Welcome

Congratulations on a successful play, and winning what might be your first ever NFT!  We couldn’t be more excited to welcome you to the world of web3 and all the opportunity it represents. One of the first things you’ll want to know about are how assets like NFTs are stored and transferred.

If you used an email address to create a wallet, that’s fantastic, you now have a secure way to hold NFTs as well as buy, send and receive cryptocurrency.  It also holds your shiny new NFT.  That wallet is the fastest way for us to be able to deliver that NFT to something that is securely yours.  However, there is a small limitation in how you might be able to transfer that NFT with the custodial wallet that was created for you.  The native functionality doesn’t allow you to just “Send” it to someone or somewhere else.  To learn more about wallets, please read on.  Otherwise, jump down to the “Transfer my magic wallet” section below to find out how you might be able to transfer your new NFT and any future NFTs you might win with us.  


Wallets

What is a web3 wallet?

A web3 wallet is a digital or physical device that holds your private keys, your web3 identities.  Those private keys are how you can manage and access cryptocurrency and any web3 assets, like NFTs.  Every wallet has a unique ID, the private key which gives access to anything stored within it.  That private key is what’s used to identify you so that you can receive cryptocurrency or assets and allows you to confirm that you want to transfer cryptocurrency or assets to another person.

Custodial Wallet

Crypto custodial wallets are digital wallets that provide users with a secure way to store and manage their cryptocurrencies. These wallets are managed by third-party custodians who are responsible for the safety and security of the assets held in the wallet.

When it comes to managing NFTs, custodial wallets allow users to purchase, store, and trade their unique digital assets in a secure and convenient way. Custodial wallets offer a reliable and hassle-free solution for managing cryptocurrencies and NFTs, without having to worry about the complexities of self-custody. Users can rest assured that their assets are stored in a secure environment and are easily accessible whenever they need them.

Self-Custodial Wallet

However, some users may prefer to have complete control over their crypto assets and may not want to rely on third-party custodians. For those users, it is possible to create their own wallets, such as MetaMask. These self-custodial wallets give users full control over their assets and allow them to manage their own private keys, which are necessary to access and move their crypto assets. With a self-custodial wallet, users can be sure that their assets are in their own hands, but they also need to be aware of the risks involved with managing their own private keys and security measures.


In conclusion, while custodial wallets provide a secure way to manage cryptocurrencies and NFTs, some users may prefer to create their own self-custodial wallets to have full control over their assets. Self-custodial wallets like MetaMask offer users a convenient and secure way to manage their own private keys and crypto assets.



Transfer my magic wallet

While the Magic custodial wallet that was created with your email address allows you to buy, receive and send cryptocurrency, you will need to transfer it to another wallet to be able to send your NFT elsewhere.  To do so, you will need to:

  1. Retrieve the secret phrase* for your current Magic wallet

  2. Enter the secret phrase into a custodial or self-custodial wallet, like MetaMask

* Your secret phrase identifies this wallet and any cryptocurrency or NFTs it contains.  Never share this with anyone or store it where it can be accessible to others

  1. We’ll need to retrieve the secret phrase for the Magic Wallet

Go to the prizes page of the degenarcade app

  1. Click on “View My Magic Wallet”

  2. In the top left corner, click on the person icon

  3. Click on “Wallet Secret Phrase”

  4. You will have several security steps, including checking boxes acknowledging you understand the risks, logging in with your email address again, entering a code and navigating back here using the person icon and then finally the “Wallet Secret Phrase” button

  5. Once you reveal your secret phrase, write it down somewhere that you will either keep it permanently and securely or where you can destroy it permanently.  You do not want to share this with anyone. Only write down the words, not the numbers, in the order the numbers represent

2. For our example we’ll use MetaMask.  

  1. On your mobile device, or in Chrome on other devices, go to: https://metamask.io/

  2. Download/Install the MetaMask app, either from the appropriate app store or as a chrome extension

  3. Once MetaMask starts, it will present you with the options to “Import using Secret Recovery Phrase” or “Create a new wallet”.  You can create a new wallet, separately and then add later but you can also just “Import using Secret Recovery Phrase”, where you’ll enter the phrase from step 1

  4. You will need to enter the words in the secret recovery phrase in the same order as you wrote them down without any numbers (only right down the words not the numbers identifying count of the words)