You might be asking yourself, “What the heck is an NFT?”
Well, it stands for nonfungible token. Essentially, it’s a crypto that’s unique.
NFTs let you track ownership of digital content on the blockchain. And then you can freely trade them.
There’s a huge explosion of investment in NFTs right now. And you don’t want to miss out.
So, in this video, I’m going to show you how to buy your first NFT in four easy steps.
(If you’d prefer to read a transcript, click here.)
Hey everyone. Ian King here with your weekly Winning Investor Daily video.
In this short segment, I’m going to show you how to purchase your first NFT.
What Is A NFT?
And you might be asking yourself, what the heck is an NFT? Well, it stands for nonfungible token. And, essentially, it’s a cryptocurrency that has its own unique properties. Every NFT is different from all the rest of them.
This is different from bitcoin, where a bitcoin is fungible. The bitcoin that you own in your wallet is the same as I own my wallet, and the same thing with Ethereum and other cryptocurrencies.
Nonfungible tokens have unique properties that are only to those tokens. And this is what has allowed the creation of digital art, digital music and digital videos where the ownership of these digital tokens can be tracked on the blockchain, and then you can freely trade and transact them.
This is leading to a huge explosion of investment — and a bit of investor mania, essentially — in buying these nonfungible tokens.
So, in this video, I’m going to show you what you need to do to get set up.
Steps To Get Your NFTs!
Now, the first thing that you want to do is there are two main markets for NFTs. No. 1 is on the Ethereum blockchain, and the second one is on the Solana blockchain.
So, to get set up on the Ethereum blockchain, you want to get a MetaMask wallet. You can go to this website MetaMask.io, and I know many of you have already done this already.
This allows you to have a wallet that sits right here in your browser, and you can send cryptocurrency to it. And then you can use that cryptocurrency to purchase nonfungible tokens on different NFT exchanges.
OK, so once you have the MetaMask wallet set up in your browser, you have to send it some Ethereum.
Then you go to the largest Ethereum NFT exchange. That’s OpenSea.io. And once you’re there, it’s going to ask you to connect your wallet. So, you click on the little wallet icon, click on MetaMask, and then you just have to sign a transaction that you want to be connected to the OpenSea exchange.
And then you can explore different NFT collections here, and you can purchase different NFTs using Ethereum. And once you purchase it, when you go to your profile, it will actually have the NFTs that you’ve collected. And you can also create them.
So, OpenSea is the largest NFT platform on Ethereum, and that’s how you get into it.
Now, the second-largest NFC platform is actually on the Solana blockchain. To access it, you have to have a Phantom wallet.
So, in the same way that you use MetaMask to connect to OpenSea, you use the Phantom wallet. And you put a little bit of Solana in there, and then you can connect this to Solanart. This is how Web 3.0 works. And if you don’t have any Solana currently, you can purchase it on Coinbase and then send it to this wallet.
Then you can browse the different collections that they have on Solanart and the ones on OpenSea.
And just as a note, the collections on OpenSea are more abstract art, whereas the ones on Solanart are very, let’s say, kitschy, cartoony.
They’re meant to be profile pictures on your Discord or Twitter. And that’s why people purchase, you know, these specific NFTs. It’s because they want to display them as, like, their profile picture on different social media.
So, that’s how you get set up.
Remember: Go to MetaMask, set up a wallet, put some Ethereum in there, and then you can go buy NFTs on OpenSea.
And also remember that you’re going to need a Phantom wallet to access the NFTs on Solana.
So, that’s how you buy your first NFT. I want to thank everyone for joining me. Let me know if you’ve purchased any NFTs in the comments or if you like what I have to say today. And as I say every week, please hit that like button.
I’m Ian King, and I’ll see you next week. Thank you.
Editor, Strategic Fortunes
From open till noon Eastern time.
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