WEBVTT - How to Mint Your First NFT w/ Will Lucas 0:00:00.720 --> 0:00:04.720 I'm with Lucas and this is Black Tech, Green Money. 0:00:05.080 --> 0:00:07.040 I'm gonna introduce you to some of the biggest names, 0:00:07.120 --> 0:00:10.639 some of the brightest minds, and brilliant ideas. If you're black, 0:00:10.640 --> 0:00:13.120 in building, or simply using tech to secure your back, 0:00:13.640 --> 0:00:17.959 this podcast is for you. About a week ago, I 0:00:18.040 --> 0:00:22.160 mentored my first n f T and I've been increasingly 0:00:22.280 --> 0:00:26.360 enamored with the idea of both collecting digital art and 0:00:26.480 --> 0:00:30.440 the concept and implications of smart contracts over this past year, 0:00:30.480 --> 0:00:33.280 and after doing a bunch of research over the last 0:00:33.320 --> 0:00:35.279 couple of months, I decided I wasn't going to really 0:00:35.360 --> 0:00:38.599 learn by sitting on the sidelines. I needed to get in. 0:00:39.440 --> 0:00:41.760 Either I was going to buy some n f T s, 0:00:42.240 --> 0:00:43.920 or I was gonna make some, or I could do 0:00:44.000 --> 0:00:49.800 both UM. What kept me apprehensive about buying n f 0:00:49.880 --> 0:00:53.200 T s was the hype surrounding some of the ones 0:00:53.320 --> 0:00:57.280 we've probably all heard of, Crypto punks and Board eight 0:00:57.400 --> 0:01:01.520 Yacht Club. While learning UM, I found it difficult to 0:01:01.560 --> 0:01:05.240 decipher signal from noise as I both explored what I 0:01:05.280 --> 0:01:08.960 wanted to invest in and learned how to actually buy 0:01:09.040 --> 0:01:11.760 something I wanted. I knew the punks and the apes 0:01:11.840 --> 0:01:14.200 had a lot of value, but they were tens of 0:01:14.240 --> 0:01:17.319 thousands and hundreds of thousands of dollars to secure, and 0:01:18.080 --> 0:01:20.920 there were cool things I found in price ranges I 0:01:20.920 --> 0:01:24.319 didn't mind investing in. But you know, being a newbie, 0:01:24.440 --> 0:01:27.000 I didn't feel comfortable yet that I was making a 0:01:27.040 --> 0:01:31.360 good move buying something obscure or relatively obscure. And you 0:01:31.440 --> 0:01:34.120 might think that securing your first n f T is 0:01:34.200 --> 0:01:36.800 as simple as finding when you want in swiping your 0:01:36.880 --> 0:01:39.120 m X to get it as you would like on Amazon, 0:01:39.680 --> 0:01:42.720 but you would be wrong. There are layers to making 0:01:42.760 --> 0:01:46.920 transactions in the world of crypto, and it's very easy 0:01:46.959 --> 0:01:51.160 to make expensive mistakes. Simply moving your money from one 0:01:51.160 --> 0:01:55.000 pocket to the other pocket can cost you um. All 0:01:55.000 --> 0:01:58.800 in all, I didn't struggle with understanding that the art 0:01:59.280 --> 0:02:03.360 hand in hand with the tech had value and big implications. 0:02:03.400 --> 0:02:05.960 But I understand why some people do have that challenge 0:02:06.040 --> 0:02:09.440 and internal questioning, and we'll talk about that another time. 0:02:09.639 --> 0:02:12.600 But what I wanted to accomplish was getting my hands 0:02:12.639 --> 0:02:16.400 dirty so I could fully appreciate what digital art would 0:02:16.440 --> 0:02:18.960 and could mean, both to me as a creator in 0:02:19.000 --> 0:02:22.000 my fellow community of creators and as a collector and 0:02:22.080 --> 0:02:25.200 consumer who likes nice things. What I found in my 0:02:25.240 --> 0:02:28.720 study is so much more than just a community of 0:02:28.800 --> 0:02:32.080 dope creators with their work on display in exchange for EVE, 0:02:32.520 --> 0:02:37.040 but also an underlying technology that I believe will revolutionize 0:02:37.120 --> 0:02:43.079 agreements between people, the bedrock of functioning or malfunctioning society. 0:02:43.120 --> 0:02:46.600 But I digress. This is about making your first n 0:02:46.680 --> 0:02:48.880 f T, so I'll do my best to stick this scope. 