NFTs — Non Fungible Tokens — the most exciting digital opportunity I´ve ever seen.
As I got dragged into this new and overwhelming and exploding topic, my environment seemed to be confused. Why is she doing this? What has female sexual pleasure to do with an NFT and what the hell is Ethereum?
I promise — we will talk about that shortly. But first of all:
What the hell are NFTs?
NFT stands for “non-fungible token.” Simply speaking, an NFT links ownership to unique physical or digital items, such as works of art, real estate, music, videos or, like in our case, a supplement.
NFTs can be considered modern-day collectibles. They’re bought and sold online and represent a digital proof of ownership of any given item (as explained above). NFTs are securely recorded on a blockchain — the same technology behind cryptocurrencies — which ensures the asset is one-of-a-kind. Which means you are the owner of the NFT and nobody else — it´s yours and only yours. The technology can also make it difficult to alter or counterfeit NFTs.
To really get a handle on NFTs, it’s helpful to get familiar with the economic concept of fungibility.
· Fungible items can be exchanged with one another with ease because their value isn’t tied to their uniqueness. For example, you can exchange a $1 bill for another $1 bill, and you’ll still have $1 even though your new bill has a different serial number.
· Non-fungible items aren’t interchangeable. With NFTs, each token has unique properties and isn’t worth the same amount as other similar tokens. That’s the best part about owning and collecting NFTs: authenticity. You have authentic proof of origin, and you have a digital record for that purchase, genuine proof that you alone own that NFT (and no one else!), the only digital file of its kind in the world. No one else can claim ownership of it, except you. It´s yours and only yours!
How can I buy NFTs?
Many NFTs are stored on the Ethereum blockchain and can be bought with the cryptocurrency ETH (Ether). You can then purchase NFTs via any of the online NFT marketplaces, including OpenSea and Rarible or on the website of a project itself.
What is a blockchain?
The blockchain is a term used to describe the way in which crypto currency transactions are tracked and monitored. Think of the blockchain as a digital ledger, which records and accounts for every NFT that has ever been minted, sold, or resold using cryptocurrency. The “blockchain” is infallible, and keeps track of who created the NFT, the date it was created, who purchased it first, who purchased it last, who owns it now, and how much it’s being sold for on a resale site. Unlike other works of art that have to be “authenticated” by “experts” who issue “Certificates of Authenticity”, NFT creators and traders rely on the blockchain technology to ensure the authenticity and to prove the origin and the trading of the art.
But what is Cryptocurrency?
Cryptocurrency is a digital currency that uses cryptography to verify and record transactions by a decentralized system. For NFTs we need to transfer our money (i.e. EUR or USD) into cryptocurrency using a crypto exchange, such as Coinbase or Crypto.com.
Ether (ETH) needs to be purchased on the crypto exchange of your choice for minting on the Ethereum Blockchain, where Female Pleasure Society NFTs will be located. After your funds have cleared, you then need to send your ETH to your MetaMask wallet.
Why do I need a crypto wallet?
Like having a wallet or a purse in the real world, you need a digital wallet in order to be able to buy, sell, and create NFTs, to store your ETH, to safeguard your NFTs, and to interact with a blockchain. Interestingly, you don’t need to have any ETH or other digital resources to create your wallet. Metamask is the most widely accepted and most used site for creating a crypto wallet. There are many others available to choose from.
How to set up a MetaMask Wallet
Metamask is a cryptocurrency wallet that can interact with the Ethereum blockchain. It´s very popular and quite easy to set up! You can access your wallet through a web browser extension or a mobile app, enabling you to interact with decentralized apps. This easy integration means you just have to click on it and you can proof i.e. that you’re the owner of an NFT or allowed to enter a community. To add the MetaMask extension you will need either Chrome or FireFox.
Here, we will show you how to set up a MetaMask Wallet Extension by using Google Chrome:
You will start out by going to https://metamask.io in your Google Chrome browser, which will bring up the home screen.
· Click download now.
· 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.
· The final step to this is clicking the puzzle piece in the top right and then the pin to ‘pin’ MetaMask to your taskbar. Then you can have it right at the top. You´ll need it later. J
Next, Create Your MetaMask Wallet Account:
Go ahead and double click on that extension you just installed in the top right of your browser. 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.
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 female pleasure society team community project learn fun germany art enjoy
The order of the words is important! What else is important: AS WELL AS DO NOT SAVE IT DIGITALLY!
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 you some currency in that wallet!
Purchasing Ether (ETH):
To purchase a female pleasure society NFT on the Ethereum blockchain, you will need to purchase ETH from a crypto exchange platform of your choice. 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 money 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. For our example, we chose Coinbase because it is widely used.
You will begin by going to https://www.coinbase.com
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 or passport. 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 inserted 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 ETH 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 take 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 platform you used. In our case we will show you how to send ETH from Coinbase to MetaMask. But I think the 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! But what you just keep to yourself is your seed phrase and password!!!).
To do this you will open MetaMask and copy your account address at the top where it says ‘Account 1’ and the address underneath. Double-check that you have copy-pasted the correct address since you will not get back your funds in case you have sent them to The wrong address/wallet. 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 MetaMask.
But where do I buy NFTs now?
