I BOUGHT AN NFT CRYPTOKITTIES (Buying Digital Art & NFTs on OpenSea)
Hey there, it’s Mike Swigunski here and I’m the founder of global career and best-selling author of Global Career: How to Work Anywhere and Travel Forever.
In this video, I’m going to be buying a crypto kitty digital art piece. This is going to be my first NFT acquisition. I will be utilizing one of the largest NFT marketplaces. I’m going to explain this step-by-step process to acquire an NFT and talk a little bit more about what this NFT craze is. We’re getting started right meow NFT stands for non-fungible token. It’s a unit of data on a digital ledger called the blockchain where each NFT can represent a unique digital item. They are not interchangeable NFTs can represent digital art files such as audio, digital art, video games, even music, and any type of other creative work, so NFTs are going to be a huge game-changer and let me give you an example of how they work so one of the best examples of why this NFT craze is changing the industry and going to be changing a lot of the way things are bought stored and interchanged one of the best examples that I could have is the Mona Lisa.
Now I’ve been to louver in Paris. I’ve visited it. I’ve even taken photos of it, but let’s say we go to amazon and we buy an exact one-to-one copy of the Mona Lisa. Let’s say I do this, I buy it, and I try to resell it, of course, nobody’s going to give me the same price as the original Mona Lisa. There’s so much more value in that original painting versus this duplicate copy that I’m buying from Amazon. They’re essentially the first copy of a digital asset, and the blockchain technology proves it, so if you’re able to sell a piece of artwork If I buy that original NFT, I’ll be able to prove that I have the original, and artists are getting extremely creative with utilizing this. Some musical artists are creating NFTs that for each person that buys one of their 100 NFTs they’ll get backstage access for life as long as they hold that NFT, and there’s becoming some really creative use cases for how NFTs are going to change the music industry the art industry and a lot of other industries to come out.
I’m going to switch over to my laptop, and I’m going to show you the exact step-by-step process to buy a crypto kitty. Hey everyone, so I switch over to my laptop. I’m going to show you how to use c and how to get started for buying an NFT a digital art piece, or for today’s example, I’m going to buy a crypto kitty which I’m super excited about, so you can sign up for the largest NFT marketplace which is called openc.io you can create an account it’s pretty easy to set up you’re going to either need an app called Metamask where you can utilize a chrome plugin or what I use I buy a lot of my cryptocurrency through coinbase. There’s a wallet app that you can utilize, and essentially, this app is going to it’s going to help you transfer Ethereum, which most NFTs are needed to make that acquisition, so I’ve gone ahead and transferred some of that stuff because it’s a little clunky since I already set it up. So essentially, when you go to open after you create an account, you can just go ahead and search for whatever you want today. For this example, I’m going to be buying crypto kitties. Another great thing to discuss here is the crypto punks. These are some of the most valuable pieces of NFTs.
They’re one of the first or one of the original a lot of celebrities are hyping these, and they’re also hyping up crypto kitties, and just a quick disclosure I’m very new to this; I’m extremely new to the NFT space I’ve been buying crypto for the past three years but again this even with that base of knowledge this is still kind of new territory for me, so buyer beware I honestly think 99.9 of these NFTs are going to go to zero over the next few years, but it’s something that I want to do for fun it’s kind of an interesting thing and supposes it helps a few people out learning a little bit more about NFTs. In that case, I think it’ll be a big win I just went ahead and sorted by crypto kitties what I’m also going to sort by is the buy now feature you can add this as one of your filters. Once that populates, I’m going to sort by the cheapest because some of these NFTs can range up to millions of dollars. I believe the most expensive one has been sold for around 70 million dollars, and that was, by people, a really cool art piece.
But again, he’s one of the first people doing this stuff. I think those first, you know, top five people that get into the NFT space like crypto kitties, the crypto punks they’re going to have a unique place in history, so they’re going to hold their value a lot further down the road and again a lot of these NFTs there’s only a few of them there’s a limited amount of quantity, so I’m just going to scroll here I found one earlier that I really liked so let me see if I can find it here. If you like this video, I’m going to create my own crypto kitty based on my actual cat. I’ve got one here that I’m going to pick out. I kind of liked it. It kind of reminds me a lot of my cat arctic. It’s got a fluffy tail it’s kind of cute white eyes, and again this one’s selling for around eight dollars, and I’ve already loaded up my wallet with Ethereum, so it should be easy to buy, and again this is a verified collection it is by the crypto kitties and the different things that verify these prices of crypto kitties is going to be what generation they came out.
