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NFT Term

Private Key

Definition of Private Key from the NFTguild.com glossary.

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A private key is an alphanumeric string of data that corresponds to a specific single account in a wallet. You can think of your private key as a type of user password credential different from a username or email address. Your private key is required to access your funds inside a cryptocurrency address on a given blockchain. On a public open-source blockchain like Ethereum, anybody can view your wallet address and the tokens inside that wallet address. However, without the private key, they cant access those funds. Whoever owns and controls the private key controls the accounts crypto funds. Never share your private keys with anybody under any circumstance, or you are giving away the keys to your crypto assets!