2. Crypto Wallets and Ether
Ok. So we sort of know what NFTs are now. Right? Like sort of?
In order to explore this further, we need to do a number of things that will make us feel like we are in a movie/in the future. First we need a CRYPTO WALLET! And then we need to purchase a currency called ETHER! Lol.
Ether (ETH) is the kind of currency we use to purchase NFTs. It’s a cryptocurrency like Bitcoin, but it is directly connected to Ethereum, the blockchain on which your NFTs are stored. ETH, like any currency, has a fluctuating value. So some days your ETH could be worth more in CAD or USD than on other days.
A crypto wallet is a wallet for your cryptocurrency, and what you will use to purchase, store and interact with your NFTs. I am told that there are many ways to set up a wallet, but I can only explain the way I did it. It was so simple that I did it successfully! So let’s do it!
The crypto wallet I set up is called Metamask. This wallet can only be used in the Google Chrome browser. So first you’ll want to make sure you have the Chrome browser installed. Then open it up and install the Metamask extension.
Follow the instructions and then when it gives you your special pass phrase, make sure you write it down and hide it, and write it a few more places, and hide those too. You really need this phrase. Do not lose it!
You will also have a hash-code associated with your wallet once it is all set up. It looks like a bunch of random letters and numbers. And it is. But this is the code you will need when you want to make any transactions.
You can click on your little cute fox Metamask logo in the top of your Chrome browser, and if you click BUY, it will give you a couple of options for how to buy your first taste of ETH. I attempted to do this many times, with zero success, because my bank has blocked the purchase of Cryptocurrencies for now, because it is new and unstable. Ok fair. I called the fraud department, and they said there was nothing they could do to help me at this time, so I set out to find another way to purchase ETH.
SO you’ll need to sign up for a Crypto Trading Platform if you want to buy ETH. Don’t let this deter you! It’s fun and worth it! And stressful and strange. But FUN! Right? Sure.
Crypto Trading Platforms
Using one of the above crypto trading platforms you can purchase ETH without going through a bank.
The trading platform is LIKE a bank from which you withdraw your currency, and your wallet is like, well, a real wallet, where you hold your cash. So all of your transactions will be done through your wallet, and all of your purchasing of currency can be done through the trading platform.
Now, if you dare, you can purchase some ETH and send it to your wallet using your hash-code! It’s fun! Try it!
And then we can buy an NFT!