If you’re looking to purchase an NFT or transact in cryptocurrency, you’ll need a wallet of some kind. A wallet is actually software that manages the secret keys used to “sign” the transactions that make up the blockchain and therefore prove ownership of the underlying assets, such as payment tokens such as Ether or Bitcoin, or tokens for a digital asset, such as an image or video file.
What is MetaMask?
MetaMask is one of the leading crypto wallets. It is “noncustodial”, meaning it gives users full control and ownership of their own crypto assets and NFTs. It is like keeping your money or art in a safe at your house, as opposed to in a “custodial” bank vault. In addition, you can interact with different applications on the Palm network directly from MetaMask, such as NFT marketplaces or auction sites, as well as a number of crypto related finance applications.
A “custodial wallet” is one where another entity like Coinbase, Binance, Kraken, or others, is responsible for holding onto and keeping secure the user’s funds–just like a bank. You’ll have less flexibility with these than wallets like MetaMask. Some platforms in the Palm ecosystem will have custodial options.
Setting Up Your MetaMask Wallet
Step 2: Click “Install MetaMask for Chrome”. Firefox, Edge, and Brave browser are also supported.
Step 3: Click “Add to Chrome”.
Step 4: Click The Metmask fox icon. Click “Get Started”.
Step 5: Click Create a Wallet. On the next screen, select “I Agree”.
Step 6: Create a password and write it down somewhere. You can’t recover this password if you lose it.
Step 7: Click to reveal your secret backup phrase. This is used to recover your wallet. If you lose this, there is no way of recovering your money. It is very important that you write it down somewhere safe and do not share it with anybody. Note that your secret backup phrase is unique, and will differ from the one in the picture.
Step 8: Confirm your secret backup phrase. Now you’re ready to add currency to your MetaMask wallet.
Step 9: To add currency and configure your MetaMask wallet for the Palm Network, go to app.palm.io and click “Configure” in the top dashboard. This helps you automatically set up your wallet with configuration info for the Palm Network, and switches your network to Palm.
Step 10: Purchase ETH or DAI via the Palm fiat onramp. Your cryptocurrency is now in your Palm wallet and is ready to be used.