Non Fungible Tokens are simply a digital token that you can own on a blockchain. That token can represent anything the creator wants as it has the ability to write a ‘smart contract’ into it.
As the owner of the token, you take responsibility for looking after it, through your own custodial wallet. We are excited to introduce this new innovation in a fun way that brings everyone together
If this is the first time you have used the block chain the you will have to go through a few steps to get going. There are a few new words to pick up and some new concepts to learn, so we simplified it as much as we can. Take a read here to get set up to get your make your first NFT purchase
There are many variations of blockchains. This is simply the ledger system that records transactions. You may have heard of Bitcoin or Ethereum, these are two different types of Blockchains that allow for different variations of what and how their ledger systems work
This is basically the currency that allows you to transaction on a related Blockchain. For example Ether (currency) is used to on the Etherum (blockchain). In a basic sense, Ether can’t be used on the Bitcoin blockchain.
These are the transactable assets on a blockchain. You can write any form of smart contract imaginable inside any token. You will need Cypto currency to transaction an NFT, then the blockchain will store the record of your purchase. Platforms like OpenSea are a marketplace where NFT’s can be transacted.
Custodial Wallets are the place where you can keep all your Crypto and NFT’s and allows you to interact with the Blockchain. It provides a similar function to a bank with a safe deposit box for your items as well.
This will function in a similar role to your Bank account. However, instead of your bank being responsible to look after your funds, it is completely up to you. You have the custodial responsibility. Follow this link to set up a MetaMask, our preferred option.
Make sure you keep your seed phrase in a safe place, you will never need to give this combination of words to anyone unless you need to reboot your wallet again. If you loose it then nobody else can help you. Your MetaMask will also serve as you ID when you interact with platforms like OpenSea.
You will need to download the MetaMask Browser extension, then just follow the steps provided.
This is one of the interesting differences, you will log onto your OpenSea account using your MetaMask account, as this is how you interact with the blockchain and proves your unique identity, rather than just a simple username and password.
From here you can browse one of the largest NFT Platforms, see some of the largest ‘projects’ and purchase one of the Barn NFT’s!
Once your wallet is set up, you will have an empty Ether account. You will find that MetaMask has options to convert USD to Ethereum and deposit this into your account. They will charge transaction fees on this like any Foreign exchange broker would. This is the easiest option, and would probably recommend doing this for a first time transaction even though it is a bit more expense than other options. The first transaction is always a bit of an emotional roller coster. Just be patient, it can take 1-10 minutes to settle.
Just like any bank transfer you need a “from” address and a “to” address. Your MetaMask address is the top account number when you are in the MetaMask.
Once you are a bit move advanced, try Easy Crypto for NZD to Crypto transactions. Make sure you learn the importance of sending the right crypto currency to the corresponding Blockchain else you will loose that transaction for ever.
Allow for a surprising amount of Transaction fees, above and beyond the cost of simply buying an NFT. The Ethereum Blockchain has gotten extremely popular and charges per transaction in an auction like mechanism. The long awaited Ethereum 2.0 is supposedly coming in 2022. It might be worth
The Crypto world seems to be evolving to call the Ethereum Blockchain the first layer, providing a secure storage system. On top of this “Layer One” is “Layer two” solutions to the scalability of transactions / transaction costs issue. In short, these Layer two blockchains aggregate massive amounts of transactions in one go, then deposit them all into one transaction on the Layer One blockchain.
For this reason, the Barn NFT’s live in OpenSea on the Polygon Layer 2 blockchain.
This is a risky and new thing in a volatile space. Please only join if you understand and can handle the risk.