How to set up a Digital ‘Wallet’ and Start Trading Cryptocollectibles/NFT’s
Posted On January 17, 2020
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,
Create an Ethereum Wallet
Purchase Ethereum or MANA, (whichever currency is required), from an Exchange
Transfer Ethereum or MANA to your wallet
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.
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,
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!
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.