Wallace, who impressed in a 10-day trial with the club, signed a two-year international rookie contract and is training hard to develop his skills, completing 200-300 kicks a day and 400 handballs.
Wallace, 23, caught North's eye when he recorded a 80cm for the standing vertical jump, which was ranked in the top three per cent of all draft hopefuls and a 2.90 seconds for the 20m sprint at October's AFL Draft Combine.
The 196cm and 102kg Wallace said that he was used to a shorter court and a lot more explosive running in his college basketball career.
North's first-year players, including Wallace, are currently in a camp in Tasmania helping the areas affected by the bushfire tragedy two weeks ago.
Wallace described his transition from basketball to AFL as a "beautiful struggle" and said he was working all day.
"The field is huge, (it is) probably the most aerobic game in the world I would say, having experimented with a number of sports," Wallace told SEN radio on Wednesday.
"(I want to) really try to find my niche in the game as soon as I learn the game and then add some of my own aspects to the game that I got from basketball.
"It's a challenge, it's a challenge every day.
"I'm learning every day, improving and taking it slowly. I have to keep learning the game and hopefully one day I will make an AFL game.
"At the same time it's fun. I'm enjoying myself, learning a new sport, I'm meeting new people, learning an entirely different new culture."
Wallace is a prolific tweeter and has been keeping his followers up to date with his transition to Australian life and his experiences in Tasmanian.
"Driving through some of the fire affected areas of Tasmania. Very confronting sights! My heart and prayers go out to all those affected!," Wallace tweeted.
"In Tasmania for the week!".
Wallace also has been introduced to one of Australia's unique food's and tweeted that he enjoyed the experience.
"Meat pies! I'm a fan!," Wallace tweeted.