To Buy or Sell Non-Ferrous Metals in Canada
By 2021, you have probably heard of NFTs, either from reading the news or watching videos on Tiktok. Here we'll go over some of the topics covered in this manual:
- Answering the Question, "What are NFTs?"
- What gives NFTs their value (or lack thereof)
- Tips for avoiding common pitfalls
- The best way to buy and sell NFTs in Canada
- When Buying and Selling NFTs in Canada, Where Should I Go?
- Explain gas prices
- If I wanted to buy/sell NFTs, what kinds should I look into?
Sound good Let's take a trip and learn about NFTs on the train, so get on board!
You've probably seen "Non-Fungible Token" written many times before. That's all well and good, but what does it mean
What this means is that the digital asset in question is truly one-of-a-kind. Swapable, or "fungible," is a synonym for numerous. For that reason, I will now provide some elementary illustrations.
Example of a Fungible Asset
You have a looney, I have a looney; if we exchange bills, we each have two looneys. Since their values are identical, we could swap them. Meaning they can be used in place of other things, they are "fungible." This holds true for any fiat currency (including cryptocurrency such as Bitcoin).
Illustrations of Intangible Assets
It's possible that it won't work the same with other things. Take, for instance, trading cards, whether they be for baseball, Pokemon, or art. A few instances are as follows:
- Trading Cards, Pokemon
A Charizard card from the first print run with holographic ink is much more valuable than a card from a Dollarama booster pack.
- Card Games: Hockey and Baseball
For example, a 1963 Pete Rose rookie card is worth more than a 2013 José Bautista card.
My paint night masterpiece from last year pales in comparison to the original Mona Lisa. Both are works of art However, no one is interested in my useless dross. 😭
Similar assets (Pokémon cards, baseball cards, artwork) can have vastly different market values depending on factors like their rarity, desirability, and popularity with the general public.
We'll delve further into this concept later, but for now, keep it in mind as we explore NFT marketplaces.
This is a major consideration. We've seen that not every NFT is the same. The value of NFTs comes from the importance people assign to them. It boils down to three factors: rarity, demand, and proof of ownership.
An NFT is a digitally signed record of a transaction that can be used as proof of purchase or ownership on the Ethereum blockchain. Buying an NFT is similar to receiving a certificate of ownership for a work of digital art, a concept that is still relatively new in today's internet-driven culture. Your artwork is legally and unalterably yours in an immutable digital ledger until you transfer ownership to another party.
Surprise Not every non-fiat currency is worthless.
Last week I put up for sale an NFT I made using a drone photo I took of Halifax Harbour in 2018 for $0. 001 ETH ($1 There was a price tag of Canadian Dollars (CAD), but no one purchased it.
Mike Winkelmann (aka Beeple) recently sold the short video below at auction for ,000. Six million dollarsBeeple's "CROSSROAD," pictured above, fetched . 6,000,000.00 USD
I can't fathom why anyone would shell out that sum.
It's a novel idea that requires some serious mental gymnastics to fully appreciate. When compared to the value received, why would anyone pay Six million dollars for a clip available 24/7 via internet search
It all boils down to the human need to feel secure in one's possessions.
That's true of a wide variety of things. Here is a picture of the Mona Lisa I found on the internet: You can watch it without paying anything below, just like the video did up top. However, that doesn't give you title to the 0 million painting.
What cryptocurrencies were in 2018, NFTs will be in 2021/22.
- highly conjectural
- Many cannot fathom what they are saying.
- All the people are trying to get rich quick.
- Many people will suffer catastrophic financial losses as a result.
- Speculate in what you know about, not in what you don't.
Don't go out and buy things unless you've thoroughly thought through the ideas presented above.
- Don't go out and buy NFTs at random.
The fact that it is a non-fiat token does not guarantee that it is currently or will ever be of any use. Anyone with an iPad and some drawing skills can make an NFT in under 5 minutes. That NFT is doomed to fail unless the creator is already well-known or does a fantastic job of marketing and promoting the product.
- Make sure you can afford to lose any money you put into an investment.
This year has seen a meteoric rise in the value of many NFTs due to novelty, the fact that some people have gotten extremely wealthy from them, and the fact that many people are willing to pay exorbitant prices for digital collectibles like Cryptokitties, Cryptopunks, and digital artwork.
In order to successfully make a purchase or sale, one must follow a few simple procedures. If you're just starting out, you'll need to sign up for a few different kinds of accounts. Please read on and post any questions you might have below.
One Must First Open a Cryptocurrency Trading Account
To conduct business on the Ethereum blockchain (the primary location of most NFTs at the moment), you will need to acquire some Ether (one of the most widely traded cryptocurrencies).
You'll need to sign up for a cryptocurrency exchange that accepts Canadian users in order to do this. The Canadian cryptocurrency exchange Coinberry comes highly recommended from me, but ETH withdrawals can take a while. Coinbase is currently the most used exchange (despite its high fees of around 4 percent).
