Nfts are absolutely confusing if you don’t even own cryptocurrency
Honestly this is learning experience for both of us, you as a consumer/investor learning about a new asset class and having doubts about placing your cash into digital money then using that digital money to buy silly digital art lol
And us creatives wanting to take part in a developing ecosystem we don’t really understand but think is fun, exciting, and ultimately where we see an opportunity to expose our creative community to a wider demographic through adding a blockchain component to 411oak.
It’s all weird and hard to understand lmao but the cool thing about stuff that’s weird and hard to understand is that when you learn more it becomes less weird and hard to understand.
I’d just like to help make it less weird and demystify cryptocurrencies to the best of my abilities lmao
What is a cryptocurrency?
Cryptocurrencies are basically a newish type of asset class, some act similar to stocks where they’re companies and development behind it and others act like gold and silver, where value is determined based on scarcity.
What is Bitcoin?
Bitcoin was created in 08 as an open source decentralized digital currency created anonymously by Satoshi Nakamoto. Transactions are verified and confirmed on a public ledger aka “the blockchain”
What is Blockchain?
When you hear that it basically means the transactions and actions are documented on an ever growing list of other transactions and actions. Imagine like an excel spreadsheet with every transaction made on a network that constantly gets added to publicly.
*idk if that one helps*
What is Ethereum?
ETH was created in 2015 by Vitalik Buterin. Similar to BTC it is open sourced and decentralized but with extra development the platform created a whole ecosystem of its own allowing creation of erc-20 tokens and erc-721 tokens.
ERC-721 is where NFTs come in and where I think I’d like to guide the discussion there lmao
ERC-20 tokens are great and a foundation to building a portfolio and the future of finance but honestly 411 starting out with NFTs seemed like the more logical first step rather than minting a coin
What is an NFT?
NFT stands for Non Fungible Token and on the Eth network the token is a ERC-721 token.
Essentially Nfts document intellectual property on a public ledger but right now they are cool art experiments by creatives who are willing to venture out and participate in a whole new ecosystem of value and participate in new ways of sharing ideas/things.
How do I buy an NFT?
Hol’up Hol’up there are a few steps you need to take first before you can go and buy your first NFT!
- I would suggest opening a coinbase or binance or whatever preferred fiat to crypto conversion system you have in your region
2. Once your account is set up and you bought some $eth the next step is you would create a wallet.
metamask is pretty popular but they’re a variety to choose from for this example Ima just say metamask but insert “wallet”
DONT LOSE UR PHRASE KEY FOR UR WALLET
3. Now that you have some $ETH in your trading account you would send that over to your Metamask account
NOW BAM U ARE NOW U ARE RIDING THE WAVE OF WEB 3.0
4. Now you can buy your first NFT. So the next step would be to go to a site like mintable or opensea.io and connect your wallet to their account
Basically your Metamask is the entryway to all different types of sites that allow you to do stuff with your crypto!!
I will do more post about just crypto beginner stuff and just whatever things that would be helpful to someone just learning because we are all just learning and its fun to a participate and experiment in new ecosystems.
With all that being said there are 5 days left in our auction!!
411 x COLDGAME x NINTEY-SIX BULLS NFT
Only 50 minted ever
10 can be burned for a rare physical clothing item.
Coldgame650 is anonymous artist that has been featured in art gallery’s and various online publications. They have worked on designs with countless streetwear brands and with a keen eye can be spotted all around Bay Area streets and beyond.
Nintey-Six Bulls is a newly formed creative project featuring artist from various Bay Area bands and musical backgrounds. This is an Unreleased track that will be featured on their upcoming self-titled EP coming out Q2 2021.
411 is a layered collaborative project that is seeking to find a nice middle ground between streetwear, outlier culture, and just being nice :)