How To Set Up A Metamask Wallet For NFTs
Congratulations, you are finally ready to go shopping for NFTs! NFT is an acronym for nonfungible token. To go on a shopping spree in the Meta Mall of NFTs, you need an Ethereum (ETH) Wallet. Metamask has over 30 million monthly active users making it the most popular wallet to store Ethereum assets. Now, you can join the party.
An ETH Wallet is similar to a user ID and bank account in one. Metamask is your anoyomous identity in the centralized finance world. Unlike a traditional bank account, your digital asset transaction history is stored on the blockchain. This allows you to interact with Web 3 applications for NFTs like Rarible and Superworld. Setting up an ETH Wallet is simple. You don’t need identification or an email. There are no setup fees or maintenance fees required.
To set up your ETH Wallet with Metamask, you want to start on your desktop. It is recommended to check that your desktop has the newest up to date software. It is much easier to add a Metamask wallet already on your desktop browser to the mobile application rather than vice versa. Additionally, most NFT applications are more compatible with a laptop. Once you have your Metamask wallet installed, you can easily log into 1,000s of Web3 applications and the countless metaverses.
Step 1: Download & Install
Start at the Metamask website and click “Download now.” On the next screen, click “Install Metamask.” Metamask is compatible with Chrome, Firefox, Brave and Microsoft Edge. The browser extension lives on Chrome Web Store. So, if you are using Brave you will be redirected to download the Chrome extension in your browser. Later, you can download the mobile app to your Apple or Android device.
Now, you should have the Metamask browser extension downloaded to your favorite browser. In this case, you will be able to view it by clicking the browser extension icon in your toolbar. To view the Metamask extension in your browser’s toolbar at all times, click the pin icon.
Step 2: Create An Account
Great, you are on a roll! Next, let’s create a wallet. During this process, you will store important security information. You will need pen, paper and a secret hiding place to store your seed phrase. Start by selecting “Create Wallet” and set up a password.
Next, you will receive your wallet’s secret seed phrase. Blockchain wallets have a master key known as the secret recovery phrase which is your seed phrase. A secret recovery phrase is a mnemonic 12-part password made of random words that can recover and unlock your wallet. This information is non-recoverable. If you lose your seed phrase you cannot regain access to your wallet if you misplace or forget your password. No one will be able to recover the assets in your wallet — not even Metamask. This is for your own security. You may need your secret recovery phrase in cases like:
1. Signing transactions that claim ownership of your wallet address
2. Recovering your hardware wallet if it gets lost or damaged
3. If your laptop with your wallet gets lost, stolen, or becomes inaccessible
In other words, find a good hiding place for your seed phrase. Your seed phrase is the base layer of security for your wallet. Sharing your seed phrase completely compromises the security of your wallet. You should never share it. And beware of scams that request this your seed phrase. Your should never, ever, ever, ever share your seed phase.
Configure Setting
Account Name
Wow, you have a Metamask wallet! The metaverse is yours to explore. Take a look around and configure your settings. Your “Account Name” will default to “Account 1.” You can update this in the “Account Details” section. The great thing about Metamask is you can have as many accounts as you want. Having multiple accounts can be helpful if you want to distribute your assets in multiple accounts or if you want to create a custodial wallet for a friend.
Find the Account Details section by clicking the 3 dots in the top right.
Network
Your wallet was created on the Ethereum Mainnet Network. Metamask is exclusive to the Ethereum network, but Ethereum has many different chains you can interact with (i.e. MATIC). Different chains give your wallet access to new networks in the same account. You can think of this like having multiple currencies in one bank account. When making transactions, you want to ensure that you are interacting with the correct network. Usually, this means that the network for both parties is the same. However, there are cases where this may not be true. For example, you can send an NFT minted on Polygon’s MATIC network to an ETH address.
Read “Voilà Couré: My 1st NFT” for steps on setting up a Polygon MATIC wallet address.
View Your ETH Address
You can view your ETH Address from the main page of your account. Click on your account name to copy your ETH address to your clipboard. Your address will change depending on which network you are using. Check which network you are in the dropdown menu above your Account Name.
Security Precaution
In addition to your password and secret recovery phrase, you have another top-secret piece of information. Your private key is like a second password. This information can be revealed to you in the “Account Details” section. Similar to your seed phrase you should never share your private key with anyone. Sharing your private key completely compromises the security of your digital asset wallet.
Receive your first NFT
Wohoo– you are officially ready to become an NFT baller. There is just one issue. You do not have any Ethereum! Ethereum is often called “ETH” for short. ETH is like most used cryptocurrency in the NFT world. Eth is the currency of choice in the Metaverse. You will need ETH to cop NFT drip. You can use Metamask’s Wyre to purchase ETH. Also, if you have ETH in another wallet like Kraken, you can add your Metamask address to the send feature. Be sure to double check that you are sending ERC-20 tokens to your Ethereum Mainnet wallet. If you sent any other currency to an Ethereum wallet it will be lost forever.
Here’s another option that may be more dopalicious for you. For a limited time you sign up for ClubLUV.eth’s Bytelist to receive an NFT airdrop to your wallet. You can hold it or give it to a friend. If you choose to sell it later, you will have your first ethereum cryptocurrency to buy your first NFT.
After you receive your 1st NFT, you can view it in a few places. In the next articles, learn how to view your NFTs in your wallet and on NFT marketplaces.
