If you want to know how to set up and use a crypto wallet for NFTs, chances are you’re new to the space. Setting up a crypto wallet is the first step to getting into crypto and NFT trading. A crypto wallet allows you to buy, sell, and securely store cryptocurrencies, which you can use to authorize NFT transactions with ease.
In this guide, you’ll learn how to set up a crypto wallet on MetaMask, Phantom, and Rabby. But before diving into the step-by-step process, let’s go over some basic information to get started the right way.
What Is A Crypto Wallet?
In simple terms, it’s your key to access, control, and manage your crypto and NFTs stored on the blockchain wallet address (your digital locker). Just like you use a key to open a physical locker (or safe), you need a crypto wallet to receive and send digital assets to or from your blockchain wallet address by using a private key. Your crypto wallet helps manage access to your private key, and losing private key means losing your digital assets forever.
Are All Crypto Wallets Compatible with NFTs?
Different crypto wallets support different blockchains, and not all wallets support NFT transactions. So, if you want to use your crypto wallet for NFTs, you need a wallet that supports NFTs. For example, MetaMask is the best crypto wallet for Ethereum NFTs, Phantom for Solana NFTs, while Rabby supports multi-currency transactions. So you can set up a crypto wallet on any of these platforms and easily mint, trade, and store NFTs.
What Is A Private Key?
It’s a cryptographically generated string of characters (64 hexadecimal characters) for each blockchain wallet address to offer control access.
For example: `E9873D79C6D87DC0FB6A5778633389F4453213303DA61F20BD67FC233AA33262` is a private key for a random crypto wallet created on a platform. This private key will be used to prove ownership of assets in the wallet and sign any transactions. If you create multiple crypto wallets, each wallet has its own unique private key.
What Is A Seed Phrase?
A seed phrase (also known as secret recovery phrase) is a series of 12 (or sometimes 18 or 24) random words generated at the time of creating your crypto wallet. For example, `apple butter chair dog elephant frog grape hat ice juice kite lemon` is a seed phrase that generates all private keys for your wallets (the same seed phrase will produce the same private keys for multiple wallets).
Consider your seed phrase as the master key to your safe room and the private keys as the individual keys to each box in that room. The seed phrase can open the entire room and access all the boxes while the private keys can only open specific boxes.
Moreover, if you want to recover your crypto wallet, you can use the seed phrase to restore the wallet including all the private keys and addresses associated with it.
Setting Up the Best Crypto Wallets For NFTs
Now that you learn the essential information about how crypto wallets work and the importance of the seed phrase and private key, let’s set up crypto wallets on MetaMask, Phantom, and Rabby. These platforms will give you the most secure and hassle-free experience in the NFT marketplace.
1. How to Set Up a MetaMask Wallet
MetaMask is one of the most popular Web 3 wallets for beginners for buying Ethereum NFTs. It supports ERC-721 and ERC-1155 tokens, as well as Polygon and Klaytn NFTs. You can download the MetaMask mobile app from your Apple Store or Google Play Store if you want to use a crypto wallet app. Or if you want to use a desktop browser, you can use its browser extension to access any NFT marketplace to buy, sell, and trade NFTs.
The MetaMask wallet allows you to sync multiple devices and maintain different accounts on each one without any threat of Crypto scams. This clever fox knows how to keep your digital assets safe from scammers.
Here’s a step-by-step process to set up a MetaMask wallet on a desktop browser for buying Ethereum NFTs.
Step 1: Save the Chrome Extension
Go to metamask.io and click on the button “Get MetaMask.”
Next, click on the “Add to Chrome” button.
Step 2: Create A New Wallet
Once you add the extension on your Chrome browser, you’ll see this screen. Now you are ready to create a new wallet.
Tick the “I agree to terms of use” box and then click on the blue button “Create a new wallet.”
Next, you’ll see this privacy policy screen. Tick the box and click on the “I agree” button to proceed to the next step.
Step 3: Set Up Your Password
Now this is the most important part; set up a strong password to create an account on MetaMask and keep it safe. You’ll need this password to access your account on your mobile app.
Step 4: Secure Your Wallet With a Secret Recovery Phrase
Now you have to save your secret recovery phrase (a master key to manage your blockchain wallet address). This is optional, but you complete this step to add an added layer of security.
Click on the blue button “secure my wallet.”
Next, you’ll see a series of random words. This is your recovery phrase. Copy this 12-word secret recovery phrase by clicking on “copy to clipboard” and paste it in your notes.
Click on the “next” button.
Step 5: Confirm Your Recovery Phrase for Added Protection
Write down the missing words from the recovery phrase and click on the “Confirm” button.
Once you confirm, you’ll be directed to this screen confirming your installation.
Click “Done.”
Step 6: Your MetaMask Wallet Is Ready To Use
Click on the browser extension icon and Pin MetaMask icon for easy access.
