The Carbon Footprint of an NFT

The carbon Footprint of an NFT

With the rapid growth and uptake of NFTs in the art world, questions have been raised about the environmental impact of minting and processing these proof-of-work, blockchain-powered tokens.

As with all blockchain technology, the computational power and processes required for token minting and processing requires large amounts of energy.

As the majority of the world’s electricity is still being generated by fossil fuel sources [1], the large power consumption associated to NFTs has a direct impact on atmospheric greenhouse gas concentrations.

Estimates of the NFT carbon footprint vary, however there appears to be some consensus at around 250kg.CO2-e. Memo Akten’s analysis of 18,000 NFT transactions is the most widely quoted benchmark, finding an average of 211 kg.CO2-e and a median of 155 kg.CO2-e per NFT [2].

The greenhouse gas (GHG) emissions associated to each stage of an NFT’s life is broken down in Figure 1.

It is to be noted that energy used for the creation, storage and display of crypto art is not included in this footprint.

Figure 1 Estimated GHG emissions of an NFT per stage [2].

For Comparison Purposes

211 kg.CO2-e

NFT carbon footprint

200 kg.CO2-e

Delivering 10kg of traditional art from Sydney to New York by air [3].

6.7 kg.CO2-e

Delivering 10kg of traditional art from Sydney to Melbourne by road [3].

208 kg.CO2-e

Production and transport of a MacBook Pro 13″ and iPhone 12 [4, 5].

Recognising the environmental impact of NFTs, Satellite has committed to purchase carbon reductions to entirely offset the NFT carbon emissions associated to each item of crypto art on display.

To address the uncertain nature of NFT carbon footprints, 1 tonne of carbon reductions will be purchased per NFT, providing a buffer of 3 times its estimated carbon footprint.

Satellite has chosen to purchase carbon credits through Carbon Neutral for this purpose. Generated from project developer Carbon Neutral’s Yarra Yarra Biodiversity Corridor.

To date, Carbon Neutral have planted over 30 million native mixed species, restoring over 13,000 hectares of degraded farmland in Western Australia’s wheatbelt.

References

[1] Forbes, “Fossil Fuels Still Supply 84 Percent Of World Energy — And Other Eye Openers From BP’s Annual Review,” 20 June 2020. [Online]. Available: https://www.forbes.com/sites/rrapier/2020/06/20/bp-review-new-highs-in-global-energy-consumption-and-carbon-emissions-in-2019/?sh=5a7e346f66a1. [Accessed 15 July 2021].

[2] M. Akten, “The Unreasonable Ecological Cost of #CryptoArt (Part 2),” 31 Dec 2020. [Online]. Available: https://memoakten.medium.com/analytics-the-unreasonable-ecological-cost-of-cryptoart-72f9066b90d. [Accessed 15 Jul 2021].

[3] Department for Business, Energy & Industrial Strategy, “UK Government GHG Conversion Factors for Company Reporting,” UK Government, London, 2020.

[4] Apple, “Product Environmental Report: 13-inch MacBook Pro,” Apple Inc, Cupertino, CA, USA, 2020.

[5] Apple, “Product Environmental Report: iPhone 12,” Apple Inc, Cupertino, CA, USA, 2020.

[6] carbonindependent.org, “Aviation,” 26 May 2021. [Online]. Available: https://www.carbonindependent.org/22.html. [Accessed 15 Jul 2021].

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What is Ethereum?

Ethereum, which launched in 2015, is the second-biggest cryptocurrency by market cap after Bitcoin. But unlike Bitcoin, it wasn’t created to be digital money. Instead, Ethereum’s founders set out to build a new kind of global, decentralized computing platform that takes the security and openness of blockchains and extends those attributes to a vast range of applications.

Everything from financial tools and games to complex databases are already running on the Ethereum blockchain. And its future potential is only limited by developers’ imaginations. As the nonprofit Ethereum Foundation puts it: “Ethereum can be used to codify, decentralize, secure and trade just about anything.”

