In order to buy NFTs, cryptocurrencies or other tokens, you will need to set up a web3 wallet and fund it with cryptocurrency. Your web3 wallet is much more than a place to store currency. It’s more like your passport to web3, an identity card, gallery and safety deposit box combined.
For this guide, we’re going to assume that you want to fund your wallet with Ether, also known as ETH, which is the native token of the Ethereum blockchain. Ethereum is the most commonly used smart contracts blockchain and is used in SuperBenefit’s crowdfund campaign.
Below, we’ll outline the main steps to set up and fund your web3 wallet,
Table of Contents
- Step 1: Set up your web3 wallet
- Step 2: Add Funds to your wallet
- Australia & New Zealand
- Step 3: Keep your wallet safe
- i. Only share a wallet address if you’re comfortable tying your identity to it and exposing everything inside of it.
- ii. Backup your secret phrase or private key somewhere safe.
- iii. Never share your secret phrase or private key with anyone.
- iv. Follow the tips outlined in the “Avoiding Crypto Scams” guide.
- Appendix 1: How to contribute to SuperBenefit’s crowdfund
- Appendix 2: Connect your wallet to OpenSea
Step 1: Set up your web3 wallet
The most popular web3 wallet is called Metamask, which is a Google Chrome browser extension. Metamask also has iOS and Android apps, but the desktop version is more reliable.
Here is a step-by-step tutorial on how to set up a Metamask wallet.
Follow the steps in the “Getting Started” section, then come back here for Step 2 below.
If you get stuck, please reach out to us on Discord. Just ask in the #helpdesk channel and our Community Experience team will be happy to help.
Although most commonly used for Ethereum, Metamask is a multichain wallet that will also allow you to interact with smart contracts on Polygon, Avalanche, Binance Smart Chain, Harmony and many other blockchains. Rainbow Wallet and Coinbase Wallet are good alternatives to Metamask, and some blockchains have their own specific wallets.
Step 2: Add Funds to your wallet
Now that you’ve set up your wallet, it’s time to fund it with some ETH. If you are new to web3 and you don’t already have some ETH in another wallet or on an exchange, you can do this using your bank account or debit card. You may be able to use your credit card, but not all card issuers in all countries support this.
The exact steps to add funds to your wallet will depend on which country you live in. There are likely to be several options for each country. We will offer one or two options for different countries below, based on recommendations from our community. Please do your own research to make sure that you are using a reputable service, and confirm any fees that may apply.
If you know good funding options for other countries that we can add to this list, please send us a DM or connect with us on Discord and let us know. Thank you!
Shakepay and Newton are two fast and secure options in Canada. They are both apps that you can download for either iOS or Android. Shakepay has higher spreads but offers free ETH transfers, whereas Newton has tighter spreads but only covers the first $5 of transfer fees. In practice, Shakepay will work out cheaper if you’re buying a smaller amount of cryptocurrency (less than $2-3,000) whereas Newton will work out cheaper for larger amounts.
- Once you download and install the app and confirm your identity, you will be able to send funds to your account by e-transfer and the funds arrive within minutes. You can also connect your bank account and send a wire transfer, but this takes several days.
- Once the funds have arrived in your Shakepay or Newton account, you can now buy some ETH.
- Now select the “Withdraw” (Newton) or “Send” (Shakepay) feature and enter your ETH address. To get your ETH address from Metamask, simply click the 3 dots under your profile picture and select “Account Details”. You can now scan the QR code using your phone. To get your wallet address from the Metamask mobile app, tap the hamburger menu in the top left and then select “share my public address” to copy your ETH address.
Australia & New Zealand
Swyftx is an app that works in a very similar way to Shakepay and Newton in the Canadian example above.
Download the app, create a free account, and verify it. After your account is verified, you can use Bank Transfer, POLi pay, PayID or OSKO to send funds straight into your Swyftx account, before buying ETH and sending it to your wallet address.
Step 3: Keep your wallet safe
Unfortunately, there are many scammers in the world of web3, who may try to impersonate official accounts in order to steal your information and money. Use the information below from Rainbow to help keep you safe.
i. Only share a wallet address if you’re comfortable tying your identity to it and exposing everything inside of it.
Because the blockchain is public and decentralized, anyone with your address can see your entire transaction history. Is that something you’re okay with?
ii. Backup your secret phrase or private key somewhere safe.
These two things are what give control over a wallet. You must back them up someplace safe because they are the only thing that could let you back into your wallet if you lose access.
iii. Never share your secret phrase or private key with anyone.
There may be some rare exceptions to this rule, but for the most part you should be the only person who can control your wallet. Accidentally leaking or sharing your private key and secret phrase means your wallet is permanently compromised. It’s not like the traditional internet where you can simply reset your password. Private keys and secret phrases are unchangeable. Your only course of action would be to start a new wallet.
iv. Follow the tips outlined in the “Avoiding Crypto Scams” guide.
Just like in the traditional finance world, there are some bad actors looking to steal your assets. It’s not hard to avoid these scams though if you know what to look for. This article describes many different types of crypto scams and Here’s a helpful guide to avoiding crypto scams that’s well worth a read.
Appendix 1: How to contribute to SuperBenefit’s crowdfund
Thank you for your interest in supporting our mission!
- Visit SuperBenefit’s Crowdfund page
- Choose the NFT that you wish to purchase. There are 3 different NFTs, valued at 1 ETH, 0.25 ETH and 0.1 ETH.
- Select the “Collect NFT” button and confirm the transaction in your wallet.
- That’s it! You will be able to view the NFT in your wallet and you will receive an allocation of $SPRB (SuperBenefit’s governance token) once the crowdfund is complete.
Appendix 2: Connect your wallet to OpenSea
- Visit OpenSea on the web and click the profile button
- Select your wallet and sign the connection when prompted
- Once you connect your wallet, you’ll be able to see the NFTs in your wallet and you’ll be able to purchase more NFTs