MetaMask

If you've ever considered starting the NFT or cryptocurrency journey, whether you want to buy or trade NFTs, Ethereum, or any other ERC20 tokens, you must have heard about MetaMask.

MetaMask has been a household name in the crypto sphere since its inception in 2017. You'll quickly identify it with the distinctive fox logo that follows your cursor on the screen. But before we proceed to learn how to set up MetaMask and other finer details, it's crucial that we understand what a digital wallet is.

Your crypto wallet is a personal key that enables you to interact with the cryptographic world. Without one, you won't be able to buy, sell, or transfer digital assets like NFTs or cryptocurrencies on the blockchain. Just as you need a wallet filled with cash to buy things in the physical world, MetaMask is a crypto wallet designed for the most diverse blockchain that's ever existed, the Ethereum blockchain, among others.

MetaMask serves as a gateway to everything Ethereum, including NFTs, the DeFi ecosystem, and ERC20 tokens. Additionally, MetaMask is a free, open-source hot wallet that gets you started with Ethereum. It's available as an app for Android and iOS, and as an extension for web browsers like Google Chrome, Firefox, Brave, and Edge.

What are some specific uses for the MetaMask wallet? Well, besides buying, you can use MetaMask to receive, accept, send, and swap Ethereum and NFTs. Once you've set up your MetaMask wallet, you can easily use the dashboard to buy Ethereum via different payment options such as credit cards and bank transfers.

MetaMask also allows you to connect to thousands of decentralized applications and Web3 services.

Now that we've taken our first glance, let's get started. Your first task is to create a MetaMask wallet. To do that, you must first install the extension on your browser. A word of caution before we proceed: the internet is full of scam apps pretending to be the legitimate MetaMask.

For this demonstration, we'll set up our wallet via Chrome. However, note that you can replicate these steps across all browsers. Our first step is to go to the Chrome Web Store, add MetaMask to Chrome, and click on the blue "Add to Chrome" button. Next, click "Add Extension."

To start, you'll need to create a password or let the random generator create one for you. Most importantly, you'll be shown a 12-word seed phrase. These words enable you to restore your wallet if you forget your password or use a different device. Be very careful where you keep your 12-word seed phrase because anyone who gains access to it can access your wallet and all its contents. Remember, "not your seed phrase, not your wallet." A good practice is to make multiple copies offline, and some people even have them engraved on a fireproof metallic plate.

Now, proceed to MetaMask and create an account. At the top right-hand corner, locate and click on the extension icon. The icon should be in a similar location on all other browsers. When MetaMask opens, it will prompt you to either create a wallet or import one. If you've already created your wallet earlier, you can select "Import Wallet" and input your 12-word seed phrase to confirm authorization.

If you're new to MetaMask, choose "Create a Wallet." You'll be asked to accept the wallet terms of use and create a password. Once done, click "Create." Remember the importance of the 12-word seed phrase. When MetaMask reveals the words, write them down and click the "Reveal Secret Words" button. The system will display your unique 12-word seed phrase again. For security, write these words somewhere safe where you won't forget or misplace them. Storing them online is not recommended due to cybersecurity risks.

Click "Next." You'll be prompted to verify your secret seed phrase in the correct order. If you lose this phrase, there's no way to recover it.

If you'd like to download MetaMask on mobile instead, visit Google Play Store or the App Store and download MetaMask. The setup process will be similar to the desktop version.

Now that you're set up, what's next? Use your new MetaMask wallet to receive and send Ethereum tokens or house your NFTs. If you're new, you can also use your wallet on several test networks that run on copies of the Ethereum blockchain using fake testnet ETH.

How do you find your wallet address? There's a button next to the code that you can use to copy it to your clipboard and share it with anyone who wants to send you tokens. Similarly, you can transfer tokens from centralized exchanges like Coinbase or Binance to your wallet. Just ensure you have the correct network selected.

Unfortunately, MetaMask's Ethereum wallet only accepts Ethereum and ERC20 tokens. If you have Bitcoin and want to use it, you'll need to convert it to ETH on exchanges like ShapeShift io first.

Is there anything you can do to protect your digital assets? Yes, follow these steps to ensure your MetaMask wallet remains as secure as possible. Like all crypto wallets, MetaMask has public and private keys. Keep your private keys secret, as anyone with access can access your funds. The easiest way for MetaMask wallets to be compromised is through phishing attacks. To protect your assets:

1. Use a secure password that's difficult to guess.

2. Only enter your seed phrase into your real MetaMask.

3. Avoid exporting your private keys while sharing your screen.

4. Never connect with suspicious websites.

Lead image taken from vecteezy

That's all for today. Hope you find it helpful. If you have any questions related to the topic, feel free to ask in the comments and if you enjoyed reading, give a thumbs up. That's enough for your support.

Thanks for reading. See you tomorrow with a new topic.

Regards: Kiara