Phantom Wallet | A friendly Solana wallet built for DeFi & NFTs

A Phantom wallet account can be created by following these steps: 1. Go to the Phantom website and click on the ‘Create a Wallet’ button. 2. Enter your email address and create a strong password.

Phantom is one of the most popular cryptocurrency wallets out there, thanks to its compatibility as a desktop extension and with most cryptocurrency exchange platforms and decentralized applications (dApps) that have been built on the Solana blockchain, such as in-game digital assets from gaming dApps and collectable non-fungible tokens (NTFs). It is also useful for storing and trading NFTs. In our Phantom Wallet review, you’ll learn everything you need to know about Phantom, as well as how to create a Phantom wallet.

What is Phantom?

Phantom was founded in 2021 by Phantom Technologies, Inc., and initially began as a desktop app before later branching out into Android and iOS as well. It is a digital asset wallet that was initially designed exclusively for compatibility with Solana-based cryptocurrencies and NFTs but will soon also be compatible with Ethereum and Polygon in Q1 of 2023.

Its headquarters are located in San Francisco, CA. According to GlobalFinTechSeries, Phantom had 10 million weekly active users, and as of November 2022, they were averaging 25 million on-chain user transactions per month. However, there was no data for 2022 by the time of writing this piece. They had their code independently audited by Kudelski Security.

How Does Phantom Work?

Phantom is a self-custody wallet that includes DeFi services such as an on-platform altcoin swapping, an NFT marketplace and staking services. It does so by being a downloadable extension that can be added to your browser. It also allows you to transfer your digital assets to a hardware wallet.

Phantom is decentralized and anonymous, which means that when dApps transact with your wallet, all of them are transparent and traceable. This is because they are authenticated by smart-contracts just as all other blockchain-based transactions are and are therefore traceable through the blockchain.

A major attraction of Phantom wallet is that it focuses on identifying and preventing malicious attacks against its users, such as phishing attacks and spam NFTs by alerting users to possible attacks before the transaction is complete. An additional feature that they have is a bug-bounty that rewards users with up to $50,000 rewards if they are able to identify any vulnerabilities that may put users’ funds at risk.