How To Set Up A Wallet For Buying NFTs

Here are the two most popular wallets used on opensea.io for Buying NFTs:

1. Metamask
2. Coinbase

A crypto wallet is a place where you can securely keep your crypto. There are many different types of crypto wallets, but the most popular ones are hosted wallets, non-custodial wallets, and hardware wallets. 

Create A Self-custody wallet For Buying NFTa

A self-custody wallet, like Coinbase Wallet or MetaMask, puts you in complete control of your crypto. Non-custodial wallets don’t rely on a third party — or a “custodian” — to keep your crypto safe. While they provide the software necessary to store your crypto, the responsibility of remembering and safeguarding your password falls entirely on you. If you lose or forget your password — often referred to as a “private key” or “seed phrase” — there’s no way to access your crypto. And if someone else discovers your private key, they’ll get full access to your assets. 

Why have a non-custodial wallet? In addition to being in full control of the security of your crypto, you can also access more advanced crypto activities like yield farming, staking, lending, borrowing, and more. But if all you want to do is buy, sell, send, and receive crypto, a hosted wallet is the easiest solution.

How to install a Coinbase Wallet For Buying NFTs?

1. To get started, please install the Coinbase Wallet extension from the Chrome Web Store
2. Choose ‘Create a new wallet’ and enter in a username. This is how other Coinbase Wallet users can find you and send you crypto. Note that you will not be able to change your username.
3. Securely back up your 12-word recovery phrase. We recommend storing this in a secure location, such as a password manager, or writing it down and storing it somewhere safe. Keep this safe, as this is the key to access your wallet and Coinbase cannot recover this phrase for you.
4. Verify that you saved this recovery phrase before moving onto the last step.
5. Create a password to access your wallet. Keep this safe, as you’ll need it to access your wallet regularly. Remember, Coinbase cannot recover your password for you!
6. All done! Your Coinbase Wallet extension has been set up, and is ready to use! Get started by funding your Wallet extension.

Import an existing wallet

Jump to a wallet that you’d like to import from:

• MetaMask
• Trust Wallet
• Coinbase Wallet
• Other wallets

In order to import an existing wallet, you must be able to access the wallet’s recovery phrase. 

Most Ethereum wallets have a 12 word recovery phrase, which act as the key to your wallet. These words must be kept safe. No wallet provider, including Coinbase Wallet, can recover this 12 word recovery phrase for you. 

Recovery phrases are portable, enabling you to transfer your wallet from one self-custody wallet provider to another. With Coinbase Wallet, you can import any Ethereum-based wallet that you may have created with another provider such as MetaMask, Trust Wallet, and others. You can even import your Coinbase Wallet from your mobile device so you can use it in the browser extension as well.

When you import an existing wallet using your recovery phrase into Coinbase Wallet extension, there is no impact on your existing wallet. You will be able to continue using your existing wallet across multiple providers, and any transactions you make will show up in your wallet across all of your wallet providers. 

While the recovery phrase is portable, the password that you set for your wallet is provider-specific and will not be ported over to another provider. Like recovery phrases, passwords cannot be recovered by any wallet provider, including Coinbase Wallet.

To invest, trade, and store supported cryptocurrencies on Coinbase, as well as do much more, get started here. For more information on all the services available in Coinbase supported countries, visit the Supported Countries page.

Coinbase Wallet FAQ

What’s the difference between the Coinbase app and the Coinbase Wallet app?

The Coinbase app (available on iOS and Android) is the company’s product for individuals looking to buy or sell cryptocurrencies, also available at Coinbase.com. It is an easy, secure, regulated on-ramp to crypto using US dollars or other local fiat currencies. You can safely store crypto on Coinbase so you don’t have to worry about managing your own private keys. Coinbase.com and the mobile apps are available in more than 100 countries.

The Coinbase Wallet app is a separate, standalone app that allows users to store, or custody, their own crypto, and explore the decentralized web with a dapp browser. You do not need a Coinbase account to use the Coinbase Wallet app. Coinbase Wallet helps users manage their own private keys and store their crypto assets directly on their devices, not with a centralized brokerage or exchange. You cannot connect Coinbase Wallet to your bank account to buy or sell cryptocurrencies with US Dollars or other fiat currencies. You can download and use Coinbase Wallet anywhere in the world.

Why should I use Coinbase Wallet?

Coinbase Wallet is a software product that gives you access to a wide spectrum of decentralized innovation – buy and store ERC-20 tokens, participate in airdrops and ICOs, collect rare digital art and other collectibles, browse decentralized apps (DApps), shop at stores that accept cryptocurrency, and send crypto to anyone around the world.

