Yes, acrylic latex paint is a water base. Alkyd is an oil base. You can definitely use acrylic paint to paint your walls. Just make sure it is a high quality interior paint. If you mean 'art paint' when you say 'acrylic' paints, I'm pretty sure that paint is best used on canvases, etc... If you use that particular paint for accents on a wall, just make sure to go over it with a polycrylic.
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