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 Nayan 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.

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. Coinbase, Gemini and Binance 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.  

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 over other currencies because it belongs to the Ethereum blockchain which facilitates the purchase of NFTs. 

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 for added secure storage. 

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 terminology is broken down, the process is quite simple. Anyone can do it! Here’s to an exciting and prosperous NFT adventure. Cheers!

 

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