How to Invest in an NFT
Step by Step guide to buying your first NFT
Guide to buying your first NFT
To bid on any auction you first have to set up a digital wallet.
Digital wallets reside on your phone or in your browser and are just like your real wallet but expanded. Your digital wallet will hold all of your transactions and balances.
There are many different types of wallets that have different features. Most Wallets can work in a browser window or as a browser extension. My personal choice is to use MetaMask with Chrome. It just works with most NFT sites, is easy and flexible.
SAFETY TIP: Never Store Wallet Key Words Digitally
When you setup your wallet you will be given a set of key phrase words as a way to recover your wallet. It is very important to write these words down by hand, make a copy of them using a photocopier and keep those keywords in a safe place. Place your backup copy in another location in case of fire, flood, or loss you will have a backup. DO NOT COPY KEYWORDS DIGITALLY, STORE THEM ON YOUR COMPUTER OR YOUR PHONE. Doing so opens you to hackers. If your phone or computer is hacked and the hacker knows what they are doing they can quickly find those keywords, recover your wallet and steal your funds. So be smart and keep a manual copy of your keywords. Avoid any type of digital copy.
1) Download Metamask, preferably on Chrome or on your iPhone.
Perform setup steps and click on fund account through Coinbase Pro Exchange.
2) You will be transferred to the Coinbase Pro website. Be sure to use Coinbase Pro vs Coinbase. When you type it in be certain you type in the right website.
https://pro.coinbase.com/ NOT coinbasepro.com
Coinbasepro.com seems to be a phishing site which has an odd pop up window. Avoid this mistake. If you are uncertain google Coinbase Pro and you can find the authentic site easily.
Coinbase Pro is pretty much the same thing as a bank account or e-trade. Setup your account, link your bank account and transfer funds into your Coinbase account.
- Don't be concerned about losing funds they are FDIC insured the same as a bank.
- Connections to banks are direct and secure and the easiest way to fund your account.
- Chase connects through a simple log in and you can transfer funds with a click of a button.
- Understand that Coinbase Pro reports all transactions over 9999 daily. So if you want to avoid the IRS getting involved in your Crypto investing be sure to stay under 10k transferring in or out of Coinbase Pro
- Once Funds are transferred to your wallet they are private, secure and not reported to anyone.
3) Transfer funds into Coinbase Pro Account from your bank account.
Note there is a 4-7 day waiting period for funds to verify before you can purchase Ethereum coin and transfer the funds to your MetaMask wallet.
4) Exchange USD to Ethereum (another type of Crypto currency similar to Bitcoin)
5) Once funds have cleared you can open your Metamask Wallet and transfer funds into your MetaMask wallet from Coinbase Pro. Coinbase Pro is just another type of bank that specializes in exchanges from dollars into cryptocurrency currencies. Once you have transferred your funds into Metamask you are now invested in Crypto-currency and ready to buy!
6) Visit any of my auction sites and log in by simply opening your Metamask Wallet extension, enter your password and then scroll down and click accept to log into any of the auction sites. No accounts are needed on these auctions. Everything is verified through your Metamask Wallet.
7) You can purchase or bid on any piece of art using your MetaMask wallet valued in Ethereum coin. Keep in mind the value of Ethereum is constantly increasing and currently trades for more than $2,000 per coin.
8) When you purchase NFT Art you are purchasing a blockchain token that is completely secure, can be verified, and is easily sold through secondary markets. Essentially the Ethereum currency allows artists to mint their own currency tied directly to their artwork. So when you purchase an NFT the token and art are transferred directly into your digital wallet. Since NFTs use the Ethereum blockchain the art can be verified and is easily sold on secondary markets.
9) Try to Hold on to the art for at least a couple of months and if you do sell your NFT don't accept a cent less than the full amount you paid for it. The prices should increase over time with the work we are committing to do so your investment should pay off.
Thank you for investing in the future of these kids with the purchase of any NFT by James Moritz known as MOJA.