There are a couple of ways you can acquire an NFT, but each method requires that you have some crypto available in a wallet that you own. This might sound a little daunting, but it's easier than you think. We'll walk you through how it works, and you'll be a part of the crypto community in no time!
A wallet is essentially an address on the blockchain, just like how you have an address in your city. Instead of storing, sending and receiving Amazon packages, a wallet lets you store, receive & send cryptocurrency. There are a lot of different cryptocurrencies out there, but we're going to be referring to the second-largest cryptocurrency, Ethereum (ETH).
Exchanges like Coinbase also hold your crypto, but wallets are typically browser extensions, which enable you to interact with webpages using your crypto (more on that in the next section).
The most popular wallet is MetaMask. We'd recommend downloading it & adding it your favorite browser! Follow the steps carefully, and make sure you never share your seed phrase or private key with anyone.
If you want to buy NFTs with your new wallet, you'll need some crypto. You can either send crypto you already own from an exchange to your wallet, or you can buy crypto like ETH directly in MetaMask using Wyre.
How are NFTs initially created? When you decide you want an NFT from a collection, you pay a fee to store the new NFT on the blockchain & associate your wallet as the owner. This process is called minting.
Minting typically takes place on the official website for the project, but can also take place on marketplaces. When minting an NFT, you normally just click a Mint button, which triggers the wallet you have installed on your browser. You can then pay the price of the NFT(s) and the associated gas fees from the funds in your wallet.
In order to write data (like your new NFT) to the blockchain, we need to compensate the Ethereum network for all of the hard work of keeping the blockchain secure. That's why every Ethereum transaction has fees, called gas, that helps the blockchain run.
You can think of gas fees like any other transaction fees, the little extra you pay to make sure the transaction works securely. However, gas fees will not protect you from being scammed, so it's important to keep information like your seed phase or private key secure, and to only interact with blockchain projects you've researched.
What happens if I want an NFT, but all of the NFTs from a collection have already been minted? For example, there are only 10,000 Bored Ape Yacht Club NFTs, and there are only 3,333 SadAsDuck NFTs.
Well, since the NFT has already been sold once to the original owner, you will need to buy an NFT from the person who already owns it. This is how secondary sales are created, which is any sale of an NFT after the mint.
You can use a number of marketplaces to buy & sell NFTs, the most popular being OpenSea.
This is how some NFT projects explode in price. If the collection has a limited supply, but the demand for the project is increasing, then some people might be willing to pay more than the mint price to get their hands on one of your NFTs. If you wondered how some people have made a fortune trading NFTs, now you know.
Here's what you'll need to do if you want to mint a Sadderday® NFT:
- Download MetaMask on your browser.
- Send yourself ETH or purchase some using Wyre.
- Click the mint button on nfts.sadderday.com once minting has started.
- Pay the cost of the NFT and any associated gas fees.
- Boom, you now have an NFT owned by your wallet, and can easily sync your portfolio to marketplaces.
We'll provide a more in-depth tutorial as we get closer to the mint date!
If you have any questions, comments or ideas, send us an email at email@example.com.