It means anyone holding the link can open your wishlist and look at it. The list doesn't show on your profile, it isn't browsable on Wishpicks, and search engines don't index it. Every new wishlist starts this way.

Someone with the link can open the list without signing in, and what they get is a read-only view. They can't add, edit or delete anything. The list stays off your public profile and out of search results. No link, no access.

Most people build a wishlist so they can send it to someone: family, a friend, a group planning a gift together. Anyone with the link means you copy a link, drop it into a chat, and the other person opens it right there with no account and nothing to set up. Meanwhile the list isn't sitting on your profile for anyone to browse past.

The link works for whoever holds it, and it can be forwarded. Share it with people you're happy to have seeing the list.

Want it tighter? Switch to Invite only, so only you and the people you invite by email can get in. Want it on your profile? Switch to Public.

Viewing and editing are separate things. Adding someone as a collaborator doesn't depend on visibility, so you don't need to change this setting to let a friend help manage the list.