You can check the latest prices on Coinspot’s Ethereum asset page.
Ethereum has become a popular investment vehicle and store of wealth (and can be used, like Bitcoin, to send or receive value without an intermediary).
The Ethereum blockchain allows developers to build and run a huge variety of applications: everything from games and advanced databases to complex decentralized financial instruments — meaning that they don’t require a bank or any other institution in the middle. (Read more: What is a blockchain?)
Ethereum-based apps are built using “smart contracts.” Smart contracts, like regular paper contracts, establish the terms of an arrangement between parties. But unlike an old-fashioned contract, smart contracts automatically execute when the terms are met without the need for either participating party to know who is on the other side of the deal — and without the need for any kind of intermediary.
Ethereum, like Bitcoin, is an open source project that is not owned or operated by a single individual. Anyone with an internet connection can run an Ethereum node or interact with the network.
Much like Bitcoin’s decentralized blockchain allows any two strangers, anywhere in the world, to send or receive money without a bank in the middle, smart contracts running on Ethereum’s decentralized blockchain allow developers to build complex applications that should run exactly as programmed without downtime, censorship, fraud, or third-party interference.

Is Ethereum secure?

ETH is currently secured by the Ethereum blockchain in much the same way Bitcoin is secured by its blockchain. A huge amount of computing power — contributed by all the computers on the network — verifies and secures every transaction, making it virtually impossible for any third party to interfere.

The fundamental ideas behind cryptocurrencies help make them safe: the systems are permissionless and the core software is open-source, meaning countless computer scientists and cryptographers have been able to examine all aspects of the networks and their security.

Apps running on the Ethereum blockchain, however, are only guaranteed to be as secure as their developers have made them. For example, code can sometimes contain bugs that could result in loss of funds. While their source code is also visible to all, the user bases of each individual app are much smaller than Ethereum’s as a whole, and so fewer eyes are on them. It’s important to do research on any decentralized app you plan to use.

The Ethereum protocol is currently being updated in ways that are intended to make it faster and even more secure. See the Ethereum 2.0 section below for more.

How does Ethereum work?

You might have heard that the Bitcoin blockchain is a lot like a bank’s ledger, or even a checkbook. It’s a running tally of every transaction made on the network going back to the very beginning — and all the computers on the network contribute their computing power towards the work of ensuring that the tally is accurate and secure.

The Ethereum blockchain, on the other hand, is more like a computer: while it also does the work of documenting and securing transactions, it’s much more flexible than the Bitcoin blockchain. Developers can use the Ethereum blockchain to build a huge variety of tools — everything from logistics management software to games to the entire universe of DeFi applications (which span lending, borrowing, trading, and more).

Ethereum uses a ‘virtual machine’ to achieve all this, which is like a giant, global computer made up of many individual computers running the Ethereum software. Keeping all of those computers running involves investment in both hardware and electricity by participants. To cover those costs, the network uses its own Bitcoin-like cryptocurrency called Ether (or, more commonly, ETH).
ETH keeps the whole thing running. You interact with the Ethereum network by using ETH to pay the network to execute smart contracts. As a result, the fees paid in ETH are called “gas.”
Gas rates vary depending on how busy the network is. A new version of the Ethereum blockchain called Ethereum 2.0, which aims to increase efficiency, began rolling out in December 2020. (The transition to the new blockchain is scheduled to happen over the next two years.)

What is Ethereum 2.0?

Ethereum 2.0 (often referred to as ETH2) is a major upgrade to the Ethereum network. It’s designed to allow the Ethereum network to grow while increasing security, speed, and efficiency.

As of early 2021, Ethereum 2.0 and Ethereum 1.0 exist side by side — but the original blockchain will eventually merge with ETH2 blockchain. (If you’re an ETH holder you won’t have to do anything — your holdings on the ETH 1.0 blockchain will automatically migrate to the ETH2 blockchain.) The transition to ETH2 began in December of 2020, and is scheduled to take two years.