My article "How to Buy Cryptocurrencies in Canada" has more details on this topic and other resources. )
The second action is to acquire some Ether (ETH).
After signing up, you'll need to deposit Canadian dollars (via e-transfer, which is completely secure) and then use those funds to purchase ether. The cryptocurrency of the Ethereum Blockchain is called "Ether."
The third action is to sign up for a Metamask account (a digital wallet).
I hear you asking, "What is Metamask?" In response to your question, no, you shouldn't just do what someone tells you to do.
Metamask is a browser-based digital wallet. It is necessary in order to access and use decentralized applications (such as NFT marketplaces, as well as certain games and collectible platforms like Cryptokitties and Cryptopunks).
If you want to use decentralized applications (dapps), you'll need a digital wallet like Metamask, which is a browser extension. This is where your newly acquired Ether will be sent, and it will also serve as the repository for your NFTs.
(Very Serious Caution: Don't lose your password, private key, or 12-word seed-phrase; if you do, you won't be able to get back in.)
Move Four: Deposit Ether into Your Metamask Wallet
If you are using a cryptocurrency exchange (like Coinberry) to store and trade cryptocurrencies, you will need to move some of your Ethereum there.
Keep in mind that it may take up to 24 hours for your ETH to be sent from certain exchanges to Metamask due to the high volume experienced by many exchanges. You can skip Coinberry and go straight to the faster and more popular Coinbase, but funding your account with a credit card will cost you a pretty penny.
Step 5: Visit a Trading Platform to Acquire or Sell NFTs
After installing Metamask, you will have access to a variety of NFT marketplaces, such as the open marketplaces listed below, as well as others like Cryptokitties and Cryptopunks etc.
Continue reading to find out why...
Fortunately, the fact that we're located in Canada doesn't factor into this particular calculation. You can finally access the entire world online once you've spent Canadian dollars on Ether. Ether, like other cryptocurrencies, is not restricted to the citizens of any one nation.
You can buy or sell NFTs on a variety of large-scale exchanges. As an example, here are the two main ones we'll concentrate on:
Since its launch in 2017, OpenSea has been the longest-running and most popular NFT marketplace. Because of its beginner-friendliness, wealth of instructional materials, and comprehensive listing of NFTs from a variety of platforms, it is currently among the best options for those just getting into the scene. One of their goals is to become the "eBay" of NFTs.
Make a Metamask account before making an OpenSea one.
Sign Up for OpenSea Today!
It's time to make room for the new kid on the block: Rarible. A second open market in 2020, this one with an emphasis on art, is expected to see significant growth.
Sign up for Rarible (you'll need Metamask again, though).
Register for Rarely Seen Content
The closest thing I can think of is a toll booth on a highway. Comparing gas prices to tolls, the Ethereum blockchain could be compared to a highway. Highway users must pay a toll in order to use the road.
Similar to how Bitcoin requires a mining fee to write data to the blockchain, Ethereum requires a gas fee for any transaction. The typical unit of measurement for this fee is the Gwei, a micro-unit of Ether. To compare, consider the value of pennies, nickels, and dimes in comparison to our dollar.
The exchange rate is 1 ETH for 1 billion Gwei.
Gas fees on the Ethereum blockchain are currently quite high (as of today, you can expect to pay anywhere from $50 to CAD to simply post, buy, or sell an item).
You can post and auction your NFTs on platforms like OpenSea (above) for free, and you'll only have to pay gas when you accept a purchase offer.
Here we board the Speculation Express.
NFTs can be based on an ever-expanding variety of assets, with the value ultimately determined by demand and expectations of future appreciation. Some examples:
- Taking Physical Cards and Making Them Digital
- Admission Tickets
- Internet Protocol Addresses Also Known As Domain Names
- Game Items
Whether it's a painting, a bottle of wine, or a kilo of gold, your investment should be something you're confident will increase in value over time.
You should put your money into Cryptokitties, Cryptopunks, or Beeple's artwork if you believe they will become collectible and valuable in the near or distant future. If not, you should probably wait.
Many of the currently popular NFTs are appreciating rapidly in value. To that end, please do your homework, be selective in your investments, and never risk more than you can afford to lose.
I'm Canadian, and I write this article in the hopes that it will prove helpful to my friends there as they venture into the uncharted territory of NFTs. Thank you for reading, and if you have any questions or comments, you can leave them here or tweet me at @izzydoesizzy.
Wishing you a safe and joyful NFT!
Identify yourself as a Reddit user: Visit r/NFTsCanada, our community here on Reddit.
Originally from Canada, Izzy Piyale-Sheard created the ClearCareer career coaching program to assist individuals in their search for employment. He enjoys expressing his thoughts on professional development, cryptocurrency, and cutting-edge technology in his spare time.
Get in touch with him through izzydoesizzy.com.
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