wallet Archives - Satellite

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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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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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.

Curious to learn more?

Explore more topics about the evolving NFT space with us