One is it actually a non-fungible token is it one of one is it actually a non-fungible token so you can see a lot of the data you can see the offers this one doesn’t have any offers yet you can see the properties you can see the back story about this one fluffy tall zip I was once a barista at a cat cafe I’ve been asked to join Dolly Parton, but I’m more of a nirvana fan until our next encounter can see the properties this is going to be all the different colors and stuff these stats. What generation is it 13 of 4 500 about crypto kitties? Pretty cool stuff. You can breed crypto kitties and do some other interesting stuff with them, so it’s worth researching more but let’s go ahead and just buy it? I’ve already loaded around 10 of either in my account, so this one’s very cheap, but again, some of these go for millions of dollars which is crazy. Hence, something went wrong there, and for whatever reason, I can’t buy the cryptic kitty that I wanted to buy, so I’m going to buy this cute guy goalie waddle flap, and let’s see what happens. Let’s give it a shot.
So I’m going to go ahead and check out finalize the sale, so basically, the coinbase wallet app will ask for me to approve this on my app. Well, that was certainly some experience I tried twice failed twice. Still, finally, on my third attempt, I was able to buy a crypto kitty finally. I would suggest if you’re doing this, I have been buying and selling all within the same, you know, hour period, I think, because this was my first transaction, something in the open c system got a little bugged up. It ended up taking three or four hours for it actually to process, and by the time it processed, the crypto kitty that I was trying to purchase had already been sold to somebody else.
Anyways, as you can see here, the transaction did go through. It was 4.00 Ethereum the crazy thing about this transaction is it cost me around 15 for the crypto kitty. Still, the miner fees the gas fees were around 38 dollars total, so all in all, I spent around 50 total on this crypto kitty, and this is going to be something that I’m going to hold on to for a while. I might try to trade it later on. Still, I think I’m going to buy this and hold it for the next five to ten years and just see what happens, just kind of a fun thing to do. Still, now I’ll be part of the NFT experience. It’s really interesting to have your account set up Ethereum is going kind of crazy with the gas prices right now, so that’s something to consider there are different times of the day where the gas prices are going to be a lot lower and fluctuate.
So that’s something to look into if you want to save money. Also, one thing to consider is I would just do one really small, easy transaction like this on open get your account verified and set up before you go ahead and make any larger transactions. The other thing I would say is to make sure you just have a lot of Ethereum in your wallet. Hence, even though I have Ethereum in my coinbase account, I have to have it specifically in this wallet that’s syncing up the open similar to if you use Metamask or whatever but make sure you just have a little bit more because of the fluctuations. It’s better to have, you know, 20 30 extra than what it’s going to cost with the gas fees, so that’s something to consider, and overall it was kind of a buggy experience getting onboarded, I think now that I’ve gone through a few of those hurdles moving forward it should be much easier if I want to buy and sell it’s cool to have this out there if anybody’s interested in purchasing this crypto kitty from me.
Again thank you so much for watching this tutorial. I’ll leave a link below if you want to sign up for open and kind of check out the whole NFT space again; I do think a lot of this stuff is going to fizzle over time probably, but some of it is going to really hold its value, and it’s just an interesting thing because this is one use case. Still, I think over the next few years, the NFT technology is going to disrupt a lot of different industries, and it’s just starting here. Hence, it’s cool to be kind of on the cusp of this industry change with cryptocurrency technology, and thanks so much for checking out my videos. Now make sure you like this video if you’re interested in crypto kitties or NFTs, and if you learned something new in this video, I appreciate that and also make sure to subscribe. I’m putting out two new videos every week, and I appreciate all of your subscribers. I just crossed 2k, and thank you so much for all of you subscribers who have been following me through this journey of youtube. I appreciate all of your support. Take care to have a wonderful rest of your day.
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