0:02:48.880 --> 0:02:53.320 We'll talk later about, you know, buying n f T s, 0:02:53.320 --> 0:02:56.760 smart contracts and other things, but this today is about 0:02:56.840 --> 0:02:59.960 making your first n f T. And you might think 0:03:00.040 --> 0:03:03.640 as skipping, you know, having those conversations about smart contracts 0:03:04.160 --> 0:03:08.359 conversations about understanding cryptocurrency are like skipping steps, but they're 0:03:08.360 --> 0:03:10.960 really not. You can get in and start creating without 0:03:11.040 --> 0:03:16.320 under understanding the breadth of the whole world of the blockchain. 0:03:17.240 --> 0:03:19.440 You can do this without having to know that and 0:03:19.480 --> 0:03:23.960 fully appreciate that. Let's start creating some stuff, okay, and 0:03:24.000 --> 0:03:26.280 I promise you we will get to that all right. 0:03:26.560 --> 0:03:29.960 So there is some preliminary work we'll need to perform 0:03:30.080 --> 0:03:35.920 today to establish terminology definitions. If you will um hear 0:03:36.000 --> 0:03:39.080 some words and short phrases that are probably not in 0:03:39.080 --> 0:03:42.360 your daily lexicon, but will be need to be if 0:03:42.400 --> 0:03:46.840 you're to understand creating and even purchasing an n f T. First, 0:03:47.040 --> 0:03:49.880 n f T, what isn't n f T. To define 0:03:50.000 --> 0:03:53.560 n f T, let's first define what non fungible means 0:03:53.600 --> 0:03:57.400 non fungible token. What does non fungible mean? Non fungible 0:03:57.600 --> 0:04:00.520 basically means that the thing is you nique and it 0:04:00.640 --> 0:04:04.920 can't be replaced with something else. For example, a dollar bill, 0:04:05.000 --> 0:04:08.520 a one dollar bill is fungible. I could trade you 0:04:08.880 --> 0:04:11.800 my one dollar bill for your one dollar bill and 0:04:11.840 --> 0:04:15.040 we'll have the same thing. You could even have a 0:04:15.080 --> 0:04:18.000 five dollar bill and I trade you my five one 0:04:18.040 --> 0:04:20.280 dollar bills and you also had the same thing. You 0:04:20.360 --> 0:04:24.400 got five dollars. But the one of one bosk yard 0:04:24.600 --> 0:04:30.039 untitled boxer painting created is non fungible. If you have 0:04:30.240 --> 0:04:34.640 that Boski yacht painting and I trade it for the 0:04:34.720 --> 0:04:39.560 Mona Lisa, I'd have something completely different. So effectively, to 0:04:39.640 --> 0:04:42.080 be non fungible means it's like it's a one of one, 0:04:42.320 --> 0:04:45.560 all right. So let's add the tea back into non fungible. 0:04:46.520 --> 0:04:49.680 Now we have a non fungible token. So here's what 0:04:49.760 --> 0:04:54.520 people here's what people get confused. So the token is code. 0:04:55.120 --> 0:04:58.000 It's like metadata. It's a deed, like aded to a house. 0:04:58.440 --> 0:05:02.640 The token isn't the house, like the deed isn't the house. 0:05:02.839 --> 0:05:06.200 But the deed is the documentation that I own the house. 0:05:06.240 --> 0:05:08.880 It's the proof that I own the house. The token 0:05:09.360 --> 0:05:12.400 is the documentation or the code in this case that 0:05:12.520 --> 0:05:15.120 says I own the JPEG, I owned the MP three, 0:05:15.240 --> 0:05:17.599 I owned the MP four video file, I own the 0:05:17.680 --> 0:05:21.120 JIF or whatever other digital asset. It's not the digital asset, 0:05:21.480 --> 0:05:27.480 but it's the proof that I own it. Okay, So, creators, 0:05:27.760 --> 0:05:30.960 whatever digital asset you create, whether it be a song, 0:05:31.520 --> 0:05:34.479 it could be an audio file. Let's say you just 0:05:34.520 --> 0:05:38.160 spoke into your Apple, your iPhone, you know, voice recorder, 0:05:38.160 --> 0:05:39.800 and you made that in n f T. You can 0:05:39.839 --> 0:05:42.520 make that n f T. It's a digital file. You 0:05:42.560 --> 0:05:45.520 can make. Um. You know, you can go open up 0:05:45.560 --> 0:05:49.200 Photoshop or illustrator on your computer, create a piece of art, 0:05:49.839 --> 0:05:53.320 make it an n f T. You can make a 0:05:53.360 --> 0:05:55.760 word document in n f T. You can make a 0:05:55.800 --> 0:05:59.200 picture you took on your cannon. In n f T 0:05:59.480 --> 0:06:01.440 you can you can make all of these things n 0:06:01.480 --> 0:06:04.200 f T s. These can be non fungible. Their first 0:06:04.360 --> 0:06:06.800 non fungible because you created them. But you can make 0:06:06.839 --> 0:06:10.919 them non fungible tokens by assigning to them this code 0:06:11.400 --> 0:06:15.000 that puts them on the blockchain. They're already non fungible. 