The NFT Explosion
Over the course of 2021 NFT’s have launched into the mainstream, with major projects like Bored Ape Yacht Club and Crypto Punks selling individual pieces for millions of dollars. Meanwhile, world renowned auction houses like Christie’s and Sotheby’s have begun listing NFT’s for auction alongside masterworks in traditional artistic mediums. Yet with all the buzz surrounding NFT’s, most people still have no idea what an NFT actually is or how to buy one. By the end of this read you’ll have a strong grasp on the fundamentals of NFT’s, how to buy them using Crypto, and how Winter makes buying an NFT as simple as any other online order!
So, what are NFTs anyway?
To better understand what a Non-Fungible-Token (NFT) is let’s first take a peak at an example of a fungible token; specifically, the U.S quarter. Yep, a quarter, perhaps the most familiar type of token and one that we’ve all used. When you go to the gum ball machine, you can use any quarter and you will get your gum ball. Furthermore you can go to the bank and trade any quarter for two dimes and a nickel; it could be your quarter, bob’s quarter, or a quarter you found on the sidewalk. The point is, the quarter has a set value and can be traded 1 for 1 with other quarters and in a set ratio with other types of currencies and goods. This example holds true for the vast majority of currencies around the world and is true of Cryptocurrencies like Bitcoin and Ethereum.
With that in mind, we can think of an NFT as a digital good having the opposite qualities. NFT’s are unique, they are not interchangeable in set ratios with other assets, and are stored on an unchangeable record of ownership, as every NFT has a unique value. Importantly, NFT’s are digital tokens and the unchangeable record of ownership is called a blockchain, which you can learn more about here.
Examples of NFT’s are digital artworks that are sold on a blockchain in order to eliminate counterfeits, concert tickets issued on a blockchain to eliminate the possibility of scalping, and even in video games to help people own a unique digital identity!
NFT’s have broad uses and can bring value to speculative investors, art lovers, tech geeks, and anyone interested in owning digital goods of any kind.
Whew! That was a lot of information, so please, pause here and take a moment to bask in your new found knowledge of NFT’s. If that was confusing and you still have questions, email [email protected]ter.com and we will answer anything that’s bugging you!
If not, let’s take a look at how to actually buy an NFT and experience digital ownership for yourself.
Buying NFT’s with Crypto:
Disclaimer: this process can be complicated and can vary depending on what blockchain (unchangeable list) a particular NFT lives on. For this blog, we will focus only on purchasing NFT’s using the Ethereum blockchain, the primary network for NFT development and commerce. To jump directly to checking out with a credit card scroll to the “Buying NFT’s with Winter” section below.
Now that we know what an NFT is and seen some examples of how they might be used, let’s uncover the key steps for how anyone can purchase an NFT using Cryptocurrency.
Step 1: Create a Cryptocurrency exchange account and Buy ETH
In order to buy NFT’s using Cryptocurrency you first need to create an account on a centralized exchange like Coinbase, where you can trade Dollars for most major Cryptocurrencies.
Step 2: Create a Crypto Wallet and fund it with ETH
Since most centralized exchanges don’t service NFT purchases or storage, before buying an NFT, you have to create and fund a Crypto wallet like MetaMask. This process entails storing a secret recovery phrase offline, like on a piece of paper or in a bank vault and comes with transfer fees when moving your funds from an exchange to your wallet! When funding your wallet you have to perfectly copy its 42 character alpha-numeric string and enter it without error, or funds will be lost forever.
Step 3: Connect wallet to OpenSea and Buy your NFT
Congratulations for making it this far! Now the only step left is to connect your wallet to the NFT marketplace of your choosing, in this case OpenSea, and buy your NFT by following their fairly intuitive instructions!
That was a lot to digest, and hopefully this has shown the complexity and risks associated with buying NFT’s using Crypto. For many people this is enough to scare them away from NFT’s all together. But fear not! At Winter, we’ve made purchasing an NFT as easy as mainstream online shopping. Read on to learn how to buy your first NFT using just your credit card, no crypto know-how necessary!
Buying NFT’s with Winter:
Disclaimer: this process is easy as pie and we are happy you’re here!
Step 1: Visit Project Website
When purchasing (in NFT land called “Minting”) an NFT with Winter the first step is to visit the project website, no need to sign up for an account with a third party marketplace. In this *demo, the project of interest is *World of Tech Cats, a collection of 5,000 lovable NFTs.
Step 2: Email and Payment Information
When you find an NFT you like, all you need to do is select “Mint with card”, enter your email address, and choose “Pay with Credit Card”. Optionally, you can choose to include your wallet address, but don’t sweat it if you don’t have one. Winter can store, manage, and help you move your NFTs for free!
Step 3: Checkout and Enjoy your NFT!
To work through this process yourself, you can checkout our demo here
*After submitting your order you will receive an email confirmation from *[email protected] summarizing the details of your order.
Selling with Winter:
If you are working on an NFT project and want to make the minting process as smooth as possible for your customers visit https://www.usewinter.com/ and fill out our interest form! To reach out directly to our founders, email [email protected] To keep up to date on all things Winter join our Discord and follow us on Twitter!
Happy minting! — Team Winter