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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