In the simplest terms, a web3 wallet is your digital wallet for the decentralized web. Think of it as a special app that lets you store, send, receive, and manage your cryptocurrencies and digital assets. But it does more than just hold your “money.” A web3 wallet can interact with decentralized blockchain applications (dApps), making it a crucial tool for navigating the web3 world.
Typically, a person will only have a single IRL wallet, holding important items like driver’s licenses, credit cards and maybe some cash. One notable difference with web3 wallets is that it’s rather common to have more than one. For people dabbling in cryptocurrency through a mainstream exchange such as Coinbase, they may look no further than their Coinbase wallet, which will include all the functions they’ll need to trade and own on that platform. However, once users are interested in exploring new platforms and different blockchain ecosystems, they’ll quickly find that a new wallet will often optimize organization and convenience.
Wallets on GalaChain
Gala’s wallet approach is fairly simple due to the fact that GalaChain was built for the Gala ecosystem. Therefore, your GalaChain wallet is connected to your free Gala account. Having a wallet on GalaChain is as simple as having a Gala account.
Please note that while your GalaChain wallet is closely connected to your GalaChain account, it is yours and yours alone. Gala is a non-custodial wallet, meaning that it does not have access to your wallet or its private keys.
Tokens on GalaChain are built to interoperate with Ethereum, allowing you to bridge NFTs, crypto and in-game items to and from the Ethereum blockchain with ease. This is also accomplished by integrating one of the supported Ethereum-based web3 wallets with your Gala account. This connection can be made in your account’s Settings menu. For a quick guide on how to make this connection, check out this support article.
Our recommended external web3 wallet for the Ethereum blockchain is Metamask, the most widely used and trusted web3 wallet software in the world today.
Why Are Web3 Wallets Important?
Web3 wallets are essential for several reasons to anyone looking to experience the full range of opportunities and interactions available in web3:
Ownership and Control: Unlike traditional banking, where a third party holds your funds, web3 wallets give you full control over your assets. You own your private keys, which means you have complete control over your funds and transactions.
Security: Web3 wallets use advanced cryptography to secure your assets. As long as you keep your private keys safe, your funds are secure.
Decentralized Access: Web3 wallets allow you to interact with decentralized applications without needing to create multiple accounts. This is akin to having a universal login for all dApps, making the user experience seamless and efficient.
Innovation and Flexibility: With web3 wallets, you can participate in new financial systems, like DeFi (Decentralized Finance), and access unique digital assets like NFTs (Non-Fungible Tokens).
How Do Web3 Wallets Work?
Public and Private Keys
At the heart of every web3 wallet are two types of keys: Public and private keys. These keys are not literal keys, but strings of cryptographic codes that play different roles:
A Public Key is like your bank account number. It can be safely shared with others and used to receive funds.
A Private Key is like your PIN or password. It’s used to sign transactions and access your funds. Keeping this key secure is critical because anyone with your private key can control your wallet.
There are several types of web3 wallets, each offering different features and levels of security:
Software Wallets are applications or browser extensions, like MetaMask, that you can install on your computer or smartphone. They are convenient and easy to use but can be vulnerable to malware and phishing attacks. This is why it’s important to lock or log out of your software wallet when not in use.
Hardware Wallets: These are physical devices, like Ledger or Trezor, that store your private keys offline. They offer enhanced security by keeping your keys away from internet-connected devices, making them immune to online attacks.
Paper Wallets: These are simply printouts of your public and private keys. While they can be very secure (if stored safely), they are not practical for everyday use and can be easily lost or damaged.
Custodial Wallets: These wallets are managed by a third party, like an exchange, which holds your private keys for you. While they offer convenience and easy access, they also require you to trust the third party with your assets.
In the Gala ecosystem, as described in the Gala Ecosystem Blueprint, wallets play a pivotal role. GalaChain, the purpose-built blockchain for the Gala Games, Film and Music ecosystems, integrates with web3 wallets to provide users with seamless access to their digital assets and interactions within Gala dApps. Whether it’s buying in-game assets, participating in community votes, or collecting rewards through node operations, a web3 wallet is your gateway to these activities.
Looking for a deeper dive into web3 wallets and the security behind them?
