Web3: What can I do with my wallet?

Issue #003 - Lets go shopping!

Let's go shopping

Now that you own a crypto wallet and have some funds on it, what can you do with it?

Similar to the non-crypto world, you can use your wallet to buy things in the Web3 world. "But what is there to buy?" This is a good question.

The answer is, it depends. It depends on what you are looking to do. Are you looking to buy some crypto in the hope that the bull market returns and prices go up? Are you an artist looking to create your art as NFTs and sell your pieces? Are you a writer looking to support other writers out there in the space and learn from them?

NFTs are Non Fungible Tokens. Clear as mud, I'm sure.

Fungible means:

  1. Interchangeable.

  2. Able to be substituted for something of equal value or utility; interchangeable, exchangeable, replaceable.

Therefore, Non Fungible means the opposite. It cannot be changed or substituted.

As Wikipedia puts it:

"A non-fungible token (NFT) is a unique digital identifier that is recorded on a blockchain, and is used to certify ownership and authenticity. It cannot be copied, substituted, or subdivided;"

It just depends. But, the answer to the "what do I do with my crypto wallet" question is pretty standard in all scenarios. You connect your wallet to the sites that you engage with.

When you connect your wallet it will ask you to sign the transaction. Obviously, you need to make sure that you are connecting to a legitimate, reputable site. Just like in Web2.0, you need to be wary of scammers wanting you to connect to their site.

When you're signing the transaction you are telling the wallet "it's fine, it's me, and it's ok to connect to this site."

Let's look at example. I will connect to Opensea. Opensea is a marketplace for NFTs.

Click on Connect Wallet
Select MetaMask (as that is our wallet). Once you select your account (you're likely to only have 1), you click on Next
You'll be asked to Connect (this is called signing the transaction - effectively giving your permission to connect to the site)

When you have successfully connected your wallet you will see something similar to below:

When connected, you will usually see some balances from your wallet

You are now ready to go shopping for anything that takes your fancy.

Artwork. Profile pics. Music. Photography. Writing.

It's a new world. We'll explore more of this in coming newsletters.

Until next time.

Cast of the week

Want to dive in further?

OpenSea is the largest NFT marketplace

Exchange Art is a leading digital art marketplace

#cryptocurrency#blockchain#digital wallet#web3#opensea#nft#marketplace#art#pfp#writing