WTF is an NFT?
And how do I own one?
An NFT (non-fungible token) is a digital asset.
Think of NFTs as digital art, photos, videos, or music. As you would collect trading cards (baseball, Pokemon, etc.) or paintings, you are collecting art with value. When you buy an NFT, you are buying the rights to that specific creation- which can increase or decrease in value and also be exchanged on an open market with other digital assets (NFTs, Cryptocurrency, FIAT currency).
In this video, you'll learn exactly what a non-fungible token is, and why they are valuable.
Now we know what NFT's are, where do we store them? There are two main wallets where we could hold our digital assets (NFT's + Cryptocurrency).
Hot Wallet - digital storage; applications that can be downloaded or accessed via; cell phone, tablet, desktop. Assets stored online.
Cold Wallet - physical storage; like a USB. Can be bought online and needs to be connected to a computer for access. Assets stored offline.
This video explains the differences, pro's + con's, and how cryptocurrency wallets work.
Step 1: Download a Digital Wallet
Which wallet do we use? The most common wallet used to hold NFTs is MetaMask. There are other digital wallets Trust Wallet, Coinbase Wallet, Alpha Wallet to name a few, but we reccomend MetaMask because it is easy to set up and use. Please DYOR to fit your preference.
This video tutorial will explain how to set up your MetaMask wallet. You can stop at 3:18, your wallet should be set up and ready to go! For more in-depth information on what you could do with your digital wallet, keep watching.
WARNING: DO NOT SHARE YOUR KEYPHRASE WITH ANYONE EVER! WRITE IT DOWN AND KEEP IT SOMEWHERE SAFE. DO NOT LOSE IT.
Step 2: Connect Your Wallet to opensea
Your wallet is all set up, how do we buy or create NFTs? In this particular case - you'll need to connect your wallet to OpenSea.io (Ethereum Network). Connecting and adding funds to your wallet will give you access to Web 3 websites and ready to purchase, sell, or create NFTs. (If you aren't familiar with web 3, no worries, we'll cover that topic soon or simply DYOR).
There are different open market platforms that require different wallets or networks installed to access. There is a long list but, OpenSea and MetaMask are the most popular connection.
This video tutorial will explain how to set up and connect your digital wallet to OpenSea.
Step 3: Congrats! You now own an NFT!
Your NFT is now your digital asset. Since you own all the rights of the NFT - you're able to use it for commercial and/or personal use. ie: branding your business, selling merch, marketing, videos, whatever - it's yours!
Congrats! You now own an NFT and have dipped your toes into Web 3! The NFT Community welcomes you.
Follow us on Twitter to see what this space is all about.
We will soon be releasing a more in detailed guide to give you more knowledge on NFTs.
If you are interested in learning more about Web 3 and NFTs - hit us up!