In theory it should ask you about this password (it can be any or even none to not to bother to unlock the keyring all the time) on launcher startup.
I set it to not require any password, and it is working fine. I am like 80% sure nothing other than MC uses gnome-keyring so I should be good with them not encrypted. I have thought of encrypting my entire drive, but I didn’t for a while as I used to change partitions a lot and it was a bit of a hassle, but as I have more or less swapped form windows to manjaro (got previous linux experience, I only now just decided to see how far I can go without booting my windows partition) I should be fine to do it, but that I am getting digress. Thanks for the help 