With all of the new innovations and constant changes in the NFT space, it can be overwhelming to jump in. It seems every day there are new applications, blockchains and even new wallets.
How to Set Up Your Rainbow Wallet
What is a Rainbow Wallet?
Meet the rainbow wallet—a wallet designed to be NFT facing. You do not even have to download anything just to use their search function and it will let you look at any wallet.
Rainbow wallet allows you to enter an ETH address in the search bar and will then display all of the NFTs that are held by that account. It shows off each individual asset so that the user can get a sense of every NFT collected by that specific account. However, this tutorial is aimed at how to quickly get started on the mobile app for Apple devices. There is a beta for android, but the instructions are relatively similar.
How to Set Up Your Rainbow Wallet:
1. Download Rainbow Wallet
Go into the app store on your Apple device and search for Rainbow wallet. There will be a few options to choose from, but you will want the wallet that has a rainbow icon for a logo titled “Rainbow Ethereum Wallet”.
2. Depositing to Rainbow
Once you have it downloaded, it will create an Ethereum address for you. To add funds, you can send ETH to the newly generated address. ETH or Ethereum can be purchased from exchanges or applications like Crypto.com or Gemini, among others.
3. Transferring to Rainbow
If you already have ETH, you can skip this step. To buy ETH from a crypto exchange like Gemini, you will need to sign up for an account and link your bank account. From there you can just send ETH to your Rainbow wallet’s ETH address. You can find the ETH address that you need to send your newly acquired ETH to by using the wallet address that’s displayed when you click ‘add funds’. It’s a long string of numbers so be sure to double-check that the first four and last fours numbers and digits are the same.
Alternatively, you can add cash. Add cash is associated with Apple Pay.
4. Buy NFTs
After you have added funds to the wallet, you can get started by sending NFTs from another wallet or buying some.
5. Explore Features
By far one of the most interesting features I have seen is the ability for users to listen to NFT albums inside the wallet. They are enabling users to experience the power of NFTs right from the app. That alone I feel is a reason why NFT lovers should keep an eye on this wallet.
Do you already have a Rainbow Wallet or did you get one after reading this? Be sure to let us know and follow us on Twitter to stay in the know about NFTs.