Backstory: our son got us into trading alternative currencies (i.e. bitcoin, ethereum, etc.) and stakes in platforms that operate on these currencies back in November. We set up a Coinbase account (we researched all the options and found this to be the easiest and safest platform to trade these tokens and currencies) and dove in with a small investment. Coinbase is excellent because once you set it up, you can not only buy, sell, transfer, etc. from your desktop, tablet or cellphone, but you can also bank what you’ve sold there in a cash account if you want to follow the buy low/sell high adage. There are small transaction fees involved, but happily, our holdings have grown nicely since starting. If you’d like to get into Bitcoin or Ethereum, you can buy just a small percent of a coin rather than lay out the full amount.
So, we were having fun, watching our accounts grow by a nice margin with our Coinbase trading all throughout the holidays. Then, in early January, my spidey sense perked up when I started hearing about NFT’s (Non-Fungible Tokens). I am a research hound dog from my days in international consulting and I realized these NFTs might be a way to merge two buckets in my life these days: art (my passion) and investing to grow a bigger nest egg since we’re closing in on retirement age. NFT’s looked to be a brilliant option for us.
There was a great Reddit post in January I poured over. Then I plowed deeper and found this article of help too. It seemed promising and really was, especially with a title like this: Complete Guide to NFTs: How to Create & Collect the Next Wave of Digital Assets. One thing that prevented me from diving in right away was the cost of minting these NFTs.
Then I heard that the world’s largest NFT marketplace, OpenSea was positioning itself as the first way to make & sell Non-Fungible Tokens for free, without paying gas. There is a small gas fee for processing but it is a much lower barrier to entry into the NFT marketplace as a maker.
I dug in. I read (and bookmarked) this article and its corresponding instructional links at OpenSea. It was a pretty simple process and cost only a few bucks for “gas” to set up the account. That’s it! You don’t have to pay for each NFT you produce, just that onetime fee!
I animated a few of my paintings and they are listed for sale along with some novelty images like the one below.
Update: I recently found this Guide to NFTs published this February to be helpful and interesting too.