If you’re looking to simply invest in digital currency – Coinbase Consumer at coinbase.com remains the easiest place to buy, sell, and manage your digital currency.

Can I switch from my existing wallet app like Metamask, MyEtherWallet, etc.?

Yes, you can. Every wallet uses a private key to secure its assets which you can import into Coinbase Wallet. Just look for the 12 word recovery phrase or mnemonic in the settings menu of your current wallet and then use that same 12 word phrase to sign into Coinbase Wallet.

Can I transfer funds between Coinbase.com and Coinbase Wallet?

Yes you can transfer funds between both products at any time. You can link your Coinbase.com account to Coinbase Wallet from the settings page of your Coinbase Wallet app.

Connecting your accounts allows you to quickly and easily move funds between your Coinbase.com and Coinbase Wallet accounts. To transfer funds from Coinbase.com to Coinbase Wallet go to Settings in your Coinbase Wallet app and select Transfer. To transfer funds from Coinbase Wallet to Coinbase.com click Send on the Coinbase Wallet app home screen below your balance. Then select the currency and amount you’d like to transfer. When prompted to enter the address you would like to send to, select Coinbase under suggested.

All transfers between your Coinbase.com and Coinbase Wallet account are not instant transactions. They are completed on-chain and require confirmation on the network before being processed. All transfers from Coinbase Wallet to Coinbase.com will be subject to Coinbase.com’s availability to withdraw periods and any restrictions outlined in Terms

How do I get help with Coinbase Wallet?

To contact the coinbase support team, please visit the following page to submit a request: https://help.coinbase.com/en/contact-us.html.

• Store all your crypto and NFTs in one place
• Trade 500+ assets on DEXes and earn interest
• No Coinbase account required

How to install a Metamask Wallet For Buying NFTs?

MetaMask provides an essential utility for blockchain newcomers, token traders, crypto gamers, and developers. Over a million downloads and counting. For this guide, we will be explaining how to set up MetaMask through the browser extension. Currently, MetaMask supports Chrome, Brave, Firefox, and Edge. Using whichever one you feel comfortable with.

1. visit their download page and select the browser option. Click the install button and complete any steps to add the extension. MetaMask is also available for download on iOS and Android on their respective app stores.
2. After installing the extension, you will arrive at the page shown below. Select the ‘create a wallet’ option
3. Agree with the Terms of Service which explains what MetaMask will and will not do with any information.

4. You will then be prompted to set a password (min. 8 characters).
5. MetaMask has a short educational page on the secret recovery phrase.
6. Please read through all the information before proceeding as having possession of the secret phrase means access to funds. 
7. Never share your recovery phrase with anyone.
8. Once the setup is complete, your wallet is ready for use!

MetaMask Wallet FAQs

How to install MetaMask on Chrome?

1. Visit https://metamask.io/
2. Click on “Download”
3. Click “Install MetaMask for Chrome”. You will be directed to Chrome Web Store.
4. Click “Add to Chrome”
5. On the pop up, click “Add extension”

How to install MetaMask on Firefox?

1. Visit https://metamask.io/
2. Click on “Download”
3. Scroll down to the Firefox logo, and click on it.
4. In the new window that opens, click on “Add to Firefox”
5. On the pop up, click “Add”
   NOTE: Don’t be alarmed by the fact that the Firefox plugin is listed as being published by “danfinlay, kumavis” — they’re a couple of the main minds behind MetaMask 🙂

After adding MetaMask Extension, you’ll return to your browser page. MetaMask will appear on your browser. You may click on it to open MetaMask.

How to install MetaMask on Edge?

1. Visit https://metamask.io/
2. Click on “Download”, and scroll down until you see the Edge icon.
3. Click on the Edge icon, and follow the prompts in the window that opens to install the extension.

After adding MetaMask Extension, you’ll return to your browser page. MetaMask will appear on your browser. You may click on it to open MetaMask.

How to install MetaMask on Brave?

1. Visit https://metamask.io/
2. Click “Download”, and scroll down until you see the Brave icon.
3. Click on the Brave icon.
4. In the Chrome store that opens, click ‘Add to Brave’.
5. In the popup that appears, click ‘Add extension’.

After adding MetaMask Extension, you’ll return to your browser page. MetaMask will appear on your browser. You may click on it to open MetaMask.

Note:

When adding MetaMask to your browser, you may ask why you’d have to approve an extension to “read and change all your data on the websites your visit”.

That said, MetaMask is safe for browsing. Welcome–you’re joining over 20 million MetaMask users all over the world!