NFT ONBOARDING

NFT onboarding
No bulshit, just what you need to know.
@web3blair - Follow for more blockchain and NFT relevant content

Basic questions for anxious people

Questions for anxious people
WHAT DO I NEED TO DO TO INVEST?
Basically, two things to start your basic but general
setup: Metamask - [metamask.io], a wallet as a
browser extension, and a broker, where you buy
crypto and transfer it to that wallet.
CAN I BUY DIRECTLY ON METAMASK?
Yes, but I would recommend the broker because
you’ll be able to buy crypto and much more, like get
the proﬁt into Fiat currencies after.
FIAT CURRENCIES?
Name that we use to describe pounds, dollars, and
general currencies.
BROKER?
Brokers are like bank accounts, but speciﬁc for
investment, and in this case, cryptocurrency
investment. The most common ones are:
Binance - https://binance.com
Coinbase - https://coinbase.com
Choose based on your location and necessity.
Coinbase is recommended for US citizens and
Binance for everyone else.

Blockchain Address

Blockchain Address
The famous code of your wallet. Compared to the everyday world, would your account number and, in some cases,
your home address.
The address is something like this:
0x71C7656EC7ab88b098defB751B7401B5f6d8976A
I know that is big, and I don’t want to go deep and explain why that is, but you don’t need to memorize that; we
always copy directly from Metamask. Just click on the name of your wallet with this code, and it will be copied to the
clipboard.
In the Ethereum blockchain, you can buy a domain to this address, which helps solve this crazy long number,
something like your domain.eth
This is another famous way is achievable buy an Ethereum domain on https://ens.domains/. Same as websites
domains, you redirect the domain bought to your address.

Blockchain Networks

Blockchain Networks
Imagine networks as cities, with their infrastructure, economy, way to transport resources, everything created to
attend to the need of their speciﬁc population. It is independent of other cities but can connect and move resources.
There are a lot of networks, but let’s focus on the most famous and focused on NFT.
ETHEREUM SOLANA
BINANCE POLYGON

Ethereum

Ethereum Network
Main coin - Ethereum
Stability - High
Most famous and reliable NFT network. Home of the most significant projects like BAYC, MAYC, Azuki, and CloneX.
ETH is known for its stability and security, and on the downside, the high gas(tax for every transaction) price.
OpenSea, the most famous marketplace, is focused on Ethereum Network and Polygon, but Polygon is not taken so
seriously until this moment for lucrative projects.
ERC20 and ERC721 - Token standards from the Ethereum network, ERC20, the first, with more expensive gas, and
ERC721, the new one, and gas-efficient. All NFT projects now try to use ERC721.
Ethereum Mainnet - The name of the Ethereum Network on Metamask is predefined on Metamask, so you don’t
need further steps to use it; that’s why we will focus on that.

Ways of NFT investing

Ways of NFT investing
Mint - Presale and before Open sea
Mint is the process to generate the actual NFT. You
don’t use Opensea to buy. Instead, you generally go
to the project’s website and Mint, using Ethereum or
any network that the project is based on.
Here you can see Metamask in use, as most projects
only accept Metamask or Coinbase Wallet.
Access the website, click on a form button, select the
quantity, connect your wallet (which usually opens
automatically), and wait for the blockchain process
ﬁnishes. After that, you will see in Opensea the
NFT(not usual) or an NFT preview when the reveal is
not made in real-time(most common) after a few
minutes.
Opensea
After users Mint and create the collection, you can
see the NFTs collection inside the Opensea
marketplace. This process is called secondary sales,
as the primary sales happen on the project’s website,
as described in the Mint process. Like any other store,
you select, buy or make a bid.
Some critical info is displayed in every project:
Floor price - The lower cost of the collection, based
on the cheaper item listed by a user.
Volume traded - Total value in ETH sold since the
project was launched.

Discord

Discord
Discord is a social messenger and is broadly used in the blockchain people. All projects have their communities, and
all vital info and discussions happen inside Discord. So, if you intend to invest in some project, you visit and get the
vibe and necessary information about that NFT you desire.
So, go, have fun, talk to other investors, ask questions and after you have all the necessary questioning done and
some friends, go ahead and make your choice.

The ugly side of NFT

The ugly side of NFT - SCAM
There are a lot of Scams inside the blockchain world.
Twitter, Discord, fake projects, everything is wild. So be
careful, stay alert for incredible opportunities, and people
offering something usually is a scam.
Some tips:
Inside Discord: Disable Server messages
Project Scams: Investigate, read and discuss before buying
anything.
Mint: Only access links from the official announcements
channel or inside the #official-links channel. There is no
other way, no direct messages, no channel messages, and
nothing is considered safe.

The ugly side of NFT - RUGPULL
Rugpull is a scam based on the trust of holders. The
project looks authentic and sometimes has even good
info and nfts preview, with a good structure and an
excellent Roadmap, but when the project is sold, they
close everything and disappear.
To prevent that, research and read and ask questions. If
they meant to deliver what they are saying, they
probably have technical and business information about
what they are trying to sell.

The ugly side of NFT - Cash grabber
I don’t consider this a scam but a lousy project, which is
easier to prevent. Just research and don’t invest before
having a better idea of the project. Cash grabber is a
project made for the ﬁrst sale and without intentions of
further investment.

NFT community glossary

NFT Community Glossary
DYOR - Do your research, a term that refers to what
is better you trust in your gut and nothing that is
presented to you.
LFG - Let’s fucking Go. (hype term)
Hype - Good energy in a project.
FOMO - “Fear of missing out” refers to the investors
desiring an NFT and the process made by the projects
to create that desire.
FUD - Fear and uncertainty are caused by some
conjecture of facts, or not; this is spread by the
investors or people who intend to harm the project.
Careful to not drive or be a victim of this; just
research.
Team Doxxed - Refer if the project team is public
ﬁgures or anonymous. That could be something to be
careful of if the project looks fake, but most projects
are unknown, like BAYC, so don’t panic about that;
just be careful.
Floor price - Base price of a collection.
Contract - The public developed an agreement that
describes all the business rules of a particular project.
Gas - Tax charged by the blockchain network, usually
using the primary coin of that particular network.
Roadmap - What that particular project promises to
deliver on each sale goal.

To be continued…

NFT ONBOARDING

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