Skip to main content

How do I setup my wallet?

  • Updated

Wallet basics

In order to buy a token on Royal, you need a place to store it. This is called a wallet.

Think of your crypto wallet like a purse. In the physical world, your purse holds money (cash and credit cards), carries things (sunglasses, keys, chapstick, etc), and is uniquely yours.

Your crypto wallet also holds money and things. With your wallet, you can:

  • Store your cryptocurrency
  • Use it to pay for things
  • Store your purchases - including any tokens purchased on Royal.

And just like a physical purse, you want to keep it safe. If anyone gets into your crypto wallet, they now have control of everything in it.

If you’re using MetaMask, you’ll get a secret passphrase to keep your wallet safe.

Note: Anyone with this passphrase can take stuff out of your wallet, so it’s important to keep it secure.

 

Supported wallet types

We support two different kinds of wallets: 

 

Option 1: Metamask (you make it yourself)

For now, the only supported self-custodial wallet is MetaMask. If you want to sell your token on a third party marketplace, we recommend using this method.  

 

Option 2: Royal (we'll make one for you)

If you decide to purchase without connecting a MetaMask wallet first, we will create a wallet for you. You will only be able to use this wallet for purchases on Royal. If you want to sell your token on a third party marketplace, like OpenSea, you’ll need to transfer it. Learn more about transferring tokens here.

 

Using MetaMask

What's MetaMask, and why do I need it?

Metamask is a browser extension that serves as a crypto wallet for Ethereum and ETH compatible blockchains- allowing users to store Ether and other ERC-20 tokens to be used for transacting with the decentralized internet (web3).

 

Step 1: MetaMask desktop installation

  1. Go to metamask.io
  2. Click 'Download'
  3. Click 'Install Metamask for Chrome'. Once installed you will be able to click the puzzle piece icon in the top right of your browser (next to your profile pic).
  4. Click 'Get started'. For the purposes of this guide we'll assume you don't have a wallet. Click 'Create a wallet'.
  5. Create a strong password according to Metamask's guidelines.
  6. After you create a password you will receive what's called a 'Secret Recovery Phrase.' This is a critical step as your 'Secret Recovery Phrase' is how you'll be able to restore your wallet if you ever lose access to your device. We recommend writing down the 12 words on a piece of paper and storing it in a secure location. Do not ever share your secret recovery phrase with anyone. Having multiple backups stored in secure locations is recommended.
  7. Confirm your secret recovery phrase by clicking the words in the correct order then click 'Confirm'
  8. Click 'All done'

Congrats! 🎉 You now have your own MetaMask wallet!

 

Step 2: Connect your MetaMask

  1. Go to royal.io
  2. Click the wallet icon next to your avatar in the top right of the screen.
  3. Click CONNECT METAMASK and follow instructions.

Note: If you have any other wallet extensions such as the Coinbase Wallet extension installed on your browser, this can cause MetaMask connection issues. We suggest turning off or removing any other wallet extensions aside from MetaMask from your browser.

Step 3: Adding the Polygon Network to MetaMask wallet.

  1. Go to https://polygonscan.com/ and click 'Add Polygon Network' at the bottom of the site
  2. Click 'Approve' then 'Switch Network'
  3. Once you complete the steps above, you should see the 'Matic Mainnet' in your MetaMask dropdown menu in the browser extension and the dot next to 'Polygon' shown on our wallets page should now be green. 

Using a Royal generated wallet 

All you have to do is purchase a token - we'll create the wallet for you automatically. 

If you'd like to sell your token on another marketplace, you'll need to transfer it into a self-custodied wallet, like MetaMask. 

 

 

Powered by Zendesk