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Dolan Geiman x NFTs - Your Guide to Getting Started
Release Day: Tues 4/27 @ 6am MST - The World of CryptoMuun
Are we living in the future? Absolutely. Are we equipped with our own spacesuits? Not yet, but who knows what the rest of this year will bring. If the past year tells us anything, it’s that the future is as unpredictable as ever but that we can and will persevere and come out even stronger and more creative. And as we move into the new world day by day, new opportunities are unfolding. For several months now I have been finalizing a brand new creative direction and taking a leap into the wild world of non-fungible tokens (NFTs). I am sure many of you have seen the news regarding NFT’s (the BEEPLE sale for $69 Million via Christie's got a little attention - READ), and if you haven’t you can find a little introduction below. If you have been following along with the news, you have probably seen that NFT’s are a brand new opportunity for artists, collectors, and investors alike and will be one of those revolutionary moments we reminiscence about with our grandchildren. While I put the finishing touches on my debut collection, read on for my guide to NFTs and get ready for my NFT launch by setting up your Digital Wallet and purchasing your very own crypto.
- +From Time, "NFTs are Shaking Up the Art World-But They Could Change So Much More"
- +From the New York Times, "What are NFTs, Anyway? One Just Sold for $69 Million"
How do NFTs work? NFTs are typically part of the Ethereum blockchain which stores information about the NFT on a distributed ledger. Their value proposition is that they are digitally unique and while anyone can copy and download video clips or image files, an NFT has a record saying that it has only one owner.
What makes NFTs so special? Non-fungible tokens have unique attributes; they are usually linked to a specific asset. They can be used to prove the ownership of digital items like stickers or videos, as well as art . Although most NFTs are inherently digital, you can use NFTs to track physical assets as well.
I’m a buyer/collector. Why NFTs? One of the benefits of buying NFT art is it lets you financially support artists you like. NFTs provide a great deal of equity ownership for creators. Buying an NFT also usually gets you some basic usage rights, like being able to post the image online. From a value store standpoint NFTs can work like any other speculative asset, where you buy it and hope that the value of it goes up which is currently happening with items from tweets to cryptokitties to original artwork.
So every NFT is unique? Every NFT is a unique token on the blockchain. For some artwork there’s only one definitive version similar to individual physical pieces. For others there can be a limited number of ownable copies coded into the NFT - think prints of an image.
How do I buy NFT tokens? Non-fungible tokens can be purchased on a huge number of NFT marketplaces, including Rarible, Nifty Gateway, SuperRare and more. Some like Nifty and Opensea take credit card but most require you to purchase using cryptocurrency (typically Ethereum) using your digital wallet.
How do I set up a Digital Wallet? Coinbase Wallet or MetaMask are non-custodial wallets, compatible with most major NFT marketplaces, and put you in complete control of your crypto. Non-custodial wallets don’t rely on a third party — or a “custodian” — to keep your crypto safe. While they provide the software necessary to store your crypto, the responsibility of remembering and safeguarding your password falls entirely on you. If you lose or forget your password — often referred to as a “private key” or “seed phrase” — there’s no way to access your crypto. And if someone else discovers your private key, they’ll get full access to your assets.
To set up your digital wallet:
- 1. Download a wallet app to your phone. Popular options include Coinbase Wallet and MetaMask and both can be found on the App store on your phone.
- 2. Create your account, you don’t need to share any personal info to create a wallet.
- 3. Be sure to write down your private key and note the order of the words. It’s presented as a random 12-word phrase. Keep it in a secure location.
- 4. Transfer crypto to your wallet from a crypto exchange like Coinbase or Binance. (If you haven’t bought Crypto before see the next section)
How do I buy cryptocurrency? To buy crypto you need to have an account with a crypto exchange. There are a number of exchanges out there but make sure you choose one that allows you to transfer crypto to your digital wallet. The example we will use is Coinbase as it is the largest crypto exchange by volume and allows you to easily transfer your crypto to a digital wallet. Remember that most marketplaces accept Ethereum as the currency for purchasing NFTs.
- 1. Select Buy / Sell on the upper right-hand side.
- 2. Click the Buy field to select the asset you'd like to purchase.
- 3. Enter the amount you'd like to buy denominated in crypto or your local currency.
- 4. Select your payment method.
- 5. Click Preview Buy to confirm your purchase (you can always click the back arrow to make a change).
- 6. If the details are correct, click Buy to complete your purchase