Creating a New Wallet - MetaMask
MetaMask is a cryptocurrency wallet that runs on the Ethereum blockchain - you can access it either via browser extension or by using their app.
It is also one of the popular wallets when it comes to selling and purchasing NFTs.
Now that we know what we need, let's figure out how to get this done!
Whether you are looking to play with crypto, dip into NFTs or play with the Metaverse, MetaMask is one of the most often used wallets out there and a good place to start, or a necessary key part of your journey!
Step One - Accessing MetaMask
First things first, you need to get either the MetaMask extension or their app - visit https://metamask.io/ and hit Download.
This then gives you the option to download either the Chrome extension, or the app on iOS or Android. We are going to move forward with the Chrome extension (although I have tried both the iOS and Android apps and they are both pretty straightforward if you'd like to go that route).
This will open a new tab and automatically bring you to the Chrome Web Store. Click Add to Chrome to install MetaMask as a Google Chrome extension, then click Add Extension.
Voilà! You have officially installed your MetaMask extension! Simple, non?
Great. Let's move on...
Think we missed a step? Join our Discord and ask for help in our #😵Request-Support channel.
Step Two (A) - Creating A New Wallet
Now that you have your MetaMask extension, go ahead and click the puzzle piece at the top right of your screen and select MetaMask.
If you already have an account, feel free to skip down to Step Two (B) to login!
Accept the terms and conditions, come up with a strong password and hit Create.
[Please keep in mind, a crypto wallet should have the same level of defense as your personal banking accounts - passwords you cannot remember are useless, but so are passwords that can be easy to guess. Tips for a strong password are: the longer the better, a mix of letters (upper and lower case), numbers, symbols, no ties to your personal information or your username and no dictionary words.]
The next page will show you a 12 word seed phrase. NEVER SHARE THIS WITH ANYONE, EVER! You can save your seed phrase as a file, or write them down manually, after which you can click "I've copied it somewhere safe."
From my own experience, you will not be able to screenshot, so make sure you have a pen and paper ready. My personal recommendation is to write those twelve words down on a piece of paper and then put that piece of paper in a safe so that no one can ever access it but you. At a bank, if your account is subject to fraud, you go in and use your pieces of ID to prove you are you and they fix it. When it comes to crypto, recovering a wallet is done by using that seed phrase and anyone who has access it can easily go in and take control of your account. So let's make sure that never happens :)
Next page gives you a happy woohoo and that's it! You officially have a MetaMask wallet, congratulations! 🎉
Think we missed a step? Join our Discord and ask for help in our #😵Request-Support channel.
Step Two (B) - Connecting an Existing Wallet
Now that you have your MetaMask extension, go ahead and click the puzzle piece at the top right of your screen and select MetaMask. From there, Accept the terms and conditions but instead of creating a new password you will choose Import Existing Den.
This prompts you to add in your wallet's seed phrase and create a new password.
[Please keep in mind, a crypto wallet should have the same level of defense as your personal banking accounts - passwords you cannot remember are useless, but so are passwords that can be easy to guess. Tips for a strong password are: the longer the better, a mix of letters (upper and lower case), numbers, symbols, no ties to your personal information or your username and no dictionary words.]
Drumroll please 🥁... and you're in!
Well, unless you are trying to connect a wallet using a private key or JSON file. If that's the case, select Import and your preferred entry type.
It's like ✨magic✨. Enjoy!
Think we missed a step? Join our Discord and ask for help in our #😵Request-Support channel.
Step Three - Account Details
Creating an account is one thing, but are you up to date with the Settings or customizations for all these apps and programs you're giving your information to? Let's dive in... *splash* 💦
Settings are hiding under the cute little colourful circle at the top right of your screen (I recommend hitting the three dots first and selecting Expand view first, but to it's up to you).
Under General, this is where you will find basics such as what local currency you would like your account to display as (Currency Conversion), or if you would like values displayed in ETH value or FIAT (your local currency) and what language you'd like to use. A setting I find useful is Use Blockies Identicon. A "Blockies Identicon" is like a cheat sheet of identicons for Ethereum addresses and makes it easier for users to check if the wallet they wish to interact with is the correct one (think of it as a security icon as opposed to user profiles).
Why would this ever be relevant? Let's say you have another wallet that you want to send funds to, it would be great to make sure you don't send it to the wrong one by accident.
The other settings are fun to go through:
Advanced allows you to see your transactions logs (or clear that data, which I don't recommend unless you've already made your own record for tax season)
Contacts is self-explanatory, it's where you can upload the wallet addresses of people you trust (or your own other wallets)
Security & Privacy can actually give you an option to reveal your seed phrase if you ever misplace it
Alerts is great for warnings about wacko or fishy connections/websites
Networks is just a summary of the options, I primarily focus on the Ethereum Mainnet so nothing much there for me
Experimental is for Token Detection
About is all of MetaMask's information, policies, support center, etc.
