How to Prepare for DAP Venice
You don’t need to understand the intricacies of crypto to buy an NFT, just a few steps and you are ready to go! Before you get started, here’s a bit of crypto jargon you should get familiar with:
- Cryptocurrency (or “Crypto”)
A digital (non-coin, non-paper) money created as a medium of exchange between individuals. It is not governed by any single central authority (such as a bank), it is managed in a decentralized way, using blockchain technology (a kind of open-source accounting ledger), and it is stored on a personal digital wallet. As such, crypto allows individuals to transact freely and transparently. Unlike classic fiat currency (dollars, for example), the value of crypto is regulated by a strictly finite supply. There are many cryptocurrencies, but the main, well-known ones are Bitcoin, Etherium and Ripple. - Ethereum Cryptocurrency (ETH)
The native currency of the Ethereum Blockchain, used to pay for transactions on the network. Ethereum (ETH for short) is the currency most used to purchase and sell NFT art on SuperRare. - MetaMask™
A non-custodial digital wallet that supports the Ethereum blockchain. MetaMask™ is a browser-based wallet that can connect to different websites and hold or spend ETH. You will need a digital wallet containing Etherium in order to connect to a marketplace website where you can buy NFT artworks. Instructions on how to set up your wallet can be found here. - SuperRare™
SuperRare™ is a marketplace where you can bid on, collect and trade unique, single-edition digital artworks. All artworks exhibited at the Decentral Art Pavilion in Venice will also be made available on SuperRare™ for anyone to buy. A direct link to each artwork will be encoded in a QR code beneath the piece.
Now that we have the basics covered, there are two steps that you will need to complete before you are ready to purchase art at Decentral Art Pavilion.
STEP 1: Set up a Metamask digital wallet
MetaMask is a cryptocurrency wallet used to interact with the Ethereum blockchain. It allows users to access their Ethereum credit through a browser extension or mobile app, which can then be used to buy and sell NFTs. You will need your MetaMask wallet to be funded with ETH in order to buy any of the works showcased at the Decentral Art Pavilion Singularity exhibition.
How do I set up a MetaMask wallet?
- Download and install the MetaMask browser extension through their website or through their app on your mobile.
- Select “Create a Wallet.”
- Create a password.
- Write down your Secret Recovery Phrase, and store it somewhere safe (not on your computer or phone!). If you lose this series of words or forget what order they’re in, you will lose access to your wallet and it will be unrecoverable. It is recommended that you write the phrase on a piece of paper and store it in a safe place.
- Confirm the phrase by placing all of the words in the correct order as they were assigned.
- Now, MetaMask is set up and should appear in your browser extensions.
- If you have any trouble, visit MetaMask Support.
STEP 2: Purchase Ethereum cryptocurrency
Ethereum (ETH) is the cryptocurrency used by art marketplaces, so you will need ETH to purchase your favourite artworks at the Decentral Art Pavilion Singularity exhibition.
How do I buy/get ETH?
- Go to https://www.moonpay.com/, a simple and secure way to buy crypto.
- Select a cryptocurrency from the drop-down menu, and enter how much you’d like to purchase using a fiat currency (ie, dollars or euros) of your choice.
- Next, you’ll be asked to enter your wallet address. Make sure you enter a wallet address that is compatible with the cryptocurrency you’re purchasing, and that you alone have control over.
- Once you have filled the wallet address, press Buy Crypto. You will need to fill in your email to receive the payment link.
- Lastly, go through the KYC process of Moonpay and make the payment. The funds will be sent directly to your MetaMask wallet.