0:06:15.720 --> 0:06:18.800 They're already one of ones. The voice memo that you 0:06:18.880 --> 0:06:22.359 record on your iPhone is already non fungible. It's it. 0:06:22.600 --> 0:06:25.400 I can't take your voice membo swapping from mine, and 0:06:25.440 --> 0:06:28.720 we got the same thing. Your voice memo is, it's yours. 0:06:28.920 --> 0:06:31.560 It's that's that's the only one that exists. That painting 0:06:31.600 --> 0:06:35.159 that you make in photoshopper illustrator, that artwork, that's a 0:06:35.160 --> 0:06:38.279 one of one. It's already non fungible. But once you 0:06:38.360 --> 0:06:41.560 assign it to the blockchain, you place it on the blockchain, 0:06:41.960 --> 0:06:45.320 it gets assigned a line of code which makes it 0:06:45.400 --> 0:06:50.360 a non fungible token. All right, So we've already been 0:06:50.520 --> 0:06:55.159 super familiar with non fungibility because we've seen one of 0:06:55.200 --> 0:06:58.599 one things, you know, our entire lives. Well, what what 0:06:58.760 --> 0:07:01.039 is new to us is the token part of it, 0:07:01.080 --> 0:07:05.160 where it can be assigned to a marketplace, a virtual 0:07:05.240 --> 0:07:10.280 world Web three, where we can track and verify who 0:07:10.360 --> 0:07:13.520 owns the thing, who has the right to sell it. 0:07:13.640 --> 0:07:16.320 You understand this When it comes to your house, I 0:07:16.360 --> 0:07:20.200 can go to the County Auditor's office and see so 0:07:20.280 --> 0:07:23.960 and so. Jim Smith owns the house at one to 0:07:24.160 --> 0:07:26.840 three four Main Street. Jim Smith has the right to 0:07:26.880 --> 0:07:30.760 sell it. I can see that already through real world experience. 0:07:30.760 --> 0:07:33.880 What we have not had until recently is the ability 0:07:33.920 --> 0:07:37.720 to say, Okay, here's a j peg, who owns it? 0:07:38.240 --> 0:07:41.080 Who has the right to sell it? We have that 0:07:41.160 --> 0:07:44.720 now the moment we decided to place those MP three's 0:07:44.720 --> 0:07:48.640 onto the blockchain, you tokenize the asset and it then 0:07:48.920 --> 0:07:52.920 can take advantage of this new opportunity, a marketability of 0:07:53.000 --> 0:07:56.480 ownership and value. All right, minting inn n f T. 0:07:57.160 --> 0:08:00.160 Before I get too deep into explaining this concept, need 0:08:00.240 --> 0:08:03.840 to remind you that the art itself, or the voice memo, 0:08:04.000 --> 0:08:07.520 the MP four, the jpeg itself, is just that it's 0:08:07.520 --> 0:08:11.720 a digital file, a non fungible digital asset. The n 0:08:11.760 --> 0:08:16.800 F ten of this asset, this jpeg, this MP four 0:08:17.400 --> 0:08:21.480 is when this digital asset becomes represented by a token 0:08:21.600 --> 0:08:25.360 on the Ethereum blockchain, the token is not the art, 0:08:25.600 --> 0:08:28.440 Ladies and gentlemen, The token is not the art. The 0:08:28.520 --> 0:08:34.080 token represents the art on the blockchain. Okay, to mint, 0:08:34.320 --> 0:08:37.400 an n f T simply means you're assigning a non 0:08:37.480 --> 0:08:40.800 fungible token, something that cannot be duplicated, something that cannot 0:08:40.800 --> 0:08:44.800 be changed, something that cannot be altered, to your digital file, 0:08:44.880 --> 0:08:48.320 to your jpeg, to your voice memo. Once that n 0:08:48.360 --> 0:08:51.560 f T, that non fungible token is created, it cannot 0:08:51.559 --> 0:08:55.800 be changed, altered, or tamper with. It's done. I could 0:08:55.840 --> 0:08:57.880 go off script here because there's so much there, but 0:08:58.000 --> 