A crypto wallet is a self-custodied digital wallet used to store and manage cryptocurrencies and NFTs. That means you and only you will have access to the wallet. Wallets are accessed using a Recovery Phrase or Private Key, which gives the owner permission to transfer tokens from that wallet. Think of self-custody wallets like an actual wallet with cash. If you lose the Recovery Phrase or Private Key, you will lose access to your wallet.
Within your crypto wallet, you can add multiple wallet addresses, one for each type of crypto asset (i.e. Ethereum and Solana for example). Each crypto asset in your wallet will have a unique wallet address. Think of a "wallet" aka wallet provider like the physical wallet you carry around, and wallet addresses as the unique credit cards that go in that wallet.
The wallet addresses are what you’ll actually use to perform transactions (just like credit cards) and the addresses can be moved around to different "wallet" providers such Coinbase Wallet, MetaMask, etc. And just like credit cards can be moved to different physical wallets. The address is the same no matter if you access it via Coinbase Wallet or MetaMask or Ledger etc.
A cold wallet is a type of wallet that exists on a hardware device and is not connected to the internet. A hot wallet is one that is connected to the internet and can be featured as an app on the owner's mobile device or on their web browser.
To buy NFTs on Coinbase NFT, you’ll need a self-custodied wallet (ex: Coinbase Wallet, MetaMask) connected to your Coinbase NFT profile.
Reminder: You’ll need to have enough ETH in your wallet for the specific NFT purchase, including NFT prices, and gas fee.
If you don’t have a self-custodied wallet, you can create a new one at Coinbase Wallet, right from the Coinbase NFT signup page. Simply select Sign In > Create a Wallet and follow the remaining prompts.
Learn more about wallets in Coinbase Learn.