digital Wallet:
- This wallet is entirely managed by MakersPlace. Access to these wallets is limited for security purposes.
- This wallet is dedicated to you and will serve as the proof of authenticity for all artworks that you create on MakersPlace.
- This wallet is only used for creation. Do not send any funds or tokens to this wallet. Gaining access to these wallet is deliberately very difficult for security reasons.
Using a Personal Wallet
If you’re already familiar with blockchain technology and you already own a digital wallet, we recommend using it.
IMPORTANT: Please follow these best practices when using a personal wallet. Artists have lost access to all of their artworks for not following these best practices.
Here are the steps to connect your personal wallet:
- Go to your Account Settings page: https://makersplace.com/profile/
- Click on Connect your Personal Wallet
3. Connect your Digital Wallet
4. Give our Smart Contract escrow access to your artworks.
This last step ensures that MakersPlace is able to transfer your artworks to buyers of your artworks upon sale. Please use a reasonably high GWEI when providing this approval, so that your request completes in time.
5. Verify that you see your digital wallet set as your Primary Address under your creation wallet addresses. If your wallet does not show up here as your primary address, you may have missed a step.
Ensure that you’re logged into your digital wallet and have connected MakersPlace to your wallet.