Creating a Solana Wallet: Phantom Wallet Installation and Setup Guide

To buy or sell Solana NFTs, you first need a wallet that can interact with the Solana blockchain. Among various Solana wallets, Phantom is the most widely used and trusted wallet. In this guide, we’ll learn in detail how to set up a Phantom wallet from start to finish.

What is Phantom Wallet?

Phantom is a non-custodial cryptocurrency wallet designed for the Solana blockchain. Non-custodial means that users directly manage their private keys. Unlike keeping cryptocurrency on an exchange, this has the advantage of complete control over your assets.

Since its launch in 2021, Phantom has grown rapidly and now has millions of users. It’s loved by both NFT collectors and traders for its intuitive interface and strong security features. In addition to Solana, it also supports Ethereum, Polygon, and Bitcoin, serving as a multi-chain wallet.

Installing Phantom Wallet

Phantom wallet can be installed as a browser extension for major web browsers including Chrome, Firefox, Brave, and Edge. It also provides mobile apps for iOS and Android.

To install on desktop, first open your web browser and visit the official Phantom website (phantom.app). You must install through the official website. Links found through search engines could be phishing sites, so always check the URL in the address bar.

When you click the download button on the official website, you’ll be directed to the extension store for your browser. In the Chrome Web Store, click the Add button on the Phantom extension page. Once installation is complete, the Phantom icon will appear in the extension area at the top of your browser.

On mobile, you can search for Phantom in the App Store or Google Play Store to install. Here too, verify that the developer is Phantom Technologies Incorporated to avoid fake apps.

Creating a New Wallet

When you first launch Phantom, you’ll see options to create a new wallet or restore an existing one. If you’re starting fresh, select create new wallet.

In the next step, a Secret Recovery Phrase will be displayed. This seed phrase typically consists of 12 or 24 English words. This phrase is the only way to recover your wallet, so it’s extremely important.

Storing your seed phrase securely is most important. Writing it on paper and keeping it in a safe or secure location is best. Storing it on digital devices is not recommended due to hacking risks. Never store it in cloud services, email, or messengers.

After backing up the seed phrase, a verification step follows. Phantom will ask you to enter some words from the seed phrase in order. This is a process to verify that you’ve correctly recorded the seed phrase.

Finally, set a password. This password is required every time you access the wallet in your browser. Set a sufficiently strong password, but unlike the seed phrase, if you forget the password, you can still recover the wallet with the seed phrase.

Checking Your Wallet Address

Once wallet creation is complete, the dashboard screen appears. The string displayed at the top is your wallet address. Solana wallet addresses are typically a combination of 32 to 44 alphanumeric characters.

Clicking on the wallet address copies it to the clipboard. This address is used when receiving SOL or NFTs. Wallet addresses are safe to share publicly, and others can send assets to you through it. However, never share your seed phrase or private key.

Strengthening Security Settings

Phantom provides strong security by default, but you can further strengthen security through additional settings.

First, set the auto-lock time. In the settings menu, setting a short auto-lock time ensures the wallet automatically locks even if you briefly leave your computer. Setting it between 5 to 15 minutes is recommended.

Second, manage your list of trusted apps. In the Trusted Apps menu under settings, you can check applications connected to your wallet. Disconnect apps you no longer use to reduce security risks.

Third, enable phishing warning features. Phantom displays warnings when you visit known phishing sites. Make sure this feature is enabled.

Syncing Mobile and Desktop

Phantom wallet can be accessed from multiple devices using the same seed phrase. To use a wallet created on desktop on mobile, select import existing wallet in the mobile app and enter your seed phrase.

You can set different passwords on each device, and you can check the same wallet address and balance on all devices. However, when entering the seed phrase, always make sure no one is around and verify that no screen recording apps are running.

Troubleshooting Common Issues

Here are common problems that can occur while using Phantom and their solutions.

If the wallet won’t connect, refresh your browser or turn the Phantom extension off and on. If that doesn’t solve it, clear your browser cache and try again.

If transactions fail, it’s usually due to insufficient SOL balance. To perform transactions on the Solana network, you need a small amount of SOL for fees. It’s recommended to maintain at least 0.01 SOL.

If NFTs aren’t displaying, manually refresh or wait a moment and check again. Newly minted NFTs may take time to display.

Next Steps

Now that you’ve completed your Phantom wallet setup, it’s time to purchase SOL and transfer it to your wallet. In the next guide, we’ll learn how to buy SOL from an exchange and transfer it to your Phantom wallet.

Your wallet is just the starting point of your NFT journey. While managing your wallet securely, explore the Solana NFT ecosystem. Always keep your seed phrase safe, and never connect your wallet to suspicious links or apps.