Click “Next.”
Step 7: Fund Your Wallet
This is what your wallet will look like. Now you can start trading by funding your crypto wallet.
To fund your wallet, you need to buy Ethereum. Click on the “fund your wallet” option and start adding ETH to your wallet. Then, you can use your MetaMask wallet on any NFT marketplace to purchase ETH NFTs.
2. How to Set Up a Phantom Wallet
Phantom was created for the Solana blockchain to manage SOL, SPL tokens (Solana’s equivalent of ERC-20 tokens), and Solana NFTs. But now it also supports ETH, ERC-20 tokens, Ethereum-based NFTs, as well as Polygon-based tokens and NFTs. You can use Phantom on both desktop and mobile devices.
Setting up a Phantom wallet is as simple as setting up a MetaMask wallet. Here’s a step-by-step process to set up a Phantom wallet on a desktop browser.
Step 1: Save the Chrome Extension
Go to phantom.com and click on the button “Download for Chrome”
Click on the “Add to Chrome” button.
Step 2: Create A New Wallet
Once you add the extension on your Chrome browser, you’ll see this screen. To get started, click on the button “Create a new wallet.”
Next you’ll be directed to this “Add a Wallet” screen. It’s up to you to set up your wallet via email or seed phrase. We recommend selecting the option “create a seed phrase wallet.”
Step 3: Set Up Your Password
Now this is the most important part; set up a strong password to create an account on Phantom and keep it safe. You’ll need this password to access your account on your mobile app.
Add your password, tick the “I agree to the terms” box and click “Continue.”
Step 4: Secure Your Wallet With a Secret Recovery Phrase
Now you have to save your secret recovery phrase (also known as seed phrase) to add an added layer of security.
Tick the “I saved my recovery phrase” box and click “Continue.”
Pin the Phantom extension and click “Get Started.”
Step 5: Your Phantom Wallet Is Ready To Use
Click on the pinned Phantom icon on your browser and you can see your Phantom wallet.
Step 6: Fund Your Wallet
To fund your Phantom wallet, click on the “Buy” button and then click on Solana. Add the amount of SOL you want to buy and click “Next” and follow the later steps.
3. How to Set Up a Rabby Wallet
Rabby Wallet offers a multi-chain experience. It has integrated 120 chains, so you don’t need multiple wallets to buy different NFTs.
Setting up a Rabby wallet is as easy as MetaMask and Phantom. You can do it in just a few minutes.
Step 1: Save the Chrome Extension
Go to rabby.io and click on the “Chrome” button.
You’ll be directed to this chrome extension screen. Click on the “Add to Chrome” button.
Step 2: Create A New Wallet Address
Once you add the extension on your Chrome browser, you’ll see this screen. To get started, click on the button “Create a new address.”
Step 3: Create A Seed Phrase
Next you’ll see this “Create New Seed Phrase” screen. Click on the “Show seed phrase” button.
Now you have to save your seed phrase to add an added layer of security. Copy the seed phrase to clipboard and paste it in your notes for later reference.
Click on the “I’ve saved the phrase” button to continue.
Step 4: Set Up Your Password
Set up a strong password to create an account on Rabby Wallet. You’ll need this password to access your account on your mobile app.
Add your password, tick the “I agree to the terms” box and click “Confirm.”
You’ll see this confirmation screen. Click “Get started.”
Step 5: Your Rabby Wallet Is Ready to Use
Pin the Rabby wallet extension to your browser and then click on the icon to see your account.
Step 6: Set Up Your Preferred Cryptocurrency You Want To Receive
Click on the “Receive” option and select Ethereum to set your preferred currency. Now you can fund your wallet in Ethereum.
How To Use A Crypto Wallet For NFTs
Once you successfully set up your crypto wallet and fund it with cryptocurrencies, the next step is learning to use it for NFT transactions. Simply, go to any NFT marketplace like Magic Eden, Rarible, Open Sea, or our very own Spaace marketplace. Browse NFT collections, click on the NFT you want to buy and connect your wallet.
For example, go to Magic Eden, select the Pudgy Penguins collection and click on an NFT you want to buy. You’ll see this screen:
Click on connect wallet and select your preferred crypto wallet, such as MetaMask.
Add your MetaMask password and click connect wallet and follow the next steps to collect NFTs in your crypto wallet.
Enjoy Collecting NFTs In Your Crypto Wallet
Setting up a crypto wallet and using it for NFTs is a simple process. But the most crucial part is to make sure your transactions are secure and you do not fall into any crypto scam. Once you figure out how everything works, you’ll enjoy the process even more. Collecting NFTs is itself an exciting experience, and exchanging thoughts with fellow community members keeps the journey even more tempting.
We advise you to stay updated with the market and carefully evaluate NFT collections before making any investment.
My screen is sweating from all these screenshots. Time to give it a cooldown. Catch you in the next edition.
