Chapter 9

What is MetaMask?

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What is MetaMask?

MetaMask is a browser plugin that serves as an Ethereum wallet. It is installed like any other plugin. Once installed, it allows users to store Ether (or ETH) and other ERC-20 tokens, enabling the user to make transactions. In other words, the user can start buying and selling NFTs that are on the Ethereum blockchain.

How to use MetaMask

Here is a MetaMask tutorial to help you set up your desktop wallet via a Chrome extension. You can also use other browsers such as Firefox and Brave. Whatever you choose, it is very important that you only download from the official MetaMask site.

Step By Step Instructions

1. Go to www.metamask.io

2. Click the “Download” button on the homepage.

3. Click “Install MetaMask for Chrome” (you should automatically be taken to the app store).

4. Click “Add to Chrome” to add the extension.

5. Once installed, you will be able to view MetaMask in the top right corner of your browser by clicking on the puzzle piece icon.

6. Click “Get Started” and choose “Create a Wallet” to start a new one.

7. Create and confirm a password according to MetaMask’s guideline. This is NOT the seed phrase, but make sure your password is unique and difficult to guess.

8. Read and agree to all the terms of use. When ready, click “Create” and you are now an owner of a MetaMask wallet.

9. Once you’ve created your wallet, you will now be able to view your seed phrase, or the 12 word sequence used to recover and backup your wallet. This must be hidden and never shared with anyone. Do not take a picture or screenshot of your seed phrase — instead, write it down immediately on a piece of paper and put it in a secret, safe location. Alternatively, you can use other secure options on the market, such as Billfodl by Ledger. After documenting your seed phrase, click “Next.”

10. Confirm your seed phrase by clicking on the correct words in the correct order of your 12 word sequence and click “Confirm.”

11. Click “All Done” and you’re now set!

You can now access your MetaMask wallet via the fox icon in your browser and begin interacting with cryptocurrency and NFTs. If you already have Ether, you need to transfer some over into your MetaMask wallet. If you don’t have Ether, you can buy Ether directly through MetaMask (in some U.S. states) or from a cryptocurrency exchange such as Coinbase or Binance.

How to send ETH to MetaMask

To deposit ETH to your MetaMask wallet from an exchange or another wallet, you will need to submit a transaction pointed to the address of your account in MetaMask.

First, copy your Ethereum address from MetaMask. When you open your wallet, this address is located under “Account 1” – copy this address.

Then, open the corresponding exchange that holds your ETH, navigate to the page that allows you to “Withdraw” or “Transfer” your ETH to another address. On that page, you’ll be able to send ETH to MetaMask by pasting the Metamask address you want to transfer to.

Keep in mind, with every transaction on the Ethereum blockchain, you will need some additional ETH to pay for gas fees.

Is MetaMask safe?

The biggest concern is that it is a hot wallet, which is a crypto wallet that is connected to the internet. This makes it vulnerable to theft, hacking, and phishing attacks.

It is recommended to transfer large amounts of crypto or valuable NFTs to cold wallets, such as Ledger or Trezor, which are easily connected to MetaMask. This gives you the security of a hardware wallet with the ability to connect with any MetaMask/web3 enabled sites.

Summary

MetaMask is the bridge to the decentralized web3 world and it’s important to understand how it works, especially if you want to buy and sell NFTs on the Ethereum blockchain.