Gateway to Web3
Beyond digital piggy banks, web3 wallets are your personal keys to the decentralized world of web3. By giving you full control over your assets and enabling seamless interaction with dApps, web3 wallets empower you to take full advantage of the innovative opportunities within the blockchain space. As the Gala ecosystem and the broader web3 landscape continue to grow, understanding and utilizing web3 wallets will be essential for anyone looking to participate in this new digital frontier.
Welcome to GalaSwap, your go-to platform for direct token swapping on GalaChain. With GalaSwap, you can seamlessly exchange $GALA and other network tokens such as $MTRM, as well as new community project tokens created through the GalaSwap Project Token Creation Tool.
Not only can you exchange tokens easily without leaving GalaChain, but you’ll also receive $GSWAP every time you create or accept a swap!
This guide will walk you through the steps to start swapping tokens, creating offers, and finding the best swaps available.Visit galaswap.gala.com to begin your journey.
Getting Started with GalaSwap
First, login at GalaSwap.gala.com with your Gala account credentials. Even if you’re logged in at one of the platform sites already, you’ll need to login to GalaSwap specifically because it is a separate platform.
Creating an Offer on GalaSwap
Navigate to the Create Offer Page
Go to the main swap page and click Create Offer, or click the Create Offer button under the account icon in the top right corner.
Fill in the Offer Details
Offering: Select the token type and amount you want to offer.
Wanted: Select the token type and amount you want in return.
Gas Fee: The amount of $GALA required to create the offer.
Switch Button: Swap the offering and wanted tokens if needed.
Finalize and Create the Offer
Once you’ve entered the necessary details, click Create.
Enter your GalaChain wallet’s Transfer Code.
Your offer is now created and can be viewed on the main swap site under Active Offers. You’ll be notified when your swap is accepted.
Searching for an Offer on GalaSwap
Log In and Search
On the main swap page, fill in the Offering and Wanted fields.
Click the Search button to find matching offers.
Review and Accept Offers
When you find an offer, you will see:
You Give: The total amount of the token you will give.
Exchange Rate: The rate of the swap.
You Receive: The total amount of the token you will receive.
Gas Fee: The $GALA required to accept the offer.
If the swap is acceptable, click Swap.
Enter your GalaChain Wallet’s Transfer Code.
The swap will be initiated, and you will see a Swap Succeeded prompt upon completion.
Those were the days, weren’t they. You’d spend all week or month just dreaming about what you’d do with that allowance money when it finally came in. Even if you were flat broke, you knew that allowance was coming, and you couldn’t wait to blow it all on candy, arcade tokens, or fireworks. At the risk of revealing my age, we had some pretty awesome priorities with our allowance in my day.
Mint Allowances on GalaChain
GalaChain is making allowances cool again. When you have a GalaChainAllowance, that item or those tokens are as good as yours. You can even think of them as being reservedfor you until the exact moment when you’re ready to mint them.
This system we call Mint Allowances today is the evolution of the Treasure Chest system we used to use, back when everything we created was minted on Ethereum and GalaChain was only a distant vision. We created a way to reserve tokens for minting, allowing the owners to mint whenever was convenient for them. Back then, this minting event came at a cost, but thanks to GalaChain, minting tokens from a GalaChain Allowance is now free.
When you purchase a Gala item, it’s typically minted directly to you immediately, fulfilling the purchase. However, when you receive various tokens as rewards, your inventory will generally show them as a GalaChain Allowance, meaning that you can mint the tokens at your leisure. They’re set aside to be yours, but they’re not technically yours until the minting event.
I’m cooking up some savory rewards in that Common Georgia Cookery from The Walking Dead: Empires. It’s a GalaChain Allowance (not yet minted).
Other Kinds of Allowances
The idea of allowances also lends itself well to in-game activity. You can give various dApps (such as individual Gala Games) permission to use a certain amount of your tokens. This is why you’re sometimes asked for allowance permission when you launch some of our games. This is a convenient and secure way that allows you to spend your tokens in the game without returning to the store every time.
