What is a cryptocurrency wallet and why do I need it?
In order to own land on Etherlands, you'll need a wallet that stores cryptocurrency. In this article, we'll explain the basics of crypto, what a crypto wallet is, why you need one, and how to get one.
What is cryptocurrency?
Cryptocurrency is digital money used to buy goods, exchange services or make investments— think pokemon cards. It works very similar to the way you use money in everyday life using your country's national currency- like the dollar.
The difference between digital currency like crypto and a national currency (otherwise known as fiat) is fiat currency is controlled by the government and stored in banks while crypto is controlled by everyone using it and stored on the blockchain. We won't get very heavy into economics or the technology behind blockchain, but in short, there will never be any one sole entity controlling the supply of the coin.
Just as there are many different types of fiat currencies around the world like the dollar, peso, yen, or euro— there are also many different types of cryptocurrencies. While the list of cryptocurrencies is too long to list here, the only coin you'll need to worry about to buy land in Etherlands is what is known as a stablecoin called USDC.
Why is cryptocurrency valuable to me?
There are a number of aspects both technical and nontechnical that make cryptocurrency valuable. To get started, we've highlighted a few points that might impact you the most:
Investment As of right now, many people use crypto to invest in digital items that might increase in value in the short or long term.
Ownership Crypto enables you to store what you create or buy from others on the blockchain. This means no one else holds the right to use what you own. Ownership has proven valuable because of the ability to be compensated generously for your work— especially if you are a gamer, builder, or artist.
Security Assets (like NFTs) stored on the Ethereum blockchain make transactions from person to person extremely secure as the blockchain makes ownership verifiable and safely transferable.
While Ethereum is very secure, as with everything online, there is still a chance hackers might get through via flaws in smart contracts or social engineer users. It is important to understand and take any necessary precautions to avoid mistakes.
Learn more about security here.
How does this value relate to Etherlands?
If you are already a Minecraft player or (gamer in general) you know the value of your builds. When you put a lot of time and effort into building something great, you deserve to be compensated for that effort. Etherlands gives you the potential to one day not only make a profit on the land you've bought but also any architectural contributions to districts or towns.
The only thing you need to get started is a cryptocurrency wallet (which acts as your Etherlands account)!
What is a cryptocurrency wallet and why do I need one?
In order to start playing Etherlands, you'll need to connect a MetaMask crypto wallet. These wallets act as a place for you to store any ERC-20 tokens you gain by playing Etherlands, coins you import into the wallet, as well as a place to view and access any land or other assets you own.
With a crypto wallet you'll be able to:
Give permission for Etherlands to connect your wallet so you can buy land
Store crypto assets you gain from playing Etherlands— like land, NFTs, and tokens.
What crypto wallets can I use with Etherlands?
At the moment, Etherlands accepts MetaMask and Fortmatic.
Note: This is subject to change in the near future as we add additional wallets.
How do I get a Fortmatic account?
Select "Login/Connect" on our homepage
Register using either your phone or email.
This will verify your account using whichever method you chose. Enter the code sent.
You will have to verify using your phone or email every time you connect your wallet using Fortmatic.
Our short tutorial on how to create a Metamask wallet!
Choose between Chrome, iOS or Android. (You'll likely choose Chrome if you're playing Minecraft on your computer)
Select "Add to Chrome"
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Select "Add Extension"
Select "Get Started"
If you, or your parent or guardian, already has a wallet this is where you'll be able to import an existing wallet or start a new wallet.
Create a password (Not to be confused with your secret phrase which we'll discuss in the next step)
Reveal the secret words
:::::: VERY IMPORTANT :::::: Write down your secret phrase and keep it somewhere safe
After storing your secret words in a safe place, you'll be all set to follow the next steps creating your Etherlands account by connecting your wallet.
Interested in learning more about MetaMask? Visit their FAQ page!
Do I need to have crypto to use the wallet?
In general, you do not need crypto to use the wallet.
You will still be able to link your account to any site, like Etherlands, using blockchain technology even if you do not have any crypto stored in it. However, in order to make any transactions, you will need to import funds into your wallet or buy them directly through the wallet.
That said, you do not need any funds to play Etherlands.
While Etherlands is in Playtest we are giving land away for free. Simply press "Get Playtest Money" under your account, and we'll gift you 10,000 MC so you can buy land and start playing right away.