Once you’ve got your wallet set up and funded, there are several sites to shop NFTs. Currently, the largest NFT marketplaces are:
· OpenSea.io: This peer-to-peer platform bills itself a purveyor of “rare digital items and collectibles.” To get started, all you need to do is create an account to browse NFT collections. You can also sort pieces by sales volume to discover new artists.
· LooksRare: Next to OpenSea one of the biggest NFT selling platforms.
· Rarible: Similar to OpenSea, Rarible is a democratic, open marketplace that allows artists and creators to issue and sell NFTs. RARI tokens issued on the platform enable holders to weigh in on features like fees and community rules.
· Project Website: You can also buy NFTs directly from the website of the project. With popular NFT-Projects you need to be very fast to buy an NFT directly from the Project, because they may sell out very fast. If so, you can go immediately to OpenSea or Rarible to buy an NFT there.
What does the term “Whitelist” mean?
An NFT Whitelist is a database of people who are guaranteed early access to mint NFTs at a certain date and time. Being on such a list helps you to avoid high secondary prices as well as high transaction fees. We don´t like the term whitelist and have therefore decided to claim our “Whitelist” G-Spot List.
NFTs launch, or “drop,” on a specific, predetermined day. Which means that, If you’ve been whitelisted for our NFT Drop, you’ll have a certain amount of time to buy a newly minted token before it’s made available to outside buyers.
As you wait for your time slot, your crypto wallet will sit on the NFT whitelist. This mechanism makes NFT launches more democratic, ensuring early access for true supporters and avoiding the competition and gas wars often associated with popular NFT projects.
How do I “mint” an NFT from your “collection´s” website?
First you’ll want to do some research into the available collections, and choose an NFT you believe in, or that you really admire, a collection with NFTs you’d want to invest in and own. Now, you’re ready to “mint” your first NFT.
The first thing you want to do is to verify that you are on the right website. Meaning, make sure you are looking at the legitimate website that is offering the NFT collection. This is important because there are operators of counterfeit sites that will try to pose as the actual NFT website, and as a project leads up to its presale day, this is an increasingly common phenomena. Just make sure you verify that the site is the actual NFT creator’s site, not a fake website.
How do I set up my OpenSea account?
- Start by going to opensea.io
- Select the “Profile” icon at the top right side of the screen.
- You will then be prompted to connect your wallet (i.e. Metamask).
- You will continue through multiple prompts, finishing with the connection screen.
- When you see “Connecting…” OpenSea to your wallet, you’re almost done.
- Once your account is connected, you will be able to view your NFT’s, buy, sell, and trade on OpenSea for all secondary sales.
How to buy an NFT on OpenSea?
- Start by creating an OpenSea account and connecting a wallet.
- Once you have your wallet connected, you will need to make sure you have enough ETH to cover purchase price and gas fees.
- Next browse OpenSea for your desired piece.
(Pro Tip: If you are looking for a specific collection, be sure to verify the collection with their smart contract.)
To Make an Offer on an NFT:
- Some NFTs are auctioned, so you will need to place a bid. Even if an NFT is listed as “Buy Now”, you can always make an offer for a lower price
- Click on “Offers” to dropdown the list. You will be able to see whether there are any existing offers for the NFT
- Click on “Make Offer”
- Your bids will be placed in WETH (Wrapped ETH) which is a form of ETH currency that makes it tradeable. Carefully choose the amount of WETH you want to bid (USD is shown on the right side)
- Click “Convert ETH”
- Confirm the amount, then click “Wrap” (each time you convert ETH to WETH, there is a transaction fee, so if you’re planning to bid on multiple NFTs, you may want to convert a larger amount)
- Your MetaMask extension will drop down, asking you to confirm the total amount
- The gas fee for the conversion here is cheaper than when purchasing the NFT.
- You will see the updated balance of ETH and WETH in your MetaMask wallet
- Select “Confirm”
- Go to “Make Offer” again
- Enter the amount you want to bid and click “Make Offer”
- Your MetaMask extension will drop down, and you will be able to see the total purchase price. For offers, you may only see a “Gas Fee” if it’s your first transaction. This fee is generally lower than the gas fee required to transact a purchase. I’ve seen it range from $10 ~ $15
- Select “Confirm” to finalize the bid
- When the MetaMask extension drops down, click on “Sign”
Congratulations! You’ve successfully placed a bid! You should see your bid show up in the “Offers” section.
How do I sell an NFT on OpenSea?
1. From your profile, select the NFT you would like to sell from your wallet.
2. Click the “Sell” button in the upper right-hand corner of the NFT page.
3. Then choose the price, type of auction, and other preferences. You can set your NFT as a fixed-price sale, or start an auction with a variety of settings including a start price, price threshold, and timed expiration.
4. When you’ve worked out how you want your sales settings to look, click the “Post Your Listing” button.
5. There are no direct fees for listing one of your NFTs for sale, although there are some fees once the sale goes through, which are listed out here.
6. You’ll also be prompted to initialize your wallet if this is your first time selling. (There might also be a few extra review prompts to click through if the NFT you’re selling wasn’t minted on OpenSea.)
7. After all of this, you’ll be asked to finalize the listing, confirm all the details, and post your NFT on the marketplace.
8. You can view all the NFTs you have up for sale by returning to your profile and selecting the “Activity” tab on the left-hand sidebar.