0:09:00.200 if I do, I'll be on a scope with is 0:09:00.800 --> 0:09:04.120 this episode. So I'll stay. I'll leave that there. But 0:09:04.280 --> 0:09:07.240 this is an important concept because, as I said, the 0:09:07.360 --> 0:09:11.120 token is not the art. The token represents the art 0:09:11.280 --> 0:09:14.880 on the block chain. Then where's the art? It could 0:09:14.880 --> 0:09:17.520 be many places in any place actually, where you can 0:09:17.559 --> 0:09:21.720 store digital file. If you store files on a w S, Amazon, 0:09:21.760 --> 0:09:25.640 web services like blue host, or a server in your bedroom, 0:09:25.840 --> 0:09:29.760 the original non fungible art or digital file could reside there, 0:09:29.960 --> 0:09:33.080 right there in your bedroom. The person who owns it, however, 0:09:33.280 --> 0:09:37.240 could be somebody you've never met across the ocean. Again, 0:09:37.360 --> 0:09:39.800 there's so much here. I'm super compelled to go off script, 0:09:39.840 --> 0:09:42.559 but I will control myself. But just it's that the 0:09:43.200 --> 0:09:45.160 concept is that the token is not the art. The 0:09:45.200 --> 0:09:48.960 token represents the art, and it's stored somewhere on a 0:09:49.040 --> 0:09:53.880 server somewhere. The most native way to store digital files 0:09:53.920 --> 0:09:57.280 for the purposes of tokenization as an n f T, however, 0:09:57.800 --> 0:10:00.800 is to store them on what's called and I PFS 0:10:00.920 --> 0:10:05.400 or the Interplanetary File System, which in Layman's terms, is 0:10:05.640 --> 0:10:14.400 a decentralized AWS or a decentralized server which holds files, documents, JPEG's, 0:10:14.559 --> 0:10:19.360 audio files, et cetera in the ether. I'm not gonna 0:10:19.400 --> 0:10:22.960 go off script, but just rock with me. So minting 0:10:23.080 --> 0:10:26.800 n m T in short, is simply, again, the process 0:10:26.960 --> 0:10:31.000 of making a digital piece of art or digital file 0:10:31.400 --> 0:10:34.000 to be represented by a token and placing it on 0:10:34.200 --> 0:10:37.080 the blockchain. That's all it is. All right, I've got 0:10:37.080 --> 0:10:39.400 a couple more. Let's get through this super quick, alright. 0:10:39.520 --> 0:10:43.240 Crypto exchange UM let's use coin based as is arguably 0:10:43.360 --> 0:10:47.680 the most popular. A crypto exchange is an online market 0:10:47.679 --> 0:10:53.719 place where you can buy, sell, and trade cryptocurrency um 0:10:53.720 --> 0:10:56.360 There are several of these online. So if you want 0:10:56.360 --> 0:10:58.800 to buy your first bitcoin, and you want to buy 0:10:58.840 --> 0:11:01.959 your first dose coin, you want to trade your dose 0:11:02.120 --> 0:11:06.200 coin for somebody's light coin. You do that on a 0:11:06.280 --> 0:11:09.800 crypto exchange. There are several of these online you can 0:11:09.920 --> 0:11:13.040 use UM and ones you can download as apps. I 0:11:13.080 --> 0:11:15.840 will not go through them all UM, but the purpose 0:11:16.040 --> 0:11:19.280 for the purposes of this episode, this conversation will stick 0:11:19.320 --> 0:11:21.679 with coin based UM one of the most if not 0:11:21.760 --> 0:11:25.880 the most widely used among the whole see of them 0:11:26.400 --> 0:11:31.120 UM digital wallet another definition for you. Digital wallet is 0:11:31.160 --> 0:11:36.199 a software based system that stores your coins UM. A 0:11:36.240 --> 0:11:39.040 While a crypto exchange is where you buy, sell, and traded, 0:11:39.600 --> 0:11:42.760 a digital wallet is where you store it. So using 0:11:42.880 --> 0:11:47.120 your wallet, you make transactions like making payments as its 0:11:47.160 --> 0:11:51.120 stores your coins or UM. You gain access to services 0:11:51.240 --> 0:11:54.000 because it stores your passwords. So that's what the digital 0:11:54.040 --> 0:11:57.920 wallet is. So actually, with a lot of these concepts, 0:11:57.920 --> 0:12:00.760 will talk about the way you get access to a 0:12:00.800 --> 0:12:02.760 lot of the sites we're going to be discussing today. 