On GalaSwap, if you decide to create a project token using the Project Token Creation Tool, you’ll be asked to allocate a “Burn Allowance” of $GALA in a quantity of your specification. Upon Founder’s Node approval of your new token, the Burn Allowance will be burned and its value used to establish the initial trade value of your new token on GalaSwap.
That’s about all there is to it! Now, when you see Allowances in your Gala account, you’ll know that you’re ready to mint and doing a great job collecting Gala rewards!
Have you noticed that new tokens are popping up like wildflowers on GalaChain’s official token swapping platform? It’s true. With more than 60 unique project tokens already created by the community since the launch of the new Project Token Creation Tool, GalaSwap is becoming a veritable treasure trove of tokens.
Which of them will have a fortuitous future, and which will fizzle into meme coin obscurity? Only time will tell, but now that these tokens live on GalaChain, there are no takesies backsies!
👆 Look how easy it is to create a GalaChain token for your project on GalaSwap! In a little over 24 hours from your submission, your token can be ready to mint and listed on GalaSwap for trading, with a small portion awarded to active Gala Founder’s Node operators for powering the ecosystem.
Who will receive your token? How will you decide what it stands for? These are yours to decide, and that’s the beauty of it. To a normie unfamiliar with the capabilities of web3, this may seem like ambiguity, but for a true innovator, this is the kind of freedom that turns dreams into reality, decent ideas into brilliant visions.
Imagine building a service that integrates with GalaSwap and uses your token as a reward for subscription, engagement or any type of interaction. Imagine offering physical and digital rewards for redeeming your token, or unlocking special access to exclusive content for holding various amounts of your token. The possibilities are quite endless, and we are extremely excited to see what the most innovative GalaChain users will do with their newly created project tokens.
Here’s a list of project tokens that have been approved already and added to the ecosystem:
TENDIES
ALPHAQ
AGBT
BEATZ
BEEF
BENE
ROI
BB
CASH
CHINA
CWC
JAUM
FUND
CRYPT
CCF
DM
TWIN
FARMER
FBB
GIBBY
GUILD
GPEPE
TORY
HUAHUA
HG
LUMN
MRVS
METAL
NDCX
PITQC
QACOIN
REPS
RFKJ
ROIBOI
RONPAUL
RUSSIA
SAFEG
SERVE
SNOOP
SOON
SVR
SQUIDLPS
STAYFREE
SUBSPACE
TVB
TACO
JESUS
THOON
TIP
TIPPED
TRUMP
TUPAC
USA
MOUM
WEN
WENGAME
WOOF
MAG
That’s all for now! When you’re ready to see your project’s token on the list, just visit THIS PAGE and start creating!
Each day, new tokens are being submitted by the community. Some are connected to in-development projects at various stages, some are linked to guild membership and others are just meme tokens that are deserving of a quick and hearty belly laugh.
WEN: Because Waiting is the New Hype! Introducing WEN, the token for those who know the struggle! Inspired by legendary delays in the ecosystem, WEN is here to make waiting worthwhile. Embrace the joke, join the fun, and let’s turn the wait into something great. With WEN, you’re not just able to have a coin—you have the community’s laughter. Because hey, good things come to those who wait… and wait… and wait!
-Token description submitted with Founder’s Node vote
The creator of WEN Coin has gone even further by integrating GalaSwap API into a WEN Coin tracking site called GalaCoins… Check it out!
This fun meme token is a great example of how the GalaSwap Project Token Creation Tool can be used, whether yours is a serious project, a big idea or nothing more than a humorous prank.
Burning $GALA for Ecosystem Health
By creating community tokens like WEN Coin (and dozens of others already approved), creators are supporting a healthy GalaChain ecosystem by demonstrating the chain’s power.
Every token submitted for Founder’s Node vote requires a non-refundable $100 $GALA fee (burned), plus an additional amount of $GALA set aside by the creator as a burn allowance, to be burned once the token is approved.
Rewards for Gala Founder’s Nodes
All tokens created via the Project Token Creation Tool must be approved by popular vote in the Gala Founder’s Node ecosystem. When new tokens are submitted, node operators have 24 hours to decide if the new token is worthy of being added to the ecosystem. So far, all submitted tokens have been approved.
Here’s to a new wave of epic and tradable meme tokens on GalaChain!
