WTF are NFTs?

A Beginner’s Guide to Buying NFT’s in 4 Steps

We’re at the dawn of a new era of cryptocurrency and digital commerce. The concept of intangible currency and assets that live completely online is hard for the majority of people to grasp. There’s especially lots of confusion around the technical jargon of the cryptocurrency world. One term you may have heard rather frequently as of late is NFT.

What is an NFT?

NFT stands for Non-Fungible Token. “Fungible” refers to something that is replaceable or interchangeable. Paper money is an example of a fungible currency. For instance, a single twenty dollar bill could serve as payment in place of twenty single dollar bills and vice versa. A Non-Fungible Token is a unique and irreplaceable digital asset that could be anything from art, video, a piece of text, etc.

NTFs are basically one of a kind digital collectables bought and sold with crypto currency, many of which are being sold for large sums of money in the digital marketplace. A popular example of a Non-Fungible Token is the Nyan Cat flying pop-tart meme which sold as an NFT for nearly $600,000.

Buying and selling digital goods may seem intimidating and confusing but many that have taken the plunge have been pleasantly surprised by the return on their investments.  There are just 4 simple steps to acquiring your first digital asset. 

Step 1: Get a MetaMask Crypto Wallet 

There are many options when it comes to choosing a crypto wallet but one of the easiest, most user-friendly platforms is MetaMask. MetaMask is free to set up as a mobile app or desktop extension and will serve as, essentially, your Account for every Web 3.0 app currently available whether that is an NFT marketplace like Opensea or a NFT Project’s website used to ‘Mint’ new NFTs.

Step 2: Pick an Exchange

Once you have your crypto wallet set up, you’ll need to choose an exchange that allows you to purchase Ether, or ETH for short.  There are several exchanges to choose from to buy your ETH.

Recommended platforms include: Coinbase, Gemini and Binance as they are among the most widely used platforms.

Though it is also possible to purchase ETH directly through MetaMask using a debit card,  it is done through a third-party service called Wyre and comes with geographical restrictions. That being said, purchasing your ETH through an exchange like Coinbase that offers several different methods of payment and no geographical restrictions is the most convenient option – though there is a waiting period for being able to transfer funds out of Coinbase.  

Step 3: Buy Ethereum

Now that you’ve chosen your exchange and made an account, You’re ready to make your first ETH purchase. You’ll want to purchase ETH to be able to buy, sell, and trade NFTs that exist on the Ethereum blockchain. That’s where Starman NFT will be!

Step 4. Transfer Ether to Your Crypto and Hardware Wallet

The last thing you’ll need to do is transfer the ETH you just purchased over to your MetaMask wallet. It’s recommended that you also connect a Hardware Wallet like Trezor or Ledger to your Metamask to secure your wallet even further by adding an extra physical confirmation when you make transactions. If hackers/scammers get access to your wallet, they’ll still need that hardware wallet to confirm any transactions.

If you’re reading this then you’ve contemplated purchasing crypto and entering into the world of digital commerce and NFTs. If you were reluctant or just confused about how it all works, fear not! You’re not alone.

As you can see, once all of the technical jargon is broken down, the process is quite simple. Anyone can do it! Here’s to an exciting and prosperous NFT adventure. Cheers!

One thought on “WTF are NFTs?

  1. Michael Cook says:

    Hello Eli, I hope i am doing this right. I have set up my crypto Metamask Wallet. Anything else I need to do let me know.

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