NFTs are making this world more and more digital because of digital buying and selling. The biggest problem in the online world is many online things like pictures, images, audio files, video files, documents, etc. No one can claim ownership since there is no proof in the digital world. For example, suppose you created a unique picture and uploaded it on your Instagram. If it becomes viral, many people will start sharing it on their Instagram pages by copying it or taking the screenshot and putting their username to gain more user attention. Now your uploaded picture is broadcasted on many Instagram pages, and it isn’t straightforward to find the actual creator of the images. So NFTs are solving this problem to make the digital art or talent unique and give absolute ownership to the actual creators by publicly listing that asset. The creator can also earn money by selling that digital asset through the decentralized platform.
What is a wallet, and why do you need it?
The wallet is the digital space on the internet that may be centralized or decentralized to store the digital tokens or virtual currency. You can also use it for sending and receiving, and you see the payment wallet or PayPal wallet to see the amount you have and send and receive from another account. So in cryptocurrency, there are crypto wallets that will help you store these crypto coins that you can use for any purpose.
It would be best if you had a crypto wallet for buying the NFTs, and without the cryptocurrency (Ethereum), you cannot use the NFTs. NFTs are directly related to crypto because the Non-Fungible Tokens work on decentralized platforms. Therefore, you are the only manager or controller of the digital assets or own, and no third party will interfere.
You need two wallets for using the Non-Fungible Tokens, and without these wallets, you cannot list and buy the digital assets on the marketplace.
Setting up the Exchange Wallet
A Crypto exchange wallet is essential to buy and send the crypto coins to another wallet that you will use in listing or purchasing the digital assets. For example, you cannot buy Ethereum in the air, so you need an exchange wallet for buying Ethereum and sending it to your other wallet that we will set up in the next stage.
- Select the right crypto exchange wallet after doing the proper research, and there is, the exchange that you can go to is NFT Era. All the research is upon you means reading the reviews, case studies, features, and supported payment methods before selecting.
- Fill out the credentials to create an account, and you also have to provide your identity documents to avail all the wallet features.
- Add the supported payment methods like banks or online payment applications like Google Pay or PhonePe and add funds to your exchange wallet.
- Now buy the Ethereum worth NFTs you want to purchase, or if you’re going to list the digital assets on the NFT marketplace, then add worth 100 dollars.
Setting up the MetaMask Wallet
After setting up the exchange crypto wallet that is a must, the next step is to set up the MetaMask wallet that will directly interact with the NFT marketplace. You will have to transfer the Ethereum you buy in exchange to this MetaMask wallet so that you can buy or list the digital asset on the NFT marketplaces given below:-
- Go to the MetaMask wallet by searching the phrase on Google chrome.
- Now the website of the MetaMask wallet will open, and click on the download or install button to continue.
- You have to add the extension to your chrome browser to easily buy and list the digital artwork. The extension will automatically trigger when you visit the marketplace to purchase the art. You can directly sign in through the extension, i.e., you do not need to open the Metamask wallet and sign in again and again.
- Click on the create new wallet option if you are making first time because if you are an existing user, you can also create an unlimited MetaMask wallet.
- Fill in the details and set your password. Since it is a decentralized wallet, you have to save the password you created in a safe and secure place. Also, please do not take the screenshot or save it digitally; instead, you can write it down on paper and keep it in a secret location for future backup.