According to the March 2022 Community Insights Report of Balthazar, an NFT (non-fungible token) gaming community, one in three―or 32%―of the 1,103 respondents of a survey it conducted are willing to give up their jobs and play NFT games full-time.[1]
In case you didn’t know it yet, NFT play-to-earn games like Axie Infinity provide rewards to players who breed, exchange, and collect tokens and cryptocurrencies. To date, about four million Filipinos own Axies.[2] Consequently, Axie Infinity players need a Ronin Wallet to trade these rewards and items for cash or crypto.
What is a Ronin Wallet, and how does it work? Learn more about this Ethereum sidechain and how important it is in the play-to-earn community.
What is Ronin Wallet?
A Ronin Wallet is a crypto wallet that can be used as a mobile app or as a browser extension. It primarily allows you to maximize the benefits and rewards of Axie Infinity.
Creating one also allows you to play and interact in the Axie Infinity marketplace. Players can trade cryptocurrencies such as Axie Infinity Shard (AXS), USDC, Wrapped Ether (WETH), and Smooth Love Potion (SLP).
How Does Ronin Wallet Work?
A Ronin Wallet is important for players of Axie Infinity to start playing and be able to make transactions for Axies and cryptocurrencies. Initially, players should have three Axies to play and earn. You need to connect your Ronin Wallet by logging in to the Axie marketplace using your Ronin account. Once it's connected, it’s now ready for withdrawals, deposits, and other transactions that involve the use of Axies.
Read more: Compare the Best Cryptocurrency Trading Platforms in the Philippines!
How to Create a Ronin Wallet
You can create one in two ways: through the app and through the browser extension.
How to Create a Ronin Wallet on the Mobile App
Here are the steps in creating a Ronin Wallet on the mobile app:
1. Download the Ronin app from the Google Play Store or Apple App Store.
2. Launch the app then tap Create a New Wallet.
3. Nominate a 6-digit passcode.
4. Confirm the passcode and a prompt will appear to enable biometric login. Select Enable if you want to log in with the fingerprint saved on your mobile. Tap No, thanks if you decide otherwise.
5. Tap Reveal Secret Recovery Phrase. Write down the recovery phrase that’s unique to your account. You may choose to copy it from the clipboard or save it in a notebook for retrieval.
6. After you save or write down the recovery phrase, scroll down and tick the box that you understand Ronin isn’t capable of retrieving your recovery phrase. And then tap Continue.
7. Confirm your recovery phrase by entering the correct word for the corresponding numbers.
8. After tapping Continue, you can now start exploring your new wallet!
Read more: How to Use the Binomo App: Your Guide to This Rising Online Trading Platform
How to Create a Ronin Wallet Using a Browser Extension
You can also create a Ronin Wallet using a browser extension. Here’s how:
1. From any browser, search for the Ronin Wallet, and then click Add to Chrome as an extension.
2. Click Add as Extension and the Ronin Wallet will be included in your browser’s extensions.
3. Click the puzzle icon on the upper right portion of your browser. A list of extensions will appear.
4. Click the pin icon. The Ronin logo will appear on the upper right corner of your browser as an extension shortcut. Click the Ronin Wallet extension icon.
5. Tap the Get Started button.
6. Select the I’m new, Let’s get set up option. Choose the import option if you already have an existing Ronin account on the mobile app.
7. Nominate a password of at least 8 characters, and then confirm the password.
8. Tap the Create Wallet option. Your seed phrase will appear by clicking the Reveal Seed Phrase prompt. Copy the seed phrases from to the clipboard then paste and save them on your computer.
9. Confirm the seed phrase.
10. You’re now ready to start using your Ronin Wallet.
How to Connect the Ronin Wallet and Play Axie Infinity
Once you've created a Ronin Wallet through the mobile app or the browser extension, you’re now ready to connect it to the Axie marketplace.
- Go to the Axie Infinity Marketplace and log in.
- Select Login with Ronin Wallet option.
- Provide a username and then click Save.
- Add an email address and set a strong and unique password.
- Once you've connected your Ronin Wallet, you can buy Ethereum (ETH) from MetaMask and send it to your Ronin Wallet. You need enough ETH to purchase three Axies that will allow you to start playing.
How to Withdraw from a Ronin Wallet
Withdrawing money from your Ronin wallet can only be done with exchanges that are integrated with the Ronin network[3] like Binance and Coins.ph.
To withdraw SLP from your Ronin Wallet to your Binance account:
- Log in to your Binance spot wallet and look for SLP or AXS.
- Choose the Ronin network and make sure the address starts with ronin:
- Input your Ronin address until it gets reflected in your Binance account.
- Choose the asset type, fill out the amount, then click Next.
- Wait for confirmation that the transfer is successful.
To withdraw AXS and SLP from your Ronin Wallet to your Coins.ph account:
- Log in to your Coins.ph wallet.
- Proceed to Crypto Portfolio.
- Tap Receive, then choose which assets will be transferred.
- Select RON or Ronin as your preferred network.
- Tap Show my AXS/SLP address to show your Ronin QR code and wallet address.
Note: Other players choose to sell their tokens and rewards to their fellow players who then pay them back in Philippine currency through e-wallets and online bank transfers.
Read more: Game and Trade: How to Convert Your Axie SLP to PHP Using Binance P2P
Ronin Wallet FAQs
1. What is Ronin Bridge?
This is a platform that helps players move their ETH to their Ronin Wallet, converting ETH to Wrapped ETH (WETH). Wrapped Ethereum or Wrapped ETH (WETH) is the tradable version of Ethereum and is used in decentralized finance ecosystems. In Axie Infinity, WETH is used to buy Axies and other tokens.
2. What is a Ronin address?
A Ronin address is your Ronin account number which will be used to send and receive assets. Your ronin address should look something like this: ronin:4272ae6d3ed65b003204fc595dce86e7e739efc9
3. Is the Ronin Wallet safe?
The Ronin Bridge has been stopped after a security breach[4] amounting to $625 million worth of cryptocurrencies stolen from Axie Infinity players worldwide. Although the bridge has been hacked, other assets within the Ronin Wallets remain intact, including Axie tokens. This goes to prove that this crypto wallet is safe, and that only the network for exchanges has been compromised.
4. How do I protect my Ronin Wallet from hackers?
There are many ways to keep your wallet safe from fraudsters. First, you must never share your secret phrase with anyone. Make sure you store it in a secure place. too. You should also make sure to make your transactions only within the Axie Infinity marketplace.
Final Thoughts
The play-to-earn community in the Philippines is growing, and knowing what a Ronin Wallet is can help you manage your assets more efficiently and profitably. Playing Axie Infinity to earn money may not equal your earnings from your full-time day job. However, putting your earnings in this crypto wallet can help you protect them while you let your earnings grow over time.
Sources:
- [1] Gaming community’s research says 1 in 3 players are willing to quit their jobs to play NFT games (Business World, 2022)
- [2] Play-to-Earn Games Philippines: How they bring rewards to players (Manila Bulletin, 2021)
- [3] How to Withdraw from Your Ronin Wallet (Axie Infinity, 2022)
- [4]Axie Infinity’s Ronin bridge halted after a massive $600 million hack (Business Insider India, 2022)
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