A Cardano's non-fungible tokens CNFT guide for newcomers.
Image used as banner from @slidingspaces on twitter. Check out his work, it's awesome!
As many new people start to gain interest into the new world of blockchain powered unique collectibles named NFTs (Non-Fungible-Tokens), a lot of people want to explore this new world. Cardano offers a cool option with low fees we named cardano NFT or CNFT.
But here is the problem, right? The technology is so new that there is not a lot of ressources to arrive into this world alone.
We all want a cool wallet with lots of Cardano NFTs inside of it. But this needs some learning and to invest some time finding all the right tools.
Well, I did it all and explored it all for you.
First thing First : We're on the same boat right ? What you want to do is to grab 100% uniquely identifiables cool collectibles on the cardano web 3.0 and keep them for you or trade them for better ones? Well then you're at the right place!
To do what you want to do, you will need 4 things.
I will list them for you, and then, I will explain to you each one of them.
But warning !! collecting CNFTs is HIGHLY ADDICTIVE hahaha.
now that its said, you need :
- A Place to store those CNFTs, and in the crypto world, it is named a wallet. There are a few options but here, I will show you how to set up the NAMI wallet. This is the one that is actually the most user friendly regarding smart contracts integration.
- Tools to sell those CNFTs: A website where you connect your wallet and propose to sell or buy a CNFT. If you want CNFTs you need to buy them haha.
- Tools to examine your wallet and the CNFTs it contains. I will list you some of them and their utilities.
- Tools to analyse the current market trends.
- Platforms to share this passion with others.
A PLACE TO STORE THOSE CNFTS :
How To Set Up Your CNFT Wallet?
To setup a nami cardano wallet in which you will store your CNFTs and ADA, just visit this link : https://namiwallet.io/ and download the browser extension corresponding to your actual browser. I prefer brave as it is 100% crypto friendly and allows me to get some BAT tips from happy readers :).
Once you downloaded you NAMI wallet extension, you will have to create a wallet. Make sure to store your recovery words securely and
NEVER GIVE IT TO ANYONE.
PROTECT IT LIKE YOUR WHOLE LIFE DEPENDS ON IT.
I skip the 24 words screen but WRITE IT DOWN AND STORE IT SECURELY
Then you arrive to this page :
Now you will have to send yourself some ADA.
The important elements here are the Receive and Send buttons.
To send yourself some ADA you can create a Coinbase or Binance or whatever else exchange platform account you want, buy ADA from there, then send it to your accound.
2. Tools to sell those CNFTs:
A website where you connect your wallet and propose to sell or buy a CNFT.
One of the most Important tools to know as of now to play in the CNFTs world, is cnft.io .
This is a website where you will be able to :
1. Buy CNFTs.
2. Sell CNFTs.
3. See you wallet's CNFTs.
On this site, make sure to create your account and then to connect your wallet to it.
To connect your wallet, once you created your account, just go to this link,
click on Wallet > Add Wallet then follow the instructions.
You will then be able to see your CNFTs and list them for sale.
To buy CNFTs, you can search them by name, or filter by project and blick on buy then follow the instructions. CAUTION make sure to always verify that the policy ID match the projects real one. There is a lot of scammers there.
3. Tools to examine your wallet and the CNFTs it contains.
My favourite tool as of now to check out my wallet and the CNFTs im interested in or the ones I bought is pool.pm
To check out you wallet there and its content :
You open your NAMI wallet
> click on the receive button
> copy the receive adress in your clipboard
> write "pool.pm/"
> paste your receive address at the end to get a url like this one pool.pm/addr1flsjdflksjdflksjdlfkshdflhakjshdalk1123
> press enter
you will reach the pool.pm page of your own wallet and will be able to examine each of your CNFTs in a good way.
4. Tools to analyse the current market trends.
My favourite tool to analyse the current cnft trends is opencnft.io
from this page you can analyse the cnft market trends directly by filtering everything properly.
Some good indicators of promising projects are :
High floor prices matched with lots of assets sold -> Meaning that people value the project's art highly and that there is a strong demand for it. It could also mean that the hype is currently strong and will then lower, but sometimes it's not the case.
no more than 10k assets minted and high volume that is steady for at least a few days. -> Too many assets is dangerous to the individual prices of each token. If there is 24k assets and a whale decide to sell 2k at low price then you're fucked.
I tend to check the selling history to see what the activity looks like for this project. I expect to see one sell per hour at least.
5. Platforms to share this passion with others.
Discord and twitter are definitively THE places to be to stay up to date with the trends.
Make sure that every project you will mint or from which you will buy after markets cnfts has a good and active discord community.
This alone is a huge indicator of the project's success. Low effort posts by moderators and devs should be redflags just like an inactive discord.
here are some good discords channels where you can start
The adalovelace discord community is a place where you can participate in auctions and ask for escrow services to trade your cnft assets with other cnft passionates. It has highly recognised mods and staff and always has top notch projects to present and is a very active community : https://discord.gg/E3qyjdzbNx
Derp birds : this cnft project has one of the most active, funny and friendly community you will find out there. People will engage with you talking about cnfts but also about their life and you will develop some friendships there that will surely lead you to new projects and hours of fun. feeling of Belonging warning : https://discord.gg/aZJaBaBedh
Lunars : This community has a lot of really nice people involved! I encountered some nice cnft enthusiasts there! https://discord.gg/hyb6DJqUG6
Adanauts : another big project in part made by the lovelace CNFT people. Lots of experienced cnft hodlers there! https://discord.gg/dResKpW3Z7
The buffy bot discord is the place where the cnftcon legacy pass started. You will find some passionate people there talking abkut their new findings in the space : https://discord.gg/pfnkZUEBHy
On twitter, there are some people you should follow :
@fahadoukenNFT : A cnft whale that is pretty active.
@cardano_robin : a really present guy in the field also part of adalovelace discord channel.
there is a huge lot more to know and learn but these are IMHO the basics of the field.
I hope this article helped you at least a little bit to start this journey!