Nov 21, 2023
Are you ready to dive into the world of digital collectibles and collect your first Umoja charity NFT? Read on for a quick overview of the NFT buying process, information on different Ethereum wallets that you can use, links to detailed set-up instructions, as well as security tips for safeguarding your assets.
But first, let’s start with the basics:
What are NFTs?
An NFT (non-fungible token) is a digital object (for example, a piece of art, animation, or voice memo) that is uniquely coded and immortalized on immutable blockchain technology, so its whereabouts, authenticity, and ownership are forever known and verified. NFTs can be sold and traded, but they can never be duplicated, substituted, or subdivided, meaning the NFT retains its value as an original.
In real-world terms, it’s as if Leonardo da Vinci painted five exact copies of the Mona Lisa and distributed each one, registered and signed, to five separate parties. Now each of these parties owns a legitimate version of the Mona Lisa. Let’s say one of these original versions gets passed down to you. Even if print copies are made and sold, nobody could pass off a print as an original Mona Lisa — that’s where ‘non-fungible’ comes in, meaning that your piece (or ‘token’) is unique and distinguishable.
How do I buy and store NFTs?
Buying your first NFT doesn’t have to be an intimidating process — here are four simple steps to start your collection:
1. Choose your wallet
To buy and store NFTs, you’ll first need to set up an Ethereum-compatible wallet. We recommend Coinbase, Rainbow, or even MetaMask for the most crypto-savvy of beginners. Of the three, we find that the Coinbase Wallet interface is both intuitive and robust enough to be our favorite option for newcomers, but we invite you to explore each platform and choose the one best suited to you.
Hot tip: While these platforms are generally web2-friendly, keep our guide to web3 language handy to decipher any unfamiliar terms throughout the process.
2. Set up your wallet
Once you’ve selected your wallet of choice, you will need to set up your account. You will be given a seed phrase, or private key, which is a random string of words that can be used to access your wallet from anywhere.
Your seed phrase should never be revealed to anyone or stored digitally. Instead