0:12:02.840 --> 0:12:05.240 You have to have a wallet because the wallet serves 0:12:05.280 --> 0:12:07.200 as like you're user name and password to get in. 0:12:07.600 --> 0:12:10.800 So we're talking about that more in a second. And 0:12:10.920 --> 0:12:14.320 then gas fees UM erased the idea in your head 0:12:14.360 --> 0:12:19.080 of like automobiles, gas fees in the world of ETHEREUM 0:12:19.320 --> 0:12:22.840 is the fee you pay for the usage of the network. 0:12:23.720 --> 0:12:28.640 Making transactions, as you might imagine, on the blockchain, uses 0:12:28.760 --> 0:12:34.160 computational power. Um that computational power causes cost some money, 0:12:34.520 --> 0:12:37.800 so somebody has to pay the electric bills. Somebody's gotta fix, 0:12:38.280 --> 0:12:41.960 you know, the system if it breaks. So gas fees 0:12:42.000 --> 0:12:45.640 are the fee you pay when you perform transactions on 0:12:45.720 --> 0:12:48.880 the blockchain. We're gonna talk a lot about this concept 0:12:49.360 --> 0:12:53.240 um because it's important and this could make a break 0:12:53.280 --> 0:12:57.360 a lot of your UM experience with n f t S. 0:12:57.800 --> 0:12:59.640 So we're gonna talk a lot about this. But this 0:12:59.760 --> 0:13:01.560 for all you, for all you need to know right 0:13:01.559 --> 0:13:05.440 now is there's a concept of gas fees, which is 0:13:06.080 --> 0:13:11.960 fee the fee you pay for making transactions using um ethereum. 0:13:12.000 --> 0:13:16.760 All right, so now that we've established some foundational language, 0:13:17.160 --> 0:13:20.679 let's mint our first n f t UM. The first 0:13:20.720 --> 0:13:26.240 thing we have to have is the digital asset. So 0:13:26.280 --> 0:13:29.200 you might have like a song you'd like to place 0:13:29.280 --> 0:13:32.640 on the blockchain, or a piece of art you created 0:13:32.720 --> 0:13:36.640 an illustrator or photoshop, or maybe a poem you wrote 0:13:36.640 --> 0:13:39.079 and you saved it as a JEF. None of this 0:13:39.240 --> 0:13:43.000 conversation matters if you don't have some digital asset you 0:13:43.040 --> 0:13:45.880 want to share with the world. I won't spend a 0:13:45.880 --> 0:13:49.160 lot of time here. While having an asset is critical 0:13:49.200 --> 0:13:53.800 to this idea, it's obvious and there are other necessary 0:13:53.800 --> 0:13:55.880 steps more worthy of our time, so I won't spend 0:13:56.280 --> 0:14:00.280 time there. You gotta have it obviously. It's important, UM, 0:14:00.360 --> 0:14:05.120 necessary and required also UM that you have a digital wallet. 0:14:05.600 --> 0:14:08.000 There's no need in having a digital wallet if you 0:14:08.000 --> 0:14:11.480 don't have any coins. And yes, you will need some coins. 0:14:11.840 --> 0:14:14.640 Remember gas fees in order to mention first inn f T. 0:14:15.320 --> 0:14:17.360 The first thing you'll need to do UM is set 0:14:17.400 --> 0:14:20.280 up an account on coin base. UM. You could use 0:14:20.320 --> 0:14:23.960 other crypto exchanges, but for this example, we're gonna use 0:14:24.480 --> 0:14:27.480 this one coin bage. To set up your coin based account, 0:14:27.760 --> 0:14:29.880 you'll need all the same kind of information you need 0:14:29.920 --> 0:14:33.800 to set up any other online account, like an email address, unique, 0:14:33.880 --> 0:14:36.600 use your name, password, and etcetera. But you also need 0:14:36.640 --> 0:14:38.920 to serve up a photo of your driver's license or 0:14:38.960 --> 0:14:42.080 some other state I d UM from the coin based website. 0:14:42.440 --> 0:14:46.760 The reason behind requiring this documentation is to prevent fraud 0:14:47.120 --> 0:14:50.560 and to make any account related changes. Coin Based will 0:14:50.640 --> 0:14:53.440 ask you to verify your identity from time to time 0:14:53.520 --> 0:14:56.280 We also ask you to verify your identity to ensure 0:14:56.320 --> 0:14:59.840 no one but you changes your payment information, So be 0:15:00.000 --> 0:15:02.760 ready with your idea on hand when setting up your account. 