Setting up a wallet with Crypto
A complete guide to getting ETH or MATIC and a wallet with MetaMask
Once you've built a Space with Mona, you’ll need to set up your wallet and purchase ETH or MATIC to start minting NFT Spaces. Once your wallet has been set-up, and your Space is reviewed, you can mint your Space.
First, here are a couple of important terms:
- ETH is the cryptocurrency used for all transactions on the Ethereum network, and is a currency we use with Mona. All of the NFTs on our platform can be purchased with ETH.
- MATIC is a cryptocurrency on the Polygon blockchain network that provides faster and cheaper transactions than Ethereum.
- MetaMask is a digital wallet that allows you to store crypto currency and NFTs. WalletConnect is another tool that allows Mona to use alternative wallets. Metamask is connected to your web browser as an extension. You’ll need to connect your wallet to Mona in order to participate in minting or collecting Spaces
For builders, having your own wallet—with ETH or MATIC in it—allows you to mint your 3d Spaces as NFTs. (Are you new to crypto, blockchains and NFTs? Read this for an overview, or this blog post about NFTs) .
- Select “Create a Wallet.”
- Create a username and password.
Pay close attention to your uniquely assigned Secret Recovery Phrase, and store it somewhere safe. If you lose this series of words or forget what order they’re in, you will lose access to your wallet and it will be unrecoverable. We recommend writing the phrase on a piece of paper and storing it in a memorable, safe, and secure spot.
- You will get a Secret Recovery Phrase, confirm the phrase by placing all of the words in the correct order as they were assigned.
- Now, MetaMask is set up and should appear in your browser extensions.
Sign up for a Cryptocurrency Exchange like Coinbase or Binance. These are secure platforms that makes it easy to buy, sell, and store cryptocurrency. We will use Coinbase as out example.
Note: The process for verification on Coinbase can take up to 14 days.
- Set up your account, including verifying your identity.
- Connect a debit card or bank account so that you can get verified and purchase ETH or Matic.
- Once you’ve set up an account and your debit card or bank account have been verified, you can purchase ETH on Coinbase. (When you connect a debit card, you can buy ETH immediately. If you connect a bank account, you can also purchase ETH immediately but it can take up to 15 days for the balance to appear in your account.)
- Click “Buy / Sell,” and select “Ethereum.”
- We recommend purchasing a small amount of ETH to start. You'll need ETH in your wallet to pay for the transaction costs so you can mint an NFT.
- Click “Preview Buy” to confirm your order and then select “Buy Now” to complete the purchase of ETH. You now own ETH. Coinbase will notify you when it’s available to send to your wallet, which can take between 2-15 days.
Now you’re ready to send your ETH from the Crypto Exchange to your wallet.
Coinbase will let you know when your ETH is available to send out, which can take up to 2 days if you purchased it with a debit card or up to 15 days if you used a bank transfer. Once your ETH is ready, send it from Coinbase to your wallet by opening up the MetaMask browser extension. Click on “Account” to copy your Ethereum address. Your Ethereum wallet address—which is similar to a bank account number—will let you transfer and receive crypto from anyone, anywhere in the world.
From the Coinbase website: Now head back to www.coinbase.com, select “Portfolio,” and find “Ethereum.” Click “Send,” and paste in your Ethereum wallet address from MetaMask in the “To” field. Double-check that you pasted in the full 42-character wallet address, if you send crypto to the wrong address you will not be able to get it back. Click “Continue,” then “Confirm” to send your ETH, it should take a few minutes to transfer.
From the Coinbase app: Open the mobile app, and click on “Portfolio.” Find “Ethereum,” and select “ETH Wallet.” You should see your balance here. To send ETH to your wallet on MetaMask, click on the send icon in the top right. Enter the amount of ETH you want to send and click “Continue.” In the “To” field, paste in your Ethereum wallet address. Click “Preview” to confirm the amount and once you’re ready, hit “Send Now.” Wait a few minutes for the ETH to arrive in your wallet.
Instead of signing up for an account on Mona with an email and password, all you need to do is connect your wallet.
Once you click “Connect Wallet,” in the upper-righthand corner, a prompt from your wallet will appear. If it doesn’t appear, find the MetaMask fox icon in your browser extension toolbar. Click the “Sign” button in your MetaMask to explicitly confirm your intention to connect your wallet to Mona. Your wallet is now connected to Mona.
Last modified 11mo ago