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What is a Web3 Wallet?

What is a Web3 Wallet?

With the birth of Web3 and the enumerable ecosystems that arose from within, new tools are needed to fully take advantage of the nascent technology. From a place to store cryptocurrencies to a one-key login to all Web3 dApps, Web3 wallets serve a multitude of purposes and have become the foremost singular tool for anyone looking to explore this new frontier of the world wide web.

It Is Not Only A Wallet

Cryptocurrencies are usually the first thing that comes to mind when one references Web3, and largely, this is why digital wallets were created. But with the advent of new products that leveraged NFTs, new forms of online communication, and a renaissance of digital ownership, these same wallets became the portal through which all of this was accessed.

A Web3 ‘Wallet’ is either where you can access your favorite online communities or a vault that safeguards tokens you have collected. In other words, your own Web3 wallet is an all-in-one tool that you can store your digital assets, make payments in cryptocurrencies, and connect to global communities.

In many ways, the word wallet doesn’t quite encompass all the features that can now be attributed to a web3 wallet. But perhaps in the current paradigm of too many logins and too many registration forms, the simplicity of a single “wallet” is exactly what’s needed.

So, let’s find out what you can do with a Web3 wallet.

Web3 Wallet: Your Digital Safe

NFTs have proven themselves to be critical assets in a variety of use cases such as digital twins of physical products, digital native assets, and community access tokens. Collectibles, gaming, art, and digital fashion are the biggest industries thus far in NFT utilization. While many of these assets cost no more than the gas that was spent to mint or send them, some can reach astronomical value. Having a secure way to store NFTs is paramount.

Web3 wallets interact with NFTs in the same way they do with cryptocurrencies, as they are structurally the same. One can send, receive, and most importantly, store NFTs. In addition to the simple function of safekeeping, web3 wallets open up a plethora of functionality to the tokens inside.

If you have a wallet for collectibles and art, one can imagine logging into a virtual gallery and seeing their collection displayed up on the walls.

If you’re an avid concert goer, a wallet can become a scrapbook of memories.

With wallets, the dream of a password-less internet is closer to reality. Using your crypto credential as key, you can log in a brand’s ecommerce platform and enjoy personalized experiences crafted only for you.

And given that web3 wallets are the primary way that creators stay in touch with their collectors, while holding any given NFT, collectors have the potential to receive airdrops and other benefits associated with their holdings.

Offer Better Experiences to Everyone

The Metaverse is a place that brings various opportunities to forward-thinking brands. Not only will it add a new playground for retailers, its interoperability and secure-by-design nature is ideal for omnichannel retail.

NFTs and Web3 wallets are fundamental components of the metaverse. The combination of both brings the solution for a seamless customer experience across channels.

With this technology, marketers can see what has been purchased from their own brand as well as other brands. As a result, marketing pros can see what someone holds in a wallet and understand their spending power, taste, or communities to which they belong. A key functionality to note is that all of this data is collected from an open blockchain, keeping the anonymity of users intact.

Web3 wallets also serve as the single login with which the user would need to identify themselves across multiple interconnected environments. These environments can span from in-real-life to web2 and web3.

Arianee's recent partnership with IWC is a perfect example of this. Through the IWC wallet, holders of the Diamond Hand Club can access the metaverse, receive invitations to exceptional events and get an exclusive look behind the scenes. The token enables interaction with some of the most accomplished partners of IWC in their respective fields like sports, music, arts and watch craftsmanship. “Amplification, interconnecting utilities for all worlds and all occasions” are what a luxury brand is really about - according to IWC.

The Key To Online Communities

The most common social media sites today are run by gigantic tech companies like Google, Twitter, or Facebook.

However, user data is vulnerable to attacks if the governance of data is compromised, or if server admins abuse their power to farm user information from their centralized servers.

Along with the rise of digital asset communities where users own high-value assets and demand significant skin in the game, people have quickly come to look for decentralized and P2P communication platforms where one retains full control of their data.

Based on the token contents of wallets, users can access and interact with the whole of web3 while remaining entirely anonymous. Furthermore, there’s no need to use multiple logins or separate identities across platforms, allowing users to bring their “reputations” and communities wherever they go. Web3 wallets become the primary tool for a cross-web social graph. Decentralized community platforms like SPKZ are capitalizing on all the aforementioned capabilities of wallets and allow users to access specific “lounges”, or chat rooms, based on their wallet’s holdings with no passwords required.

Closing Thoughts

In the open data-sharing environment of web3, users are building up their digital identity within the wallets they own. As such, the crypto wallet becomes the central piece in the new omnichannel customer journey.

At Arianee, our mission is to build perpetual relationships between brands and owners, made of trust, respect and transparency. Learn how the Arianee Wallet can enable seamless migration from web2 to web3 for your brand here.

$ARIA20 is key to the Arianee open source protocol, allowing our brands, users and partners to take part in the collaborative governance of our protocol. $ARIA20 is used to pay for the creation of NFTs, send messages to an NFT the brand created, and create events to enrich an NFT. You can buy $ARIA20 here or on any number of exchanges.

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