0:15:03.160 --> 0:15:05.480 The next thing you'll need is your banking info in 0:15:05.560 --> 0:15:09.000 order to buy some which you'll need um. You'll need 0:15:09.040 --> 0:15:12.640 to have access to an online account your bank account 0:15:12.880 --> 0:15:15.600 to connect to your coin based account to swap off 0:15:15.600 --> 0:15:21.760 the currencies you'll be trading your dollars for ethereum. So 0:15:21.960 --> 0:15:25.000 you're a genius. You got this far without much of 0:15:25.000 --> 0:15:28.400 a headache, right, Well, that was the easy stuff. It 0:15:28.440 --> 0:15:30.880 gets a little bit more complex from here, but I 0:15:30.920 --> 0:15:33.720 promise it gets simpler again shortly. But this is the 0:15:33.760 --> 0:15:36.800 part where I got hung up on for like a week. 0:15:37.640 --> 0:15:40.040 There was a lot of un learning I had to 0:15:40.080 --> 0:15:42.840 do in order to be birthed into the world of 0:15:42.880 --> 0:15:45.840 web three. There were a lot of norms I was 0:15:46.000 --> 0:15:49.200 used to and had taken for granted, that are not native, 0:15:49.440 --> 0:15:52.120 or at least not at face value, native to how 0:15:52.160 --> 0:15:57.480 we perform in our analog world. This concept of a 0:15:57.560 --> 0:16:00.440 digital wallet took me a second. Um, I just assumed 0:16:00.880 --> 0:16:03.320 once I had some money in my coin based account 0:16:03.360 --> 0:16:07.000 that I was golden. I could go and make some purchases. 0:16:07.720 --> 0:16:11.360 But coin base is just an exchange. You don't buy 0:16:11.480 --> 0:16:14.520 things from the coin based app. You need a digital 0:16:14.520 --> 0:16:17.480 wallet to do that, which, after I got over the 0:16:17.560 --> 0:16:20.560 momentary state of confusion, it started to make sense. If 0:16:20.600 --> 0:16:23.760 I have a bank account, that doesn't mean I go 0:16:24.920 --> 0:16:28.000 buy some yeasys on the confirmed app using my bank account. No, 0:16:28.400 --> 0:16:31.480 I use my credit card or a debit card, which 0:16:31.520 --> 0:16:34.480 is backed either by my credit worthiness or my bank balance. 0:16:34.920 --> 0:16:39.200 You get the point. The exchange either way, it's just 0:16:39.400 --> 0:16:46.040 where I converted convert my dollars to cryptocurrency with the 0:16:46.040 --> 0:16:50.720 cryptocurrency of my choice, be it Ethereum, Bitcoin, dose coin, 0:16:50.880 --> 0:16:53.840 or Sheba or whatever. And the wallet is where I 0:16:53.920 --> 0:16:57.640 buy stuff in the marketplace, like a n f T marketplace. 0:16:58.320 --> 0:17:02.240 With this conversation, we're talking about minting n f T s, however, 0:17:02.440 --> 0:17:05.440 not buying them. But so far in our steps we're 0:17:05.480 --> 0:17:08.040 still doing the same work. To perform I have a task, 0:17:08.520 --> 0:17:10.840 you still have to have a wallet to mint n 0:17:10.880 --> 0:17:14.040 f T s. Again, your wallet is also the holder 0:17:14.119 --> 0:17:18.679 of your coins and your passwords. Remember that, so moving 0:17:18.680 --> 0:17:21.879 coins over to your wallet, the process of moving my 0:17:22.000 --> 0:17:26.080 coins from the exchange to my wallet again being new 0:17:26.119 --> 0:17:28.080 to the game cost me a little bit of heartache. 0:17:28.320 --> 0:17:31.040 Before I describe the heartache, though, I'll tell you about 0:17:31.080 --> 0:17:33.159 my wallet. There are two wallets that I have. I 0:17:33.240 --> 0:17:35.639 have one that is a meta mask wallet, and I 0:17:35.720 --> 0:17:38.480 also have a coin based wallet. Coin Based is not 0:17:38.560 --> 0:17:42.119 only a marketplace, they also provide a wallet to go 0:17:42.200 --> 0:17:46.080 alongside their marketplace services, though you do have to sign 0:17:46.160 --> 0:17:50.720 up for them independently. Once um you have some coins 0:17:50.760 --> 0:17:55.399 in your marketplace account, you'll need to move some over 0:17:55.600 --> 0:17:58.760 to your wallet in order to continue the process of 0:17:58.880 --> 0:18:02.240 minting your n