Cryptocurrencies (or “crypto”) are digital currencies that are not controlled by any one governing body, like a government or a bank. Crypto is ushering in a new era of the internet that’s decentralized, community-driven, and community-owned. This emerging technology will plug you into a revolutionary global community—and it all starts with setting up your wallet.
Once you've received an invitation to become a creator on Foundation, you’ll need to set up your wallet and purchase ETH to access the site and start minting NFTs. Note that even if you have a wallet and create an account on Foundation, this does not necessarily mean that you are a creator and have access to start minting NFTs. After your wallet is set-up, then you can click on the invitation link you were sent, to connect to Foundation and set up your creator profile. First, here are a couple of important terms:
- ETH is the cryptocurrency used for all transactions on the Ethereum network, and it’s the currency we use on Foundation. All of the NFTs on our platform can be purchased with ETH. Creators get paid in it, too.
- MetaMask is a digital wallet that is specific to Ethereum. There are other wallets available, but Foundation uses MetaMask. It’s connected to your web browser as an extension where you can hold and spend ETH. You’ll need to connect your wallet to Foundation in order to participate in the marketplace.
For creators, having your own wallet—with ETH in it—allows you to mint your digital art as NFTs. (Are you new to NFTs? Read our blog post about the new technology.) When you sell artwork on Foundation, revenue from that sale will go directly into your wallet.
This is all starting to make sense. So how do I get ETH?
Sign up for Coinbase, a secure platform that makes it easy to buy, sell, and store cryptocurrency. Note: The process for verification on Coinbase can take up to 14 days.
- Head to www.coinbase.com and click “Get Started” to set up your account.
- Set up your account, including verifying your identity.
- Connect a debit card or bank account so that you can get verified and purchase ETH.
Get ETH—the cryptocurrency used for all transactions on Ethereum—on Coinbase.
- 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.
How do I set up a wallet?
- Download and install the MetaMask browser extension through their website.
- Select “Create a Wallet.”
- Create a username and password.
- Pay close attention to your uniquely assigned Secret Backup Phrase (or “Seed 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.
- 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.
- If you have any trouble, visit MetaMask Support.
Now you’re ready to send your ETH from Coinbase 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. It’s a mighty piece of technology that’s uniquely tied to all of the NFTs you mint on Foundation.
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.
How do I connect my wallet to Foundation?
Instead of signing up for an account on Foundation 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 Foundation. Your wallet is now connected to Foundation.