Next up let's leave go back to our main page. Here we will hit the three dots at the top right and select Account details.
What comes up here is your wallet address - you need this is anyone ever wants to send you money or tokens (and for setting up accounts on platforms such as OpenSea). You can actually personalize this a little bit by changing the account name.
Remember the Contacts section in our Settings? This long number series is the Ethereum Public Address that you would give to someone for them to add you as a contact (or let them scan your QR code). Adding new contacts is an absolute lifesaver when it comes to transferring funds between different wallets, because you don't want to manually insert that series every time and risk making a mistake!
Ex: I created a contact just called "Coinbase" which is my own Coinbase wallet.
That's it for setting up, but stick around for what truly matters: buying crypto! 🤑
Think we missed a step? Join our Discord and ask for help in our #😵Request-Support channel.
Step Four - Buying Crypto!
It is finally time to really dip our toes into the ocean of opportunity that is web3 and that is by purchasing your first crypto! Please note that this is purely a how-to and that there certainly are other options available - this is simply about learning your way around MetaMask.
When you click Buy on the main page, you will get a pop up with three choices:
Wyre and Transak are both 3rd party services (not part of MetaMask) and they operate the same way - although with slight differences about how you can pay for your purchase (Wyre is debit only whereas Transak allows for debit or a bank transfer). Select your preference and it will take you to a new window where you will then fill out the details of your purchase.
Wyre is on the left, Transak is on the right.
Choose your base currency (Canadian in this example) and your payment method, then decide how much ETH you want to purchase. You can do this based on how much you want to spend which then gives you an approximate of how much ETH you will receive. (It is approximate because the market does change and so ETH is not always worth the same value one day to the next, just like any regular currency exchange.) When you are ready, you can go ahead and click Buy Now to process your transaction. Keep in mind this can take some time, so please be patient and don't make my mistake of double clicking!
Wyre charges a percentage as a Transaction Fee (3% last I checked) plus the Network Fee (also known as "gas" in the web3 community).
Transak charges a Total Fee, which includes a Transak Fee, the Network Fee (gas), and a MetaMask Fee.
Neither platform have any control over the gas (Network Fee) as this is determined by the Ethereum blockchain and you will have to pay it regardless of what platform you use to make your purchase, but it is worthy to note that there are other platforms that charge smaller Transaction Fees.
Which brings us to the third choice presented to us: Directly Deposit Ether.
This choice will actually bring us to our Account Details (remember that long number series?) which you would then copy and paste into the wallet you are trying to send funds from.
Think we missed a step? Join our Discord and ask for help in our #😵Request-Support channel.
Step Five - Sending Crypto
When it comes to sending crypto, this is done entirely through MetaMask - no 3rd party platforms. Hit Send and let's try this out...
Make sure you have the destination wallet address ready and paste it at the top (or scan the QR code). A green checkmark will appear as long as the address is valid (this is where Contacts are recommended to ensure it is the correct destination and not a random address) and you can decide how much you want to send.
Click Next and this will bring you to a confirmation page where you find out how much gas (Network Fee) it will cost for your transaction and then hit Confirm to send. If you change your mind, no big deal, just hit Reject instead.
Just like when you are making a purchase, it can take a couple to several minutes for your transaction to be complete so be patient and don't double click!
Think we missed a step? Join our Discord and ask for help in our #😵Request-Support channel.
Step Six - Swapping Tokens
A really useful feature in MetaMask is the ability to Swap between different tokens. The reason behind this is simple - not all transactions in web3 require ETH. For instance, on OpenSea you can buy/sell on both the Ethereum mainnet and the Polygon mainnet but to do so you first need to swap your ETH for WETH.
Just like sending funds, the process is super simple. First you hit Swap, then you decide which token you'd like to exchange your ETH for and how much ETH. Then all you have to do is Review Swap (once again you will see gas fees) and then go ahead with the Swap.
MetaMask actually verifies the value of the token and checks a number of sites (usually 6-8) to do so. This is super important because it also checks the validity of the token you are trying to swap to, making sure you don't end up with fake tokens. All good things have a flip side, and in the world of tokens you will always have someone trying to trick you by creating fake coins or tokens that look super close or similar to the real thing.
So always be cautious, check your information twice and don't get caught up in the FOMO!
Think we missed a step? Join our Discord and ask for help in our #😵Request-Support channel.
In conclusion...
Welp, that's that.
Our complete summary from start to finish on setting up your MetaMask extension, account and wallet. Let us know if you found this helpful and don't forget to join Our Feminae community to be notified when new resources become available!