How to set up a Digital ‘Wallet’ and Start Trading Cryptocollectibles/NFT’s

Alright, you want in but no idea where to start? You’ve come to the right place!

To Start Trading NFT’s, you need to,

  1. Create an Ethereum Wallet
  2. Purchase Ethereum or MANA, (whichever currency is required), from an Exchange
  3. Transfer Ethereum or MANA to your wallet
  4. Start Buying/Selling!

 

Create an Ethereum Wallet

Where are you going to be storing these NFT’s? Just like you store your crypto on an exchange, you need to store your NFT’s on a Digital Wallet.

Something like Metamask is quite popular as a good first choice to start testing out the market. It’s the most popular amongst NFT Investors.

Metamask is a wallet that sits on your Chrome or Brave Browser as shown in the below image.

Image result for metamask chrome browser

 

You can watch this video on setting up Metamask. (MAKE SURE YOU SAVE THE PASSKEY/WORDS IN A SAFE PLACE), If you lose this or someone steals it, you can lose everything! And there’s no way of getting it back. Crypto is brutal.

 

Great! Now you have a wallet! You need some $$ in there so you can buy and sell NFT’s.

NFT’s fall within the crypto umbrella so you need Ethereum, MANA or any other currency that’s used to buy your particular NFT.

You need to first convert your fiat, (USD, AUD, EURO, or whichever currency you have), to the above mentioned cryptocurrencies.

To do that, you’ll need to register with you local Cryptocurrency Exchange.

For us in Australia, we use coinspot.

We can buy any cryptocurrency we want for the listed price!

Let’s say I want to buy this below card,

Currently it’s listed for 3 Ethereum.

So how much is 3 Ethereum according to my local exchange? At around $210 AUD, according to the above image, we will need to use $630AUD, let’s just say $650 AUD to buy this card. Pretty crazy right?

People in the crypto world throw Ethereum around like it’s nothing.

So we buy 3 Ethereum and then find the withdrawal, send or transfer button so we can transfer it to our Metamask Wallet.

We simply put 3 as the amount and under the ETH Payment Address, put our Metamask Wallet Address, (click the red square below), should be a long key, looking something like this,

0x8b51C1Ba09EE33e7649CAc62cCb6d0f410F5647A

This is your unique wallet address. Kind of like your Bank Account Number. People can send you money to this address and it will show up in your wallet.

Note – Before sending the full 3 Eth, send 0.1 or something small just to test it goes through ok!

Image result for metamask eth address

Once you transfer the Eth, you will see your balance say ‘3 ETH’ or whatever you transferred.

Now you’re ready to buy and sell!

If you’re buying Decentraland Land, you’ll need to follow the same steps above but transfer MANA coin.

Buying the Digital Asset

Alright, you’ve got the $, now you want to buy.

While logged in to your wallet, you can simply visit the relevant marketplace, whether it’s Decentraland Land, Opensea Gods Unchained Cards or Token Trove Cards and find things to buy!

When you buy, you’ll be prompted with a transaction confirmation which, when submitted will switch the asset to your wallet, and the $ out of your wallet to the seller.

Image result for metamask confirmation

How cool is that? The power of blockchain!

To sell, you simply list it on the above marketplace to the desired price.

Stay safe, make sure you are only engaging and transacting with trusted and audited marketplaces.

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