All over social media we’re seeing more NFT talk than ever before, and with the ever growing crypto conversation most are still trying to figure out what an NFT is in the first place.
Recently, we saw Tom Brady give a fan who was in possession of his 600th TD pass 1 Bitcoin (as well as some autographed merch) in exchange for one of his milestone collectibles. That transaction can be seen as one of the first high-profile NFT transactions someone has made with a celebrity (the GOAT) using a cryptocurrency to purchase a high-priced collectible. While not the first to trade something for crypto, and definitely not the last, we’ll give you some quick tips on purchasing an NFT in part due to our coming release with our Grumpy Grandpa’s NFT which drops on 11/11/2021, on the Solana blockchain. For that reason, I will be writing this up as if you were going to be Minting a Grumpy from our public mint, just to keep it simple. While I won’t be defining each term, I will add some links to some terms if you need a quick definition to help you along.
First, you’ll need a crypto exchange to do business with to exchange your USD for SOL. For this, we recommend Coinbase, but there are many options out there if you have done any research on the subject you can find a few different exchanges that can offer SOL in one form or another.
Next, you will need to buy SOL, on said exchange. In Coinbase, you’ll see a buy/sell button and it will basically walk you through how to buy SOL with your bank account. I highly recommend verifying yourself in Coinbase or they won’t let you do transfers that clear immediately, and I also recommend 2FA with an app like Google Authenticator because you should want to keep yourself as safe as you can, there’s scams out there!
Then we are going to download the Phantom wallet. The phantom wallet allows you to basically transfer your SOL (think like transferring from checking to savings, in the simplest terms) from Coinbase into the Phantom wallet. This should be done on a computer using Google Chrome. You’lll set up a password and get a special phrase as your security key. MAKE SURE YOU SAVE THIS IN A VERY SECURE PLACE! A screenshot of it isn’t good enough. This is what saves you if you lose access, so if you are interested in getting into NFTs early, try and be as secure as possible. You will then transfer SOL from CB to Phantom by using the send/receive link on CB, and send it to your Phantom address. You can get your Phantom address by clicking the purple extension in chrome to the right of your address bar, and once you put your password it’s right at the top. If you click your address, it copies it to your clipboard and you can use that as the “send to” address in CB (think of the address like a bank account number, it's just a bunch of numbers and letters).
Lastly, you’ll let the transfer clear (which is typically very quick within a minute or so, but could vary based on traffic) and the SOL will show up in your Phantom wallet. On Mint Day, you’ll head right to our website, click the Mint button, and it will ask to connect to your Phantom wallet. Once you enter the correct credentials, it will give you the opportunity to mint, and possibly own a 1 of 1 collectible in the very early stages of NFT adoption.
This is not financial advice. The information in this post is for informational use only. Do your own research.