How to prepare for Satellite

You don’t need to be fluent in crypto to bid in the NFT art auctions at Satellite. There are just a few steps needed to get setup.

Before you get started there are a few key terms you should be aware of:

Cryptocurrencies (or “Crypto”)
- Digital currencies that are not controlled by any one governing body, like a government or a bank. Crypto is ushering in a new era of the internet that’s decentralized, community-driven, and community-owned. This emerging technology will plug you into a revolutionary global community.

ETH
- The cryptocurrency used for all transactions on the Ethereum network, and it’s the currency used to purchase and sell NFT art on the marketplace Foundation.app. All of the NFTs on Foundation can be purchased with ETH. Creators get paid in it, too.

MetaMask
- A digital wallet that is specific to Ethereum. There are other wallets available, but Foundation uses MetaMask. It’s connected to your web browser as an extension where you can hold and spend ETH. You’ll need to connect your wallet to Foundation in order to participate in the marketplace. For new users please see our guide to setting up a MetaMask wallet here.

Foundation.app
- A global leading NFT art marketplace where you can buy, sell and trade NFT’s. All NFT art exhibited at the physical Satellite exhibition in Sydney will also be displayed on Satellite’s Foundation page for anyone around the world to bid on.
  See here for Satellite’s Foundation page.

With those basics covered, there are four steps that you will need to complete before you are ready to bid on artworks during the Satellite NFT auction.

STEP 1

Purchase some ETH

Remember ETH is the currency used by the NFT art marketplace Foundation, so you will need ETH to purchase your favourite artworks during the Satellite auction.

So how do I get ETH?

Sign up to CoinSpot.com.au, a secure platform that makes it easy to buy, sell, and store cryptocurrency.

Head to http://www.coinspot.com.au and click “Register” to set up your account.

Once you are on the registration page, enter the requested details and select ‘Create Account’.
Verification of your identity should be instant but can take up to a day or so. Once you have been verified, you can deposit Australian dollars just like any other online transaction using BPAY, Direct Deposit or PayId

Now you’re able to buy some Eth – the cryptocurrency used for all transactions on the Ethereum network – on CoinSpot.

Once you’ve registered and completed account verification, you will be able to choose from a variety of AUD deposit methods to fund your account & purchase ETH. (Please note, most deposit methods are instant on CoinSpot, however depending on your bank, first time deposits may take 1-2 business days to arrive.)

Click “Buy / Sell,” and find “Ethereum.”

Click “Buy ETH” and confirm the amount in Australian dollars you would like to exchange, then select “Buy” to complete the purchase of ETH. You now own ETH. CoinSpot will notify you when it’s available to send to your MetaMask wallet.

STEP 2

Set up a MetaMask wallet

MetaMask is a universal software wallet that enables NFT collectors to buy, sell, hold or trade digital assets using ETH as the currency. You will use your MetaMask wallet to hold your ETH until you’re ready to bid, and it will also be used to securely hold any artworks that you bid on successfully during the Satellite auction.

How do I set up a MetaMask wallet?

Download and install the MetaMask browser extension through their website or through their app on your mobile.
Select “Create a Wallet.”
Create a username and password.
Pay close attention to your uniquely assigned Secret Recovery Phrase, and store it somewhere safe. If you lose this series of words or forget what order they’re in, you will lose access to your wallet and it will be unrecoverable. We recommend writing the phrase on a piece of paper and storing it in a memorable, safe, and secure spot.
Confirm the phrase by placing all of the words in the correct order as they were assigned.
Now, MetaMask is set up and should appear in your browser extensions.
If you have any trouble, visit MetaMask Support.

STEP 3

Transfer your ETH to your wallet

Now you’re ready to send your ETH from CoinSpot to your wallet for safekeeping until it is needed for bidding during the Satellite auction.

CoinSpot will let you know when your ETH is available to send out. Once your ETH is ready, send it from your CoinSpot wallet to your MetaMask wallet. Click on “Account” to copy your Ethereum address. Your Ethereum wallet address—which is similar to a bank account number—will let you transfer and receive crypto from anyone, anywhere in the world. It’s a mighty piece of technology that’s uniquely tied to all of the NFTs you purchase or create on Foundation.

From the CoinSpot website: Now head back to www.coinspot.com.au and log into your account. Select “Wallets,” and find “Ethereum.” Click “Send,” and paste in your Ethereum wallet address from MetaMask in the “To” field. Double-check that you pasted in the full 42-character wallet address, if you send crypto to the wrong address you will not be able to get it back. Click “Continue,” then “Confirm” to send your ETH, it should take a few minutes to transfer.

From the CoinSpot app: Open the mobile app, and click on “Wallets.” Find “Ethereum,” and select “ETH Wallet.” You should see your balance here. To send ETH to your wallet on MetaMask, click on the send icon in the top right. Enter the amount of ETH you want to send and click “Continue.” In the “To” field, paste in your Ethereum wallet address. Click “Preview” to confirm the amount and once you’re ready, hit “Send Now.” Wait a few minutes for the ETH to arrive in your wallet.

STEP 3

Connect your wallet to the Foundation marketplace

As the Satellite NFT auction will be taking place on the Foundation marketplace, you will need to link your wallet to Foundation in order to bid safely and securely. Instead of signing up for an account on the Foundation marketplace with an email and password, all you need to do is connect your MetaMask wallet.

How do I connect my wallet to Foundation?

Start by visiting the foundation website, foundation.app.

Once on the Foundation website, click the “Connect Wallet” button in the upper-righthand corner, this will cause a prompt from your wallet to appear. If it doesn’t appear, find the MetaMask fox icon in your browser extension toolbar. Click the “Sign” button in your MetaMask to explicitly confirm your intention to connect your wallet to Foundation. Your wallet is now connected to Foundation.

Good luck bidding!

Satellite is proudly supported by it’s crypto-exchange partner, CoinSpot.

Note: The exact scope of the buyer’s rights are set out in Foundation.app’s terms of service.

You should be aware of the risk in NFTs and cryptocurrencies, which are volatile and may lose some or all of their value. Nothing in this article is intended as advice, and you should consider seeking your own financial and taxation advice.

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