Do you want to start trading Ethereum (ETH) and/or buy NFTs or coins? Then you need a digital wallet to store the right crypto coin. MetaMask is one of the most accessible crypto wallets to do this.
In addition, the wallet is suitable for Ethereum, the crypto that is used to buy the majority of all non-fungible tokens. Read here how MetaMask works and how you can easily install this wallet yourself.
What is MetaMask?
MetaMask is a crypto wallet (wallet for short), a digital account on which you can place cryptocurrencies. With MetaMask you can buy services, goods, or NFTs online, and you can also receive crypto coins when you sell something. MetaMask will be one of the most used wallets in 2022, both among experienced and new crypto users. This is partly because this wallet is easy to use, has good security through encryption, and has a large community of enthusiastic users. In July 2021, there were more than 10 million people worldwide who used MetaMask at least once a month.
How does MetaMask work?
MetaMask and other crypto wallets are a bit like e-wallets like PayPal because you put digital currencies on them. But crypto wallets are only suitable for crypto coins, and a particular wallet is never suitable for all cryptos that exist. This also applies to MetaMask: on this wallet, you can only place and receive Ethereum (ETH) and Ethereum-based ERC-20 tokens. You also need Ethereum to buy NFTs on the Ethereum blockchain – which is the bulk of all NFTs out there.
How does a payment with MetaMask work? Someone who pays Ethereum from their MetaMask wallet chooses the desired amount and signs the transaction with their personal digital key. The computer code of that transaction is then queued and recorded by a user as a smart contract on the Ethereum blockchain. The smart contract is automatically confirmed by all users who use this data block – but the privacy details of the payer and recipient remain secret.
Another reason that MetaMask is widely used is that this crypto wallet is easy to install. It is free to install as a browser extension for Chrome, Firefox, and Edge, and there are also apps available for iOS and Android. This offers you an accessible way to buy Ethereum yourself, shop for NFTs and do more with crypto.
With which platforms can MetaMask be integrated?
MetaMask can be integrated with many different online websites, metaverses, and marketplaces. It always involves platforms that accept Ethereum. Precisely because most non-fungible tokens are coined on the Ethereum blockchain, MetaMask is such a good wallet to start trading NFTs. Here are ten major platforms that are compatible with MetaMask:
- OpenSea is one of the largest marketplaces for NFT.
- Binance is a crypto exchange where more than six hundred crypto coins can be traded.
- FTX.com is another marketplace where you can buy and sell NFTs.
- Rarible is a decentralized marketplace for NFTs.
- Decentraland is a metaverse where users can buy land, create digital objects, and design attractions.
- The SandBox is also a metaverse world where almost all possibilities are open.
- IDEX is another decentralized marketplace where you keep your crypto coins in your own hands.
- SuperRare is a marketplace that focuses specifically on trading art NFTs.
- Sorare is a popular game that revolves around collecting football pictures as NFT.
- Ethlance is a service for creative talent that can be paid in Ethereum.
- Axie Infinity is the most popular metaverse game, where self-bred fantasy creatures can earn money.
Is MetaMask safe?
MetaMask is known as one of the most secure crypto-wallets. How does the app protect your crypto coin? For starters, connections between users are protected by strong digital encryption. There is an active team of administrators that constantly monitors security, and a broad user base, so the source code of the wallet is constantly updated. Users’ private keys are not stored on MetaMask’s server, and the wallet allows the use of two-step verification. There has been no serious hacking or theft incident with MetaMask to date.
How do I create a MetaMask account?
Step 1: Download the Metamask Chrome extension for Google Chrome.
Before creating the Metamask wallet you need to download a browser extension. We use Google Chrome so we have also downloaded this extension. There are many fake Metamask links so we recommend that you use a direct link to the Metamask website. When you have arrived on the website you can choose which extension you would like to use. Click on “Install Metamask for Chrome” and when you are on the next page click on the button at the top right to add the extension.
Step 2: Create a Metamask account.
Now that you have downloaded the Metamask browser extension. Go to the Metamask website or click the Metamask extension on the right side of your navigation window. When Metamask is open, click on “Create a Wallet”. You now get 2 choices, either you create a new account or you import your old account via your 12 words secret phrase. If you are new and have never created an account, you should choose “Create a Wallet”.
Step 3: Write your “secret phrase” and account information in a booklet.
Metamask is going to give you your personal 12 words secret words. Actually, these 12 words own all your possessions. This also means that you have to write these 12 words down somewhere. It can’t be digital it has to be on something physical. If you lose your login details and your 12-word secret phrase, you will lose all your belongings. You can use the 12-word secret phrase to, for example, export your account on a new laptop or mobile. That’s why they asked in step 2, do you want to create a new wallet or import a wallet.
So for security, NEVER STORE or WRITE your secret words online but write them down in one or more places. Keep your code in a safe place. The person with access to these 12 words has access to your belongings. The spelling and order of these 12 words are essential.
When you have saved the code somewhere. Then enter the requested 12 words secret phrase and your Metamask wallet is ready to use!
Keeping it in a safe is recommended, as well as having your seed phrase imprinted in a metal sign (in case of fire the paper version will burn out, a metal plate will not). And it is best to keep 2 copies of your seed phrase in two separate locations (in case of fire or damage or theft)
Step 4: Download the Metamask app on your mobile (optional)
Download the Metamask wallet app on your phone via the Google Play Store or App Store if you want to make a transaction via your mobile instead of your laptop. Opensea and other NFT marketplaces also have a mobile version where you can link your Metamask to buy and sell NFTs.Congrats on creating a Metamask wallet by yourself.