How to set up your MetaMask wallet & buy NFTs?
Updated: Jul 7, 2022
In order to buy NFTs, you will need to create a digital wallet that allows you to store your cryptocurrencies and exchange them for digital assets. This digital wallet works like a real-life wallet or a vault, in which you can store your money, but also other assets like jewelry or paintings.
While there are quite a few different options available regarding crypto wallets, this guide specifically dives into the MetaMask wallet. Why? Not only is MetaMask easily accessible through a browser extension, but it’s also the most universally supported wallet on the market. So, how do you create a MetaMask wallet to be able to start investing in NFTs? We’ll tell you all about it.
As mentioned above, MetaMask is a browser extension and mobile application that functions as an Ethereum wallet which you can easily install and access through your preferred browser. It enables users to store Ether (ETH) and other ERC-20 tokens, allowing them to make transactions and, among other things, buy NFTs. MetaMask was launched back in 2016 and currently has more than 30 million active monthly users.
MetaMask is available as a browser extension, supported by Chrome, Firefox, Brave, and Edge. Next to that, the app is available as a mobile application for iOS and Android. To get started, go to the MetaMask download page and select the browser or operating system you want to install the app on. Simply follow the download instructions and you're ready to create your MetaMask account.
Create a MetaMask wallet
After installing the app or browser extension, you can start creating your personal wallet. The instructions are given through a step-by-step approach when registering in the app/extension. Good to keep in mind is that the password you choose will decide the accessibility to your wallet. This means that you have to make sure your password is secure and not easily hackable, while also easy to remember for you. You can store your password in a protected password application to make sure you can still access it in case you forget it.
When creating a crypto wallet, you get a so-called “Seed Recovery Phrase”, which is like a key to your house. It’s similar to a regular password, but it’s impossible to retrieve or change after forgetting your phrase. That’s why it’s crucial to store it in a place only you can access, preferably offline in a notebook or other physical spot that can’t be hacked or accessed digitally. Once that’s done, your MetaMask wallet is created and ready for use.
Obtain your ETH
To buy NFTs, you’ll need the Ethereum currency ETH. The easiest way to obtain ETH is through exchanges like Bitvavo, Binance, OKCoin, Litebit, and Crypto.com. Pick an exchange channel that’s available in your country and register on the platform. You usually have to prove your identity in this step, so keep your ID close when setting up your account. Once you have set up your account at an exchange platform, you can connect your bank account or credit card to be able to buy cryptocurrencies.
Depending on the platform, this process works differently. For example, there are exchange platforms that only take credit cards, so if you would rather connect to your bank in a different way, pick the platform that allows for that option. Now you are ready to actually buy some ETH with the money on your bank connected to the exchange channels. This process usually goes quite naturally by selecting the coin you want to buy and deciding on the amount. After doing so, the platform automatically exchanges your money with crypto before storing it in your wallet.
Sending ETH to your MetaMask wallet
Once you have obtained your ETH, you are ready to send it to your MetaMask wallet. Follow the steps below to securely transfer ETH from your exchange wallet to your MetaMask wallet:
Go to your exchange platform’s website or app
Access your wallet and look for your ETH
Select the option to send it and enter the amount
Paste your MetaMask wallet address as the receiver of the transfer
Send out the transaction
And that’s it! Your MetaMask wallet now obtains ETH, so it’s time to invest in some NFTs. Keep in mind that it can take a couple of minutes before you can see your ETH in your MetaMask wallet. Usually, the transaction process needs some time to complete, so no need to worry if you don't instantly see your ETH appear in your wallet. It's still on its way.
Buying NFTs with MetaMask
Because MetaMask is an Ethereum-based wallet, it’s also able to work with NFTs. The only thing you have to do is pick the NFT marketplace of your preference. In this instance, we will take the marketplace OpenSea as an example. OpenSea is one of many NFT marketplaces, but it is the most well-known and often used, hence the example. Where MetaMask is the vault you store your art in, OpenSea is the auction you buy it at. To buy NFTs with the MetaMask wallet, simply follow the steps listed below:
Link your wallet to the OpenSea NFT marketplace.
OpenSea allows you to buy NFTs by placing a bid or an offer.
Verify your transaction by making a payment and confirming your purchase.
Wait for MetaMask to show the transaction, this can take a while.
You can find your purchased NFTs under the “collectibles” category in the MetaMask app or browser extension. However, the MetaMask application sometimes fails to correctly show the owned assets, so we’ll advise using the browser extension to view stored NFTs.
Other NFT marketplaces
OpenSea is not the only marketplace where you can buy NFTs. On the contrary, there is a rapidly growing number of marketplaces to choose from, depending on your preferences. Here are some elements you might want to consider before choosing the marketplace where you buy your NFTs:
The token standard used on the platform
The verification process of the platform
The compatibility with your wallet
Incentives and discounts offered by the platform
The height of gas fees
The availability of token fractionalization
When keeping the items listed above in mind, you can take a look at the various options regarding potential NFT marketplaces. Here is a list to get you started:
Partner artists of Grypto
Grypto teams up with inspirational artists from all over the world to discover the potential of digital art in the form of NFTs. Our partner artists do what they do best: inspire us with their work. While we create the online stage they deserve.
Jacques Tange is a successful Schiedam-based artist and has been active as a full-time artist for 40 years after graduating his education at the School of Arts in Rotterdam. His talent, combined with his dedication and hard work was rewarded in 2005/6 with an "Artist of the year" award in The Netherlands. The works of Jacques Tange are represented by various well-known galleries in Holland and abroad such as in Belgium, Spain, Germany, and the USA.
One of the most noticeable aspects of Tange's work is his versatility. Next to his very recognizable paintings, pastels, and lithographs, he also works with materials like bronze, polyresin, ceramics, and glass. His most recent project has shifted his focus toward the digital potential of his art, in the form of exclusive NFT collections in his own unique style.
Binance is one of world's biggest crypto exchange platforms, founded in 2017 and situated on the Cayman Islands.
Bitvavo is a Dutch exchange platform for digital currencies, with by now more than 150 different currencies available. They're aiming to become the biggest exchange platform of Europe.
Litebit is another Dutch exchange platform beginning and experienced crypto traders, with currently more than 60 different currencies.
OKCoin is one of the biggest crypto exchange platforms, launched way back in 2013 with its current headquarters in Hong Kong.
Crypto.com is a cryptocurrency exchange application from Singapore. By 2022, Crypto.com has more than 50 million worldwide users and more than 4.000 employees.