Why is Ethereum 2.0 necessary? Moving a popular cryptoasset to a new platform is a complex endeavor, but for Ethereum to scale and evolve, it needs to happen. That’s because the “Proof of Work” method used by the ETH 1.0 blockchain to verify transactions causes bottlenecks, increases fees, and consumes substantial resources (particularly electricity). (Read about Satellite’s commitment to sustainability)

What is Proof of Work? How do cryptocurrency networks make sure that nobody spends the same money twice without a central authority like Visa or Paypal in the middle? They use a consensus mechanism. When ETH 1.0 launched, it adopted the consensus mechanism pioneered by Bitcoin: the aptly named Proof of Work.

Proof of Work requires a huge amount of processing power, which is contributed by virtual “miners” around the world who compete to be the first to solve a time-consuming math puzzle.
The winner gets to update the blockchain with the latest verified transactions, and is rewarded with a predetermined amount of ETH.
This process happens every 30 seconds (compared to Bitcoin’s approximately 10-minute cadence). As traffic on the network has increased, the limitations of Proof of Work have caused bottlenecks during which fees spike unpredictably.

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How to bid on Foundation NFT marketplace

Before placing a bid, read more about how auctions work on Foundation.

Connect your wallet to Foundation. (Need help setting up your wallet? Check out our simple guide here to learn how to set up a Metamask wallet.)
Make sure you have enough ETH in your wallet to place a bid and pay for gas fees. You’ll need to pay a gas fee each time you place a bid. Learn more about gas fees here.
Go to the artwork page of the NFT you would like to bid on.
Click “Place a bid.”
If you place the first bid, the bid must exceed or meet the reserve price set by the creator. If the reserve price has already been met, all subsequent bids must exceed the current bid by 10% or 0.1 ETH, whichever is less.
After you place a bid, your wallet will prompt you to confirm the transaction and pay a gas fee to complete the process. The funds will then be taken out of your wallet and placed in escrow in our smart contract.

If you’re outbid, funds will be deposited back into your wallet. You will receive a notification if you are outbid and will be allowed to place another bid if the auction is still active.

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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What is a Crypto Wallet?

What is a crypto wallet?

Crypto wallets keep your private keys – the passwords that give you access to your cryptocurrencies – safe and accessible, allowing you to send and receive cryptocurrencies like Bitcoin and Ethereum. They come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps like Coinspot, which makes using crypto as easy as shopping with a credit card online.

Why are crypto wallets important?

Unlike a normal wallet, which can hold actual cash, crypto wallets technically don’t store your crypto. Your holdings live on the blockchain, but can only be accessed using a private key. Your keys prove your ownership of your digital money and allow you to make transactions. If you lose your private keys, you lose access to your money. That’s why it’s important to keep your hardware wallet safe, or use a trusted wallet provider like Coinspot.

Hardware wallets: Keys are stored in a thumb-drive device that is kept in a safe place and only connected to a computer when you want to use your crypto. The idea is to try to balance security and convenience.

Online wallets: Keys are stored in an app or other software – look for one that is protected by two-step encryption. This makes sending, receiving, and using your crypto as easy as using any online bank account, payment system, or brokerage.

Online wallets offered by a major exchange like Coinspot or widely used Ethereum based wallet provider Metamask are the simplest way to get started in crypto and offer a balance of security and easy access. (Because your private info is online, your protection against hackers is only as good as your wallet provider’s security – so make sure you look for features like two-factor verification.)

Using an app like Coinspot Wallet or Metamask gives you easy access to your crypto holdings. You can:

Manage all your digital assets in one secure place
Control your own private keys
Send and receive cryptocurrency to and from anywhere in the world
Interact with usernames rather than long, hexadecimal “public key” addresses
Browse dapps (decentralized finance apps)
Shop at stores that accept cryptocurrency

See our blog post here for how to set up a Metamask wallet.

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NFT & Web3 Key Terms

Here’s a list of key terms used in the NFT space. It’s helpful to review before you get started!

Non-Fungible Tokens (NFTs)

Non-Fungible Tokens (NFTs) are unique digital assets that were initially available on the Ethereum network and more recently on other L1 networks. NFT’s are immune to duplication while allowing them to be owned and traded between owners of digital wallets. Examples of NFTs include art, collectibles, virtual reality items, crypto domain names, ownership records for physical assets, among many others.

