Buy Your 1st NFT in 4 Easy Steps
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.
23andMe Holding Co. (Nasdaq: ME), the genetic testing and ancestry services company, is up 17% this morning. The stock started to move Thursday when EMJ Capital President Eric Jackson spoke about it being one of his picks on CNBC. The stock then continued upward on further attention from The Motley Fool.
Hut 8 Mining Corp. (Nasdaq: HUT) is a cryptocurrency mining company that is up 16% today. This comes partially due to the growth in crypto markets and partially due to a tweet from the SEC educating people on the risks and benefits of bitcoin funds, hinting at the arrival of a new Bitcoin ETF.
Alcoa Corp. (NYSE: AA) is an aluminum miner and processor. It is up 14% after reporting Q3 earnings that exceeded analyst expectations thanks to rising prices of aluminum raising revenues.
StoneCo Ltd. (Nasdaq: STNE) is a digital payment and fintech solutions company that operates in Latin America. It is up 13% thanks to recent reports of increasing e-commerce usage and noncash payment adoption in Latin America.
Enviva Partners LP (NYSE: EVA) produces and sells utility-grade wood pellets, which are used as a substitute for coal in power and heat generation. It is up 12% on the announcement that it intends to convert its organizational structure from a master limited partnership (LP) to a corporation (C-Corp) under the name of Enviva Inc.
Marathon Digital Holdings Inc. (Nasdaq: MARA) is another cryptocurrency miner that is up 10% today on the speculations over the SEC tweet.
XP Inc. (Nasdaq: XP) is a Brazilian investment management firm that is up 10% on a bounce-back. The stock slumped earlier this week when the company reported key performance indicators (KPIs) for Q3 that showed assets under custody fell 3% from Q2.
J.B. Hunt Transport Services Inc. (Nasdaq: JBHT) is an American transportation and logistics company. The stock jumped 9% today after the company reported earnings for Q3 that showed results that beat both top-line and bottom-line estimates.
Mondi plc (OTC: MONDF) is a British multinational packaging and paper group. It is up 9% today as part of a broader upward move in the FTSE 100 as it finally moves above pre-pandemic levels.
Lasertec Corp. (OTC: LSRCY) develops and services semiconductor-related equipment, laser microscopes and flat-panel display-related equipment. It is up 9% thanks to Japanese stocks hitting a two-week high on positive expectations from Japanese tech giants on their upcoming Q3 earnings reports.