NFTs For Dummies - Tiana Laurence

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are valued.

      9 Choose a language.If you navigate to the Advanced section, you can reset the account and clear your entire transaction history. You can also find some other controls, including advanced gas controls.

      10 Navigate to the main page and click the three dots on the right side of your wallet.There you can see your account details, including your Ethereum address. You need your Ethereum address to receive Ethereum-based tokens. This is as simple as scanning the QR code with your smartphone. If you already have a crypto-exchange app, you can skip the “Setting Up Coinbase” section bellow.

      

A cryptocurrency wallet, like MetaMask and others, allows you to store cryptocurrency, like Ether (ETH). You need to use an exchange platform, like Coinbase.com, to convert US dollars (or any real-world currency) to cryptocurrency that you then store in your wallet. Exchange services often provide a wallet, but you can use any wallet with any exchange. The Coinbase Wallet, for instance, is a separate app available to use with a Coinbase.com account. However, you don’t have to have a Coinbase.com account to use the Coinbase wallet, and vice versa.

      Coinbase.com is a popular exchange service that allows you to connect your bank account to a cryptowallet and purchase from an ever-growing list of assets.

      

You must be at least 18 years old and have a government-issued photo ID to set up Coinbase. Passport cards are not accepted. You also need a computer or smartphone connected to the Internet. Coinbase verifies your phone number via text messages.

      Creating your Coinbase account

      Coinbase charges no fee to create or maintain your account but does charge transaction fees. Follow these steps to create your Coinbase account:

      1 Go to www.coinbase.com from a browser on your computer, or download and open the Coinbase app on an Android or iOS phone.

      2 Click or tap Get Started.

      3 Enter your legal name, your email address, and a password.Make sure to write down your password and the seed phrase that’s generated for you, and store both in a secure place. (The seed phrase is a random set of words that are used to recover your wallet. Think of them as a special password.)

      4 Provide your state of residence.

      5 Select the check box and click Create Account from a computer, or tap Sign Up from a mobile phone.Coinbase sends a verification email to your email address.

      6 Navigate to the email and select Verify Email Address to verify your Coinbase account.Make sure the email came from [email protected].You're taken back to Coinbase.com.

      7 Sign in using the email and password you created initially to complete the email verification process.

      Verifying your phone number

      After you’ve created the Coinbase account and verified your email address, you need to verify your phone number, too. Just follow these steps:

      1 Sign in to Coinbase.

      2 When prompted, select your country and add the mobile phone number.

      3 Click the Send Code popup from a computer or tap Continue on your mobile phone.

      4 Enter the 7-digit code that Coinbase texts to your phone number and then click Submit (from your computer) or Continue (from your phone).

      Adding your personal information

      You add the information shown on your valid government-issued photo ID, so have it handy when you complete these steps:

      1 Stay in your Coinbase app.After verifying your phone number, Coinbase asks you to submit a photo of your ID.

      2 Enter your first name, last name, date of birth, and address, and answer the following questions:What do you use Coinbase for?What is your source of funds?What is your current occupation?Who is your employer?What are the last four digits of your social security number (SSN)?

      3 Click Continue to finish the process.

      This step completes the application process. You need to wait until you receive further instructions via email to know that your account is approved. At that point, you can complete the next section.

      Verifying your identity and adding your bank account

      1 Sign in to your Coinbase account.

      2 Complete the ID verification process.

      

Set up 2-step verification, such as a time-based one-time password (TOTP) to help protect against unauthorized account access. Google offers one called Authenticator, which you can find on the Apple App Store or the Google Play Store.

      Adding funds to your wallet

      If you haven’t already done so, send some ETH to your MetaMask wallet. Just sign in to your wallet and follow these steps:

      1 On the main page of your wallet, click the Buy button.From there, you have the choice to add tokens via a wallet you already have or by using Wyre.

      2 Select Directly Deposit Ether and copy your MetaMask wallet address.

      3 Navigate back to your Coinbase wallet and use it to send yourself enough ETH to buy a CryptoKitty and cover the fees for the exchange. The price of processing your purchase changes daily — review the fee before processing the transaction.

      4 With funds in your MetaMask wallet, you can navigate back to the CryptoKitties website at www.cryptokitties.com to purchase your first kitty.

      If you need additional help setting up a wallet or an exchange app, check out Blockchain For Dummies, 2nd Edition, by Tiana Laurence, or Ethereum For Dummies, by Michael G. Solomon. Both books cover this topic in greater detail.

      The CryptoKitties game has four main functions: buying, breeding, siring, and trading. Buying is a straightforward process where you buy an NFT of a digital cat.

      Once you own the NFT of the cat, you can then create a new NFT by breeding your own CryptoKitty. You also have the ability to lease out your CryptoKitty to be used as a “sire” to other users who want to breed their CryptoKitties. The Offer feature allows users to bid on cats that aren’t for sale, and you can trade one cat for another with anyone who’s willing to make the trade.

      Buying your first CryptoKitty

      The buying function is straightforward. After you have your MetaMask set up (see the steps in the earlier section “What’s In Your Wallet? Setting Up MetaMask”), you can head to the marketplace to find yourself a cute little kitty.

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