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18. November 2022

elementum's guide on how to open a wallet

On the elementum NFT platform you can purchase an NFT with a credit card, without having to use a Crypto Wallet and/or Currency. But, if you want to open a crypto currency wallet to collect Ethereum Blockchain NFTs (ERC-721) continue reading...

Step 1 — Download and install Metamask

The most popular and easy to use wallet is a MetaMask wallet, which is a non-custodial software wallet that is popular for NFTs.

To download it, click here

Step 2 — Set Up A Crypto Wallet

After you downloaded MetaMask, create a new crypto wallet.

Create and enter a strong password and make sure to write it somewhere safe. If you forget your password and need to set up a new one, you can only do so as long as you have the seed phrase.

A seed phrase consists of word combinations and it is unique for every account. Never share your seed phrase with anyone. Make sure that you have written down the words safely in the exact same order.

On the image above, you can find your seed phrase. Make sure that you store it safely and never share it with anyone.

You must enter the words in the exact same order. The seed phrase words vary from 12 to 24.

How to Fund Your Crypto Wallet

Now that your MetaMask wallet is complete, you are ready to start collecting NFTs. As you may know, on the elementum platform you can pay both in crypto but also in FIAT (USD) with your credit card. If you want to pay in crypto you will have to own crypto currency (eg. Ethereum). Two options we will explore are:

Add funds directly to your wallet Many NFT-compatible wallets support adding cryptocurrency directly into your wallet by using a service such as Moonpay or Wyre. These are integrated into the wallet, and allows you to buy cryptocurrency using a credit or debit card and skip the process of using a crypto exchange. You may be prompted to verify your identity during this process.

Transferring cryptocurrency from a crypto exchange Another option is to buy cryptocurrency using an exchange like Coinbase, or Binance. Usually, when you buy cryptocurrency using an exchange, the cryptocurrency will be deposited in a custodial wallet managed by that exchange, most of which are not compatible with NFTs. So in order to fund your crypto wallet that you’ll use for NFTs, you have to transfer the cryptocurrency from the custodial exchange wallet to your other wallet. For example, if you bought ETH using Binance, you’d need to send it from your custodial Binance wallet to your Metamask wallet to buy NFTs using that ETH.

Information you can find in your MetaMask wallet:

A point : Here you can find your wallet address

B point: The amount in Ethereum and USD available in your wallet

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