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How to 'NFT' guide

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banglasteve
45
2 years agoSteemit3 min read

Hi Crypto family!

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Now many have asked me about NFT's and I hope this experience provides you a guide on the 'how to navigate' through them and purchase them. Also just what NFT's are and what purpose they serve.

WHAT ARE NFT's?
NFT = Non-Fungible Token. What makes them special? They are on the blockchain. Typically they are Art or Collectibles and their authenticity is ensured and verified by the blockchain. Limited in editions and rarity make them valuable. BAYC - Bored Ape Yacht Club an example where we even saw Adidas purchase one this week! They are trading at a floor price of $2.5 million USD currently.

WHY WOULD ANYONE BUY AN NFT?
I could just right click and save the image and change my profile to the photo? Yes but technically you don't own the image. Yes that doesn't mean much but there is more to NFTs let me try and explain. They represent access to DAOs - Decentralised Autonomous Organisations. They can be voting rights or even rewards from projects are distributed back to holders. You are part of a community of like-minded individuals!

WHAT DOES MINT MEAN?
Mint simply means you are buying one of the NFTs while they are available for sale off the project's website BEFORE they hit market. I think of it like a lotto with a chance to get something rare! It is all a game of luck!

I LIKE THE ART - HOW DO I BUY?
The most popular type of NFT's are Ethereum and Solana based so here are some questions to ask yourself:

  • What blockchain is the NFT on?
  • Do I have a wallet set up? For Ethereum this is Metamask and Phantom for Solana (instructions below)
  • Once funds are loaded into the wallet you can click the 'mint here' button on the landing page and once the countdown is complete we are ready for mint - YAY!

HOW DO I SET UP A WALLET WITH FUNDS?

Go to phantom.app, download the Phantom wallet extension. Once the app is installed it will show as an extension in the Chrome tabs. Run the program and create a new wallet. Here is a video if you are more a visual person:

Things to note:

  • Never give out your seed/key phrases to anyone – think of this as your password to your bank!
  • Send Solana to your public address (receive Solana)
  • You will require Solana in the wallet to get started.
    For metamask you will need to purchase Ethereum which you can do on the link above also.

BS

DISCLAIMER - There are risks of purchasing NFT's just like any coin/investment where the value of your investment can reduce significantly. Similarly, the value of the NFT can appreciate subject to rarity and ranking all of which will be publish post-mint.

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