f T east. This was my first 0:18:02.359 --> 0:18:06.919 experience with the dreaded gas fees. Now, I mentioned before 0:18:07.200 --> 0:18:09.879 that you get charged gas fees when you make a 0:18:09.920 --> 0:18:14.320 transaction on the etherym blockchain. Remember so I also mentioned 0:18:14.320 --> 0:18:17.320 that at this point I had already purchased some eth. 0:18:17.840 --> 0:18:21.080 So why is now moving money from my coin based 0:18:21.119 --> 0:18:24.760 account to my wallet, in this case, my coin based wallet, 0:18:24.760 --> 0:18:26.920 when it wouldn't have matter. It could have been my 0:18:27.040 --> 0:18:30.440 metal mask wallet. Why is now the first brush I've 0:18:30.480 --> 0:18:33.320 had with gas fees when I've had to pay gas 0:18:33.400 --> 0:18:36.040 fees to get my coins in the first place on 0:18:36.119 --> 0:18:39.840 the marketplace, Yes, but no, I could go off the 0:18:39.880 --> 0:18:42.240 deep end here, but I won't what I what I 0:18:42.280 --> 0:18:45.800 will give you is enough information to understand the core 0:18:45.920 --> 0:18:49.640 concepts without balking you down in details and minutia. When 0:18:49.720 --> 0:18:54.080 you buy crypto from marketplace like coin Base, that marketplace 0:18:54.160 --> 0:18:58.040 already has the ethereum, the EAT. So having a thousand 0:18:58.040 --> 0:19:02.560 dollars in your coin Base marketplace account is effectively like 0:19:02.640 --> 0:19:06.560 having a thousand dollars IOU from coin Base. You really 0:19:06.600 --> 0:19:09.960 don't own the eath. When you go to move it 0:19:10.080 --> 0:19:13.440 over to your wallet, however, you're taking control of the 0:19:13.560 --> 0:19:18.439 e and placing it in your digital hands. So because 0:19:18.520 --> 0:19:22.359 you first simply had an IOU from the marketplace coin Base, 0:19:22.520 --> 0:19:25.040 in my case, you didn't, you didn't really have any 0:19:25.200 --> 0:19:27.600 have to pay any gas fees because you really didn't 0:19:27.640 --> 0:19:31.600 have the eath. You had a promise of ease. So 0:19:31.800 --> 0:19:34.280 platforms can get hacked and it will matter to you 0:19:34.480 --> 0:19:37.719 because they're storing your EATH or your promised eth. If 0:19:37.760 --> 0:19:40.600 it's in your wallet, however, you risk losing it if 0:19:40.680 --> 0:19:44.120 you lose your keys or your keys get stolen. You're 0:19:44.160 --> 0:19:48.000 in control. Going deeper into that isn't in the scope 0:19:48.040 --> 0:19:50.800 of this episode, but I'll leave it at that. If 0:19:50.880 --> 0:19:53.600 it's on the platform. If you have not moved money 0:19:53.800 --> 0:19:56.440 out of the marketplace and into your wallet, you have 0:19:56.600 --> 0:20:00.399 the promise of that currency. Once you move over to 0:20:00.520 --> 0:20:05.399 the wallet, then you have it in your hands. Okay, 0:20:06.119 --> 0:20:08.440 So this is where I came to pay my first 0:20:08.560 --> 0:20:11.800 real toll in the form of gas fees, moving money 0:20:11.960 --> 0:20:14.920 from my coin based marketplace account to in this case, 0:20:15.040 --> 0:20:18.920 my coin based wallet. Since I'm truly taking ownership of 0:20:19.040 --> 0:20:22.680 my ETH instead of having coin based the marketplace be 0:20:22.800 --> 0:20:27.119 a custodian from my ETH, I'm placing a recorded transaction 0:20:27.359 --> 0:20:32.920 onto the blockchain. Therefore, that requires, as we remember, computational power, 0:20:33.119 --> 0:20:36.280 and I gotta pay for that. Gas prices, just like 0:20:36.400 --> 0:20:40.520 the gas prices were used to the ones that involve automobiles, fluctuate, 0:20:41.040 --> 0:20:44.760 and they fluctuate based on the demand for computational power, 0:20:45.200 --> 0:20:48.520 the volume of network activity, and since ethereum is in 0:20:48.680 --> 0:20:52.119 more demand than ever, gas prices have been higher than 0:20:52.200 --> 0:20:56.520 they've been in months and years. Recently, they're incredibly high 0:20:56.720 --> 0:20:59.119 at the moment, so much so that the rates make 0:20:59.200 --> 0:21:02.800 some investments into n f T s UM no longer 0:21:02.920 --> 0:21:06.360 feasible and even ruin the value and possibility of future returns. 