For further information on NFTs, see our blog post here

Blockchain

A blockchain is one example of a distributed ledger architecture that mutualizes the infrastructure to facilitate the process of recording transactions and information across a network. In simple terms you can consider a blockchain as a decentralised database.

For further information on blockchains, see our blog post here

Ethereum / ETH

The Ethereum blockchain is the most a popular blockchain for minting NFTs, and ETH is the single unit of exchange used to for transactions on the Ethereum network.

For further information on Ethereum, see our blog post here

Gas Fees

Gas fees are unique to public ledgers and are essential to incentivise the many providers of services to run and operate the networks. In the case of NFT’s, think of gas fees as a transaction charge for using the Ethereum blockchain. Gas fees vary according to demand, and are determined by the number of transactions currently being undertaken on the network (high volume, high gas fees).

For further information on gas fees, see our blog post here

Crypto Wallet

A crypto wallet has many forms. Common examples include iOS Apps, or a physical hardware device for cold storage that allows individuals to store and retrieve digital items such as cryptocurrencies and NFTs.

For further information on crypto wallets, see our blog post here

Wallet Address

Also known as your “public key,” a wallet address is your unique identifier. It is the “address” others will use when they are transacting with you and sending you cryptocurrencies or NFTs.

However, in nearly all cases (not all!) your NFTs and crypto do not technically ‘live/are held’ in your wallet but exist on public chains and are known and belong to the wallet address. Your wallet simply contains the keys to that address.

Private Key

A string of numbers (often 256 characters long) that represents your signature to authorise transactions on the network. This is your singular private identifier to ownership of the assets on the network. Never share your private key with anyone!

Seed Phrase

Your seed phrase – also known as a “mnemonic phrase” or “secret recovery phrase” – is a list of words (usually ranging from 12-24 words) that can be used to recover your crypto should you forget your password or lose access to your wallet.

You will receive or be asked to create a seed phrase to write down when you first create a crypto wallet. When you begin using your wallet, find your seed phrase and back it up somewhere safe, in multiple locations if possible.

Do not store your seed phrase on an online cloud storage service and never share it with anyone.

Collection

A collection is a body of work, like a store or gallery.

Dapp (Decentralized App)

A Dapp is a blockchain-integrated application that requires you to connect and approve all transactions with your wallet signature. Examples include OpenSea, Uniswap, and Zapper.fi.

Smart Contract

Smart contracts are pieces of code that define rules and execute transactions on blockchains. Dapps are powered by smart contracts – they underpin the buying and selling of NFTs.

NFT and Web3 Key Terms is proudly brought to you by

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What are Gas fees?

“Gas” refers to the fee required to successfully conduct a transaction on Ethereum.

This fee goes directly to Ethereum miners who provide the computer power that’s necessary to verify transactions and keep the network running. Every time you bid or purchase an NFT, you’ll need to have extra ETH in your wallet so that you can pay for gas each time you mint an NFT, update a reserve price, or list a piece for auction. Sometimes gas can be expensive when the Ethereum network is congested, but developers are actively working on solutions to bring gas fees down.

Two things determine the price of gas: how quickly you want the transaction to be completed and how busy the network is at the time of your transaction. If gas prices are too high at the moment, you can wait until gas goes down in price. You can also submit your ideal price and wait until the network processes it.

Check out https://ethgasstation.info/ for the current gas prices

Pro Tip: ‘GWEI” is the base unit of Ethereum for gas. You can think of it like a cent to the AUS dollar.

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What are NFT’s?

What are NFTs?

NFT stands for Non-Fungible Token which makes them unique digital assets that can’t be replaced with something else. Each NFT contains transparent and incorruptible in-built documentation using blockchain technology of their origin, ownership history and transaction values.

ARTWORK: SERWAH ATTAFUA CONSENSUAL HALLUCINATIONS (DETAIL)

NFTs are a new type of digital asset with an importance placed on its non-fungibility. If we asked you to let us borrow $10, you most likely wouldn’t open your wallet and say, “Which bill do you want?” This is because a $10 dollar note is fungible. Each $10 note has the same value as every other $10 notes.

