Too Long; Didn't Read
A web3 wallet is essentially a set of keys which give you access to the blockchain. The keys are strings of numbers and letters, and your private key acts as a password for your cryptocurrency stored on the blockchain. This is how we get two keys: a Private Key and a Public Key. An address is derived from the public key and the passphrase derived from it. When you want someone to send you some crypto, they need to know where to direct it to. An Ethereum wallet address may look like this: 40 long characters.