Frequently Asked Questions (FAQ)

• What are NFT's in general?addremove
  Non-fungible tokens (NFTs) are digital assets whose properties are stored in a Blockchain. An NFT represents a unique digital object such as an object in a game, a digital work of art or even a virtual object in a virtual environment. NFTs are usually stored within so called smart contracts on the Ethereum Blockchain. An NFT cannot be changed. Thanks to the Blockchain technology, the origin of an NFT can also be verified, so the owner can be absolutely sure about the authenticity and uniqueness of his object. This technology also allows it for further utilities like access rights, memberships, rentals, collateral and many more use cases to be added to the object. Some NFTs even offer passive income opportunities.
• Where do I manage my NFTs?addremove
  If you want to trade NFTs, you first need an Ethereum wallet and load it with Ether, which is the main cryptocurrency of the Ethereum Blockchain and the second largest cryptocurrency after Bitcoin. The MetaMask wallet is often recommended on NFT platforms. This Ethereum wallet can be downloaded free of charge as a Chrome extension and allows you to manage your Ether and your NFTs. MetaMask is not only very fast and easy to use, but it also uses your Ethereum Wallet as unique identifier, which automatically gives you access to all web 3 applications and platforms without need to create a new login.
• Where do I trade NFTs?addremove
  OpenSea.io is the largest marketplace for digital items, including digital art and other digital assets, traded on the Ethereum Blockchain. Thanks to the integration of MetaMask, you can see all the NFT's connected to your Ethereum wallet on your OpenSea Profile, which gets generated automatically, as soon as you connect your MetaMask Wallet with OpenSea. When you are ready to sell some of your NFT's you can set the price and get it listed. There are many YouTube Videos that will show you how to find NFT's with high reward potential.
• What is my public adress?addremove
  An ethereum address is a unique identifier that serves as a virtual location for your ether and ethereum-based tokens. Think of it like your bank account number.
• How do I keep my wallet safe?addremove
  Backup your Secret Recovery Phrase MetaMask requires that you store your Secret Recovery Phrase in a safe place. It is the only way to recover your funds should your device crash or your browser reset. We recommend you to write it down. The most common method is to write your 12-word phrase on a piece of paper and store it safely in a place where only you have access. Note: if you lose your Secret Recovery Phrase, MetaMask can't help you recover your wallet. Never give you Secret Recovery Phrase or your private key(s) to anyone or any site, unless you want them to have full control over your funds. Use MetaMask on a personal device MetaMask stores the Secret Recovery Phrase, passwords, and private keys in an encrypted format locally on the device where it's installed.
• My question is not listed here, where can I find an answer?addremove
  For metamask related question check: Metamask FAQ

How to get started to collect & trade NFT's?

• Get a walletaddremove
  Download the MetaMask Browser plugin Here (Chrome, Firefox, Brave)
• Set up your Walletaddremove
  If you already have an ether wallet you can import it with your sercret phrase. If you don't have a wallet yet metamask can create one for you. Follow the steps in the metamask extension closely and store you keys private and secure.
• Buy some Etheraddremove
  If you don't have an account on one of the centralised exchanges, you can buy Ether directly through the MetaMask with your Credit Card. If you want better fees and for larger Amounts however you will need to set up a Crypto Trading Account with one of the likes like Binance, Kraken, Kucoin etc. where you can wire transfer your Fiat currency and buy the Ether which you then transfer to your MetaMask Wallet.
• Buy NFT'saddremove
  Buy the NFT's you choose either on the OpenSea Platform or on any website which is minting fresh NFT's that are created there before being listed on OpenSea (usually during pre-trade promotions of new collections and clubs - like i.e. right now on Fish-tank.io). Your MetaMask will be able to automatically connect and buy your NFT's from such Web Sites too.
• Sell NFT'saddremove
  Whenever you go on OpenSea and connect your wallet you will see your own NFT collection and be able to list each of your items with the price you ask. Be aware though, that there will be some setup cost for the first listing and each deal will cost 2.5% for OpenSea and 0 - 10% for the artist/creator of that specific NFT.
• Do researchaddremove
  All the NFT's have the same underlaying technology, blockchain. But the usecase might be a different. Some NFT's you might want to keep and not put up for sale at all or only at a very high price, as some of these NFT's may be a valuable collectible to you, or it may also represent a membership to an exclusive club, give you access to special deals or have even a special smart contract attached to it, which creates crypto tokens that you can sell. So some NFT's actually create what you could call an interest rate or a passive income.
• Back to your bankaddremove
  When one of your listed NFT's gets sold, you get your Ether directly booked into your MetaMask Wallet. From there you can transfer your Ether into your Ether Account on one of above mentioned platforms, where you can change your Ether back into any other Fiat or Cryptocurrency of your choosing. The whole process in the crypto world works very intuitively and within minutes. The transfer back from your crypto account to your bank account may take a couple of days.