Setting up a Lace Wallet (for a browser)

1. The End Goal: Holding Literary NFTs in Your Wallet

In order to collect a literary NFT, you will need to have a wallet and add some Cardano (ADA) to it.

We’d like to show you the finished product first, so you know what you’re doing this for. After you purchase a literary NFT with ADA using your wallet, the NFT will then be transferred to your wallet and will appear in the “NFTs” section.

It will look something like the screenshot to the right (or below, if you’re on a phone):

2. Cardano Wallets (an Introduction)

There are several popular Cardano wallets. We will be showing you how to set up a Lace wallet in a web browser (in this case, Chrome). Lace also has a phone app, and you can install your wallet on that as well. (The same wallet can be on two (or more) different devices.) Once you’ve set up a wallet, you can use your “seed phrase” to put it on other devices.

If you would like a full video introduction to the Lace Wallet, Atticus Review recommends the tutorial by James at MoneyZG to the right (or below on a phone). James is a trusted source for all things crypto and blockchain related. There is more information in this video then you will need, but the most important information will be in the first 5 minutes of the video. 

3. Installing the Wallet

In a new window, go to Lace.io and click the “Add to Browser” button.

NOTE: If you do not see the “Add to Browser” button and instead see a “Join our Discord” button, that may mean you already have a Lace browser extension installed.

Look for it by going to your “Extensions.” You can find extensions by clicking on the puzzle piece icon at the top right of your browser.

(See screenshots to the right or below on a phone)

4. Locating the Extension

You may wonder where your extension is after you installed it. To find it, you need to click on the Puzzle Piece icon at the top right of your browser.

 Once you do that, you’ll see a drop down and all your extensions will be listed there. You can “Pin” an extension so you can see it easily in your browser bar.

5. Setting up Your Wallet

Once the browser extension is installed, you will need to set up your wallet.

• Click the “Lace” icon
• Click “Create New Wallet”
• Choose the traditional “Recovery Phrase” method

IMPORTANT: Copy or Write Down your Recovery Phrase

• After you click “Next,” it will give you 24 words. This is your “Recovery Phrase” or “Seed Phrase”
• Save this in a secure location. It might be best to write it down and keep it offline for maximum security
• Re-Enter the Recovery Phrase
• You will be prompted to enter your seed phrase exactly as it had appeared to you. You can use “Paste” to insert the entire phrase if you copied it in the previous step.

6. Naming Your Wallet and Spending Password

It doesn’t matter what you name your wallet. It will only be visible to you. It is possible for you to have multiple wallet addresses inside a wallet application on your browser or phone, so the naming is just for you to distinguish between wallets.

The Spending Password will be required to make transactions and to Open your wallet if you locked it. It is not as important as your Seed Phrase. If you lose or forget your Recovery or Seed phrase, then you will lose access to your wallet and to your money. There is no way to regain a Recovery Phrase. Your Spending Password can be changed if you forget it.

After you’ve entered a password and a wallet name, click “Open Wallet”

7. Finding Your Wallet Address

Next you will want to find your wallet address so that you can receive ADA in your wallet after you purchase it on an exchange such as Coinbase. If you are outside of the United States, there are other exchanges you can use. The tutorial in the video referenced above uses Binance. The concept is the same, however. After you purchase ADA on your exchange of choice, you can send it to your wallet by copying your wallet address and then send ADA from your exchange and enter your wallet address there.

We may cover getting set up on an exchange in a different tutorial.