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Creating a CNFT Wallet

When dealing with Cardano NFT’s it’s important to use the correct type of wallet. Specifically a ‘Shelley’ era wallet, unlike the previous generations of Cardano wallets, this newer standard is also compatible with Native Cardano based tokens rather than just $ADA. Therefore, allowing users to be able to interact with NFTs in a variety of ways such as Sending, Receiving and in some instances Viewing non-fungible digital assets 

If you try to mint or purchase a NFT by sending funds from a pre Shelley wallet, such as an exchange (eg. Coinbase or Binance), the seller or minting contract will send the cnft to back to the none compatible wallet, where in the vast majority of cases it will be lost for good. Effectively stuck permanently inside that wallet

There are currently multiple choices available to collectors and traders when it comes to cnft’s, The most popular being Daedalus, Yoroi, Nami, ccwallet and AdaLite, all these wallets are Shelley era and cnft compatible. Please take a detailed look into each and familiarize your self with the pros and cons of each before making a final decision

For this guide I will be using Yoroi, this is due to a number of reasons, such as being simple to set up, implemented as a browser plugin, just like the Ethereum wallet, Metamask. But mostly because it’s what we have used the most and have no issues recommending to others in the cnft space

1. Identify the Official Website

It’s very important to ensure you are on the official project website. It’s very easy these days for scammers to clone websites and make them appear to be the real deal. If you create a wallet or download anything from these cloned sites, it’s entirely possible for scammers to compromise your wallet and steal your assets

Some basic best practise to prevent this are: Always check that there is a Padlock icon before the URL in your Browsers URL box. Visit the project’s Official Twitter account and check the website link in the Bio is the same and finally never blindly trust links provided by others online always double check and then check again

2. Download/Install the Wallet

On the official website, you will be able to find the link to install the Wallet Software/Plugin. In the case of Yori, the link takes you directly to your browsers Plugin Repository (e.g. Chrome Web Store), once you verify as genuine, simply add the Plugin to your Browser to finish installing the Wallet

3. Create a new Wallet

You’re now ready to create your first Cardano wallet, but firstly a little about the Recovery Phrase. The most important part of setting up any cryptocurrency wallet is to make a note of and store the Recovery Phrase correctly. This string of words is all that backs up your funds and assets in the event of a forgotten password, the loss or theft of a device and other unforeseen circumstances

Follow the specific wallets set up instructions precisely, in Yoroi you are asked to select a name and a spending password for the wallet, and then note down and confirm the Recovery Phrase before continuing

4. Sending and Receiving Transactions

Your wallet is now set up and ready to send and receive transactions on the Cardano Blockchain. In Yorio to send an asset, head to ‘Send’, select the type of asset to send e.g. $ADA, select the Wallet Address you want to send it to, and then the amount to send. It will then ask you to confirm the transactions t by entering the Spending Password you picked when creating the wallet

To receive ADA or cnft’s with Yoroi just head to the ‘Send’ tab and copy the wallets Receive address, this is the address needed by the person or organization trying to send you the asset

5. Recovering a Wallet

If for any reason you need to Recover your wallet such as after the loss of a device, just follow the instructions provided by the wallet on how to Restore the Wallet from the Recovery Phrase, once restored, and you have set a new spending password, you will have access to your assets on the replacement device

Shelley era wallets and their Recovery Phrase are compatible with each other, meaning a Phrase created in Yorio can later be entered into and restored by a Nami wallet client

Always Remember

When dealing with blockchain technology, you, and only you, are responsible for your assets. There is no ‘password reset’, no help desk to call and certainly no compensation scheme. Mistakes on the Blockchain are both irreversible and permanent, always double check and then check again

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