NFTs 101

Authored by our lovely Senior Moderator, Bonnie

First, The Basics: NFT + Crypto Overview

Starting with NFTs…

What exactly is an NFT? For starters, NFT stands for Non-Fungible Token. So what does this mean? These are digital tokens or assets. They are non-fungible because no two are the same. Therefore, when you buy an NFT, you are buying the rights to this unique digital asset, which is represented by a piece of data. Technically, you own an address that is your digital wallet, which holds all of your pieces of data (or NFTs) and is secured by a password and seed phrase so only you have access.

How does this work? These tokens, or pieces of data, are bought and sold to different addresses (digital wallets). All of these transactions are verified and recorded on a blockchain. You can think of a blockchain as a giant, constantly growing spreadsheet that records every transaction, so you can trace ownership of an NFT from wallet to wallet.

Where can I find Women Tribe NFTs? Women Tribe NFTs will be minted on the Ethereum Blockchain. The Ethereum Blockchain is a decentralized, open-source blockchain with smart contract functionality and uses Ether (ETH) as its cryptocurrency.

But what even is Cryptocurrency?

Cryptocurrency is a digital currency that uses cryptography to verify and record transactions by a decentralized system. Fiat money, on the other hand, is money declared legal tender by a government, and not backed by any commodities, such as gold or silver. For NFTs we need to transfer our Fiat money into cryptocurrency using a crypto exchange, such as Coinbase or Crypto.com.

Ether (ETH) needs to be purchased on the crypto exchange of your choosing for minting on the Ethereum Blockchain, where WomenTribeNFTs are located. After your funds have cleared, you then need to send your ETH to your MetaMask wallet.

Ok so let’s get started…

Adding MetaMask Extension to Google Chrome:

Metamask is a cryptocurrency wallet that can interact with the Ethereum blockchain. You can access your wallet through a web browser extension or a mobile app, enabling you to interact with decentralized apps. To add the MetaMask extension you will need either Chrome, Brave, or FireFox.

Here, we will show you how using Google Chrome.

You will start out by going to https://metamask.io in your Google Chrome browser, which will bring up this home screen:

• Click ‘Download now’. It will bring you to the following page:

• Scroll down and click Install Metamask for Chrome. This will open a new window where you will click Add to Chrome.
• The image to the left will pop up, and you will click ‘Add extension’. This will prompt the extension to download and install to your Google Chrome.

• An optional final step to this would be clicking the puzzle piece in the top right and then the pin to ‘pin’ MetaMask to your taskbar. It will be highlighted in blue as seen in the photo on the right.

Next, Create Your MetaMask Wallet Account:

• Go ahead and double click on that extension you just installed in the top right of your browser and the following page will pop up:

• Click Get Started. If you have created your MetaMask Wallet before, you can import it here, by clicking ‘Import Wallet’ on the left. You will need your seed phrase and password for this. We will continue showing you how to create your wallet, for anyone who hasn’t done so before. Go ahead and click Create Wallet.

After you ‘Create a Wallet’ you will then need to enter a password. Confirm password. Click the box indicating you’ve read the Terms of Use. Once this is set, you can click ‘Create’.

You will be brought to a page with a video to learn about your Secret Recovery Phrase and how to keep your wallet safe. After watching this, click ‘Next’.

When you’re ready to write down your Secret Recovery Phrase, or Seed Phrase, Click to reveal your 12 words.

Example: women tribe art family team list project school fun peace music vibe

The order of the words is important!

You will then click ‘Next’ and need to confirm you have the correct order of your phrase on the next page before clicking ‘Confirm’. You now have a MetaMask wallet!

Now, let’s get funds in that wallet!

Purchasing Ether (ETH):

To purchase a WomenTribe NFT on the Ethereum blockchain, you will need to purchase ETH from a crypto exchange platform of your choosing. There are many options available and they will differ depending on your location. Each platform will also have various wait times for setting up your account or hold times when you begin transferring your Fiat to Crypto — Please, make sure you check these details when choosing your platform and only purchase a small amount first to make sure all of your funds won’t be tied up.

PayPal via Coinbase usually does not have a hold time. MoonPay is great for immediate access, although fees will be higher, whereas Crypto.com offers no fees when you first sign up. DYOR and select which works best for you. For the purpose of showing you an example, we will walk you through purchasing on Coinbase because it is a widely used and available exchange platform.

You will begin by going to https://www.coinbase.com which will bring up the following screen:

Here you will either create an account or log in to an existing one. If you are creating a new account please note: you will need a photo ID, such as your driver’s license. Once you’ve gone through all the steps in creating your account you will be brought to your overview page

From here you will click the button where you will be prompted to add a payment method.

Options for Coinbase include: Bank Account, PayPal, Debit Card, or Wire Transfer.

These are generally the options available on any exchange, although they may vary slightly. Once you’ve input and verified your payment information you will be brought back to your user profile homepage. Now you’re ready to purchase ETH. You will click the button again.

This is where you will input how much fiat you want to purchase, make sure you’re purchasing Ethereum (or you will need to convert, which will cost more fees, and select your payment method. I recommend starting with a small amount at first to make sure everything is correct and won’t delay too long.

The last step is to confirm your ETH purchase.

Moving ETH to a MetaMask Wallet:

When purchasing an NFT you will need your ETH in your MetaMask wallet. To do this you will need to transfer your ETH from the crypto exchange you used to your MetaMask wallet. We will show you how to send ETH from Coinbase to MetaMask, although the general steps will be relatively the same across various exchanges.

Once you have opened your Coinbase account, you will click the ‘Send/Receive’ button in the top right corner. The image to the right will pop up. Make sure it’s on ‘Send’ and ‘Pay with’ is set to Ethereum. You can either ‘Send all’ or look at the bottom right to see how much you have as the maximum amount of money to send to your wallet, if you want to leave some in your Coinbase account. Under the ‘To’, this is where you will copy in your wallet address (Note: you can think of this like your email address, it is public, but you don’t give it to everyone, however, you keep your seed phrase or password only to yourself).

To do this you will open MetaMask and copy your account address at the top where it says ‘Account 1’ and the address underneath, which is covered by the pink rectangle here. You then go back to Coinbase and paste it into the ‘To’ section for your address to receive your ETH and click ‘continue’ where you will need to confirm your choices before sending to your MeteMask.

You are now ready to mint your WomenTribe NFTs! Please proceed to our minting guide for the specific details for our mint process: https://womentribe.medium.com/guide-to-minting-your-women-tribe-nft-9ad81225fd28