0:21:06.400 --> 0:21:09.080 So gas prices are high. UM, let's just lead it 0:21:09.119 --> 0:21:10.600 to the side because it's again out of the scope 0:21:10.640 --> 0:21:13.120 of this conversation. But it's important to know that gas 0:21:13.240 --> 0:21:16.240 prices are high and can you know can impact UM 0:21:16.440 --> 0:21:19.760 whether or not you get involved. So let's say your 0:21:19.800 --> 0:21:23.720 comfy with paying the incredibly high fees to move your feet, 0:21:24.680 --> 0:21:27.359 and you make the move. So note, I'm going to 0:21:27.520 --> 0:21:30.840 use some very simple numbers going forward as an example 0:21:31.040 --> 0:21:34.320 of actual numbers in these real life instances, very second 0:21:34.359 --> 0:21:36.560 to second. But my goal here is just for you 0:21:36.680 --> 0:21:39.960 to understand the concepts. Giving you simple numbers helps me 0:21:40.040 --> 0:21:43.159 communicate these ideas. So you had a thousand dollars in 0:21:43.280 --> 0:21:47.080 your in your coin based marketplace account, and now you 0:21:47.240 --> 0:21:52.120 have nine hundred in in your coin based wallets after 0:21:52.240 --> 0:21:55.639 paying gas fees. UM, here's a peek at everything you 0:21:55.760 --> 0:21:59.280 have so far. You have a digital non fungible asset 0:21:59.440 --> 0:22:01.480 like a piece of art or an MP three of 0:22:01.560 --> 0:22:05.879 a song. You have a coin based marketplace account, and 0:22:05.960 --> 0:22:10.479 you have a coin based wallet with some in it. UM. 0:22:10.520 --> 0:22:13.399 The next thing you'll need to ment your first n 0:22:13.480 --> 0:22:16.719 f T is an account on an n f T marketplace. 0:22:17.440 --> 0:22:20.760 For this example, I'll use the most popular of these, 0:22:21.119 --> 0:22:26.200 which is open c. There are others like Wearable, Foundation, 0:22:26.560 --> 0:22:30.760 Mentable and more UM, but open c is the biggest. 0:22:31.800 --> 0:22:34.159 To set up an account on open ce, UH, to 0:22:34.280 --> 0:22:36.440 make your first piece of art, we're going to need 0:22:36.520 --> 0:22:40.080 to use the other utility of your wallet. Remember, a 0:22:40.200 --> 0:22:43.480 wallet can perform more tasks than just spending coins. It 0:22:43.560 --> 0:22:47.920 can also serve as our password traffic keeper UM. In 0:22:48.040 --> 0:22:51.600 order to create our open sea account, will need to 0:22:51.840 --> 0:22:56.240 connect open ce by clicking the create button at the 0:22:56.280 --> 0:22:59.720 top of their web page to our wallet. UH. This 0:23:00.040 --> 0:23:03.240 require a little bit of authentication which we don't have 0:23:03.320 --> 0:23:05.480 to get into here, but I found it to be, 0:23:05.680 --> 0:23:08.920 you know, quite user freely and uncumbersome. So if you've 0:23:08.960 --> 0:23:11.320 made it this far into this episode, you should get 0:23:11.359 --> 0:23:15.000 through the process of connecting open sea to your wallet 0:23:15.119 --> 0:23:20.040 without much of an issue. Guess what you have now 0:23:20.119 --> 0:23:23.159 created your wallet and move some feet into it, and 0:23:23.240 --> 0:23:26.080 you made it past much of the heavy lifting. Most 0:23:26.119 --> 0:23:29.959 people do not make it this far, so cheers. Now, 0:23:30.040 --> 0:23:32.960 after having connected your wallet, you should see that you 0:23:33.119 --> 0:23:35.600 have an open sea account. Now you'll be able to 0:23:35.720 --> 0:23:39.320 click into your profile on open sea, upload a profile 0:23:39.400 --> 0:23:43.480 picture at a bio, your social handles and more. But 0:23:43.560 --> 0:23:45.280 let's get all that and get back to minting our 0:23:45.320 --> 0:23:48.399 first n f T. So the reason open c is 0:23:48.600 --> 0:23:52.359 the big dog in this n f T marketplace uh space, 0:23:52.520 --> 0:23:55.040 is they make it super easy to mint n f 0:23:55.160 --> 0:23:59.320