NFTs, on the other hand, are non-fungible in the sense that no two are the same. Each NFT is a unique asset that cannot be replaced by an identical version because there is no identical version.

An NFT can be a piece of digital art, a song, a poem, a baseball card, an entry ticket and so much more. Think of it as a digital collectible that lives on the blockchain. But what’s special about an NFT, as opposed to the art in your home or your old Pokemon cards, is that an NFT is created (or “minted”) on a blockchain, thus making it completely digital, trackable and immutable.

When something is minted on a blockchain, it — and all of its attributes — will live there forever. This means that an NFT can be purchased, sold, gifted, etc., and its history and value will forever be recorded on the blockchain.

Because of this, non-fungible tokens are the perfect medium for scarce assets such as art and collectibles, as their provenance and paper trail is open for anyone to see at any time. Similarly, they can never be torn, damaged, bent or broken. Unlike in most traditional art markets, many NFT marketplaces also enable 10% or more secondary sales royalties for creators in perpetuity, meaning artists continue to profit as their work increases in value!

NFTs enable true ownership of a digital asset in a way that wasn’t possible prior. Although some argue that they could simply download a JPEG image of an NFT and save it, this action would be akin to taking a picture of a painting and saying you now own that piece. You may be in possession of its likeness, but ownership and control of the actual asset is easily confirmed on the blockchain. Everyone can see it, but only one can own it.

Can you imagine if the Mona Lisa, subject to years of travel, trade and duplication, which some speculate isn’t actually the original painting, was an NFT? There would be no questions in that case.

Note: 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.

Source

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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.

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How to Set Up a MetaMask Wallet

MetaMask is a universal software wallet that enables NFT collectors to buy, sell, hold and trade digital assets on the Ethereum blockchain. MetaMask’s ease of use and industry leading security protocols are the reason why it is trusted by over 21 million users globally.

Setting up your MetaMask wallet is the first step on your journey to becoming an NFT collector. While the process is very intuitive, we’ve produced the below step-by-step guide to help you with the process.

STEP 1

Download and install MetaMask

You can download MetaMask using either your phone or computer, however we find the easiest way to get started is by using your computer (PC or Mac) to set up the account.

Start by visiting the MetaMask website, where you will find simple instructions on how to download the MetaMask wallet, along with a list of supported browsers. As you can see below MetaMask is supported by Chrome, Firefox, Brave and Microsoft Edge browsers, meaning you will need to have one of these browsers installed to get going (at Satellite we prefer Chrome however it’s largely personal preference). If you don’t have one of these browsers (and don’t want to download one) you can download the MetaMask app via an Apple or Android device.

The only drawback of using MetaMask purely on mobile devices is that browsing and collecting NFTs via mobile can be a bit clunky as there are many projects that haven’t been built for mobile interface. Again, we recommend installing on the browser first and then importing your account onto the Apple or Android app.

STEP 2

Create an Account

Once you’ve downloaded and installed the MetaMask browser extension, you will be greeted with the below screen. For new users you will want to select “Create a Wallet”. For those with an existing software wallet, you can transition over to MetaMask by selecting the “Import Wallet” option.

Create a Wallet

If you have selected the option to Create a Wallet, you’ll be asked to either opt-in or opt-out of MetaMask’s usage data gathering. Usage data gathering helps the MetaMask team assess how users interact with their product allowing easier identification of areas for improvement. At Satellite we opt-in, as we want to help support the MetaMask team and ensure their software remains the best in class, however if you don’t want to share your data then this will not have any impact on your user experience.

Next, you’ll be asked to create a password. You’ll be asked for this password whenever you sign in to your MetaMask account from either the browser extension or mobile app. We recommend writing down your password and keeping it in a safe place to avoid losing it. If you do happen to lose this password you will need your seed phrase to unlock your account, which takes us to our next step.

After selecting your password you will be shown your seed phrase, which is a randomly generated string of words that act as your unique backup key. You are asked to confirm this phrase by entering it back into the app, we highly recommend writing down your seed phrase in a notebook before you confirm it into the app. Store your seed phrase in a safe place as you will need this phrase to access your account in the event you lose your password.

Once you confirm your seed phrase, you’ll arrive at the main page of your new MetaMask wallet.

STEP 3

Look Around

Setting up a digital wallet can feel a bit confronting so, before moving on to adding funds, downloading the mobile app or purchasing NFT’s, we recommend taking some time to explore your new wallet to familiarise yourself with the settings and options.

Settings

Click your account photo, the round image in the top right of the page next to the “Ethereum Mainnet” button. This will open a menu, at the bottom of which you will find the “Settings” option. Once you click “Settings” you will see an array of sub categories that we encourage you to explore. For new users, the Satellite team notes that we made very few changes to the default settings, however we recommend checking the following:

General settings: change your wallet to your currency and language of choice
Security and Privacy: here you can use your password to reveal your secret phrase, this may be handy if you ever lose your copy and need to write it down again!
About: a great source of information with links to the Support Center should you have more detailed questions

Ethereum Address

Directly below the “Account 1” label on your homepage you will see a string of numbers. These randomly generated numbers are your Ethereum Address, akin to your bank account number. Just as with your bank account number, you will use your Ethereum Address whenever you are transacting on the Ethereum Blockchain, i.e. sending or receiving NFT’s or currency.

Every ETH address is public and searchable on Etherscan.io. While all addresses are publicly searchable, you are the only one with control over your wallet. Just as with a bank account number, people can use your Ethereum Address to send you Ethereum or NFT’s, however once sent only you can interact with these assets.

STEP 4

Add Funds (Ethereum)

You will need to have Ethereum in your wallet in order to enable you to bid on Satellite exhibition artworks that you wish to purchase. To get a rough guide on how much Ethereum you may need in your wallet to complete a purchase a given work, you will need to take into consideration two elements; the price of the artwork itself and transaction fees, known as Gas fees. The best way to get a guide on the price of work ahead of the bidding starting is by looking at previous sales by the same artist, you can do this by going to the artist’s Foundation profile. To get a guide on Gas fees, see our guide to What are Gas Fees?

The best way to add Ethereum to your wallet is by sending it from an exchange. We recommend using Coinspot, the most intuitive exchange. You can find our step-by-step walkthrough on how to purchase Ethereum using Coinspot here.

STEP 5

Moving to Mobile

This is an optional step however we recommend it if you want to access your wallet on your phone in order to show off your new NFTs at the dinner table! Download the MetaMask app through the Apple App Store or the Google Play Store. Once downloaded, open the App and you will see a similar interface as when you set up the desktop account.

This time, you want to import your existing wallet, so select the “Import Using Seed Phrase” option and input your Seed Phrase that we saved during the initial MetaMask setup. If you have lost this phrase, remember you access it again via settings – security and privacy – “Reveal Secret Recovery Phrase”. Once you input your Seed Phrase, your MetaMask wallet will be ready to go.

STEP 6

Purchasing NFTs

Once you’ve set up your wallet and filled it with some Ethereum, you are now ready to begin collecting NFTs. For the Satellite exhibition we’re using the Foundation marketplace, which is an artist first NFT marketplace that we recommend exploring further as you build out your NFT collection.

Start by visiting the Foundation website, where you can connect directly to your MetaMask wallet following these simple steps.

In the upper-righthand corner of the screen you will see a large “Connect Wallet” button, click this to commence connecting your MetaMask wallet. Once clicked, you will receive a prompt to “Select a wallet”, showing you two options, click on the MetaMask option to link your wallet. Now you will receive a “Signature Request” prompt, this is just a verification of your intention to link your wallet to the Foundation marketplace, simply click sign to connect your MetaMask wallet. If this prompt doesn’t appear, find the MetaMask fox icon in your browser extension toolbar. Click the “Sign” button in your MetaMask to confirm your intention to connect your wallet to Foundation.

Your wallet is now connected to Foundation, meaning you can use the Ethereum you purchased earlier to bid on and hopefully purchase your desired NFTs. Follow this link to review all Satellite NFTs.

For more information on bidding and purchasing NFTs on Foundation, see our guide to bidding.

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