A warm welcome to another Let’s Simplify Things! post!
In this series of posts about NFTs I will attempt to provide you all the information you need to enter the wonderful world of NFTs.
I will try to provide you with tutorials, that are as simple as possible, of what you need to enter the wonderful world of NFTs and discuss various projects from that wonderful world!
Please do keep in mind that for the things I will present to you there are multiple options out there and that my goal is to provide you the simplest and cheapest options available, a kind of beginners guide.
So first of all what are NFTs?
To simplify this question I would say that the Non-Fungible Token (NFT) is a unique cryptographic token, a one of one. There is no two a like out there!
An NFT is used to tokenise all sorts of assets, from commodities and shares to real estate and collectibles! Anything that bears a uniqueness.
Currently it is mainly used for collectibles in the form of cards. A market that is growing very fast!
I expect that we will see in the near future a much wider use of NFTs and that is something which we will discuss in one of the upcoming posts!
CHAPTER 1!
The Account.
So now you want to get your first NFT but how do you do that?
From where should you start?
Well first of all you do need a place where you can receive and store your NFTs. And although this sounds simple it is not for someone just starting!
You see there are multiple blockchains that offer NFT support, such as the Ethereum, EOS, NEO, TRON, WAX to give you the main ones.
Which one should you choose?
For me the answer is very simple and it is WAX.
The reason behind my answer is the simplicity of opening a WAX account, the costs involved which is zero and the various NFT projects available in this blockchain!
The Worldwide Asset eXchange (WAX) has been created specifically for the NFT collectibles world.
It is also fully backward compatible with EOS thus making it very easy for any dapps already created for EOS to be imported to WAX.
Also the way they operate and their interface are almost identical.
But enough about WAX as this is also coming down the series… back to how you can get your first free WAX account!
First you have to head to WAX Cloud Wallet.
As you can see from the picture above you either use one of your existing account from a list of services or just use your email address and a password to create your account.
I would personally suggest to simply use an email address and a unique password and click sign up as I personally do not like to mix services and I don’t like it when information is shared between services!
After you have signed up you will be redirected to the dashboard page.
First thing you should do is to increase your security by activating the 2 step verification!
To do so head to the settings by clicking on the gear symbol that is located at the bottom right corner.
At the settings page go ahead and click on account security.
Then simply activate the 2FA by following the standard simple and straightforward procedure!
Next step is to get familiar with your account and the various options available.
I will show you the ones you should really know about starting of course with your account address.
Your address can be easily found at the top right corner under the WAX logo.
It consists of symbols, numbers and letters ending with .wam . This simple address is the only thing you need for any interaction with third parties.
Next thing you will notice on the dashboard is your tokens.
You start with just having WAX pre set but by clicking manage you can add more tokens as per your needs.
By clicking on the NFT’s option you will go to the page you will be mostly visiting and that is of course your NFT inventory.
There you will find all the NFTs you own.
Most probably your NFTs will only consist of collectable cards as this is the main usage of NFTs at the time being.
When you click in any of your NFTs you can find its details.
In the picture above you can see the details and admire the beautiful artwork of the CryptomonKeys card named MonKey King!
CryptomonKeys is the subject of one of the upcoming posts.
A post that I can tell you from now that you definitely don’t want to miss!
At one point you will end having some WAX tokens.
If you don’t plan to use them anytime soon you should consider staking them to earn some interest on them.
Be aware that to un-stake them and have them back available to your account takes 72 hours!
The simplest way is by going to the staking rewards option and clicking the feeling lazy button.
That will take care of anything that needs to be done.
Notice that you should frequently visit it and click on it to maximise your profits! I do so at least twice a week.
One of the major things missing from this page is the un-stake option.
But nothing to worry about as by visiting wax.bloks.io you can easily do it.
A detail post about wax.bloks.io is on the series!
Finally you should have a quick look at the dapps page.
Here you find a list of very helpful tools the major ones will be featured on the world of NFT’s series, so I suggest you show caution until you read the upcoming posts!
Now you have finished your first step and you are ready to start your journey to the wonderful world of NFTs!
Don’t forget to click the follow and like buttons! You will not only help this blog but you will also ensure that you don’t miss the exciting upcoming posts!
Finally, before saying goodbye, I want to let everyone know that I have no sponsors, this post is not sponsored by anyone whatsoever!
The above reflect my personal views and by no means should be taken as a recommendation to use or not use any service or equipment whatsoever!
Please feel free to make any suggestions or comments especially on what you would like to see next being simplified!
Until the next post….
Thank you all from the bottom of my heart!
Link to WAX Cloud Wallet: all-access.wax.io
