HOW TO SETUP A CRYPTO WALLET

Learning how to create a cryptocurrency wallet is the first step toward purchasing, investing, and trading in NFT works of art.

In this article, we will examine the process of establishing the MetaMask cryptocurrency wallet. When used in conjunction with an Ethereum-based platform, a MetaMask wallet can be used to securely store and access digital assets. It also facilitates the buying, selling, and exchanging of cryptocurrency.

MetaMask is a global crypto wallet system that can be operated as a browser extension or a mobile app, and while there are many other crypto wallet options available, it has more than 21 million active users, making it the market leader.

Let’s delve into creating a crypto wallet and learning about NFTs.

The Big Question: “What Are NFTs?”

If you’re unfamiliar with NFTs, here’s a quick rundown:

Non-fungible tokens (NFTs) can be used to prove ownership of virtually any digital asset, from works of art to virtual property.

Unique information about NFTs is recorded in a blockchain-based digital ledger that provides an auditable trail of ownership. The ability to track the origin of a digital asset at any moment is made possible.

A Guide to Obtaining NFTs and NFT-Related Art

Those interested in purchasing digital art NFTs for the sake of collecting, trading, or investing can do so through NFT markets.

To create, trade, and buy NFTs, there exist NFT marketplaces which are online markets that function similarly to other e-commerce sites.

Since NFTs are blockchain-hosted digital assets, a vast number of NFT markets mandate that customers have a functional crypto wallet in which to store NFTs after purchase.

Step-by-Step Instructions for Creating and Using the MetaMask Crypto Wallet

  • In order to access NFT Marketplaces and start trading cryptocurrencies and tokens, you’ll need to install and configure a wallet.
  • To begin setting up your cryptocurrency wallet, head over to the MetaMask website and install the appropriate app for the device you intend to use.
  • After selecting the appropriate choice, you can proceed by clicking the “Install MetaMask for…” button.
  • Next, load the MetaMask extension by clicking the extension icon in the browser’s upper-right corner (Google Chrome in this case).
  • Hit the “Get Started” box once you have installed the browser extension.
  • At this stage of setting up your cryptocurrency wallet, you’ll be able to choose between two options:

Import Wallet option — In case you already have a MetaMask crypto wallet and just want to transfer it to a new device, you can do so by selecting the Import Wallet option.

Create a Wallet option — If this is your first time setting up a MetaMask crypto wallet, click the “Create a Wallet” button.

  • If you’re seeking to import; all you need to do is enter your recovery phrase.
  • Click the “Create a Wallet” tab if you want to create a cryptocurrency wallet.
  • After accepting a brief and uncomplicated disclaimer, you will be prompted to choose a password.
  • Make sure your MetaMask crypto wallet password is both easy to remember and difficult for hackers to guess.

This password should be kept secret at all times and should only be stored in a physical format, such as a notebook or folder, where it cannot be easily misplaced.

Any digital record of this your password can place you at the risk of having your digital wallet hijacked, thus bad practices like sending or saving the password phrase by email, keeping it as a digital record, or capturing screenshots or images should be totally avoided.

The Secret Recovery Phrase

To kick off this phase, you’ll watch a quick video that emphasizes the significance of your Secret Recovery Phrase and offers advice on how to safeguard your wallet. The guide provides some clarifications of the most common concerns people have with the Secret Recovery Phrase before encouraging you to continue.

In this section, we’ll go over what a Secret Recovery Phrase is, why you shouldn’t give it out, and some recommended practices for keeping it safe.

In case your device on which you have installed MetaMask is lost or malfunctions, you can restore access to your wallet by entering your Secret Recovery Phrase, which is a string of 12 randomly generated words in a certain order. To import your cryptocurrency wallet to a new device, you will need to type these 12 words in the right order.

It is essential that you carefully copy this text, making sure to write each word in the exact sequence as it appears on the computer. If the combination of words or their order is incorrect, your MetaMask wallet will be permanently lost.

After selecting the option to expose the secret words and seeing them shown on the screen, you will be asked to enter the 12-word phrase before proceeding.

Start Your Journey Into The Blockchain!

If you’ve followed the instructions up to this point, you should be ready to use your new cryptocurrency wallet.

When first using your new MetaMask wallet, there are certain main features you should become familiar with, one of which is how to identify your public address.

You can receive cryptocurrencies or NFTs in your wallet by giving out your address, which you can do either directly or through various platforms and markets.

Click the ‘Account 1’ box to reveal your own public MetaMask address, which is circled in blue. By doing this, your address will be copied to the clipboard automatically.