How to Ensure You’re Not Left Out of the NFT Craze
An easy step-by-step guide to help lead you into the next revolution.
FOMO
A couple of months back, I started taking notice of my social media network “friends” sharing common themed posts. The topic, you guessed it, non-fungible tokens.
Sometime shortly after came the news of Beeple selling an NFT for sixty-nine million dollars! This is when I became aware of another new phenomenon to me, FOMO(Fear Of Missing Out), this feeling set in as I scrolled and googled for what may have been hours, reading up on this craze I was seemingly oblivious to.
I immediately took notice of not just posts now, but the people that began taking part in trying to cash in on “the next big thing.” My awareness allowed me to take note of the celebrities, athletes, and influencers that were now flaunting auctions selling non-fungible tokens they had created.
I recently used my FOMO as fuel to drive me towards inclusion, I’m now parked outside of the biggest, most happening club in the world, awaiting my opportunity to party with the newest hipsters.
Will you be joining us? If so, here is what you need to know, the password sort of speak, needed to gain entrance.
Obtaining a Cryptocurrency Wallet
Crypto wallets come in the form of devices, mediums, or smartphone applications, and help you access records of transaction history that are held on the ledger. In other words, if you want to actually use your crypto, you’ll need a wallet to do so.
Wallet addresses are derived from public and private key pairs and identify your account on the blockchain. This allows you to receive crypto. Think of it like an email, you can share it anywhere, and whoever knows your address can send you crypto.
This wallet holds the unique digital password used to store your crypto currency. In order to put yourself in position to be a consumer of NFTs you must possess a non-custodial wallet. This type of wallet puts you in complete control over your assets, unlike a custodial wallet that uses a third party to secure your crypto.
If you you already have a custodial wallet, you can simply transfer your funds into a non-custodial and therefore obtain the power to purchase non-fungible tokens.
Ethereum
Since NFTs exist mostly on the Ethereum blockchain, you would need to purchase Ether on Coinbase and then transfer it to your non-custodial wallet, which you would then use to buy an NFT from online marketplaces.
“I wish I had bought it (Ethereum) sooner, simply because I believe it to be the closest we have to a true currency”
-Mark Cuban
Where to find your crypto wallet
Depending on your specific needs, you can download your crypto wallet to your computer (desktop) or phone (mobile), create it on a web browser (web), buy it from a store (hardware) or print it out (paper). Where you choose to get your crypto wallet depends on your needs and personal preference. I used MetaMask which is available for both web and mobile.
I came to my choice of wallets after a Google search on where to find one and some time researching my different options.
Once you’ve decided on a particular wallet, simply follow the instructions laid out before you on the site.
You will then come into possession of the coveted password that gives you an all access pass to the revolution that is before us.
One last step to consider
When buying Ethereum allow 3-5 days before the transaction completes. If you're planning on buying an NFT that is time-sensitive, you must take this into account.
Now, let’s party, care to dance?
“If I can’t dance to it, It’s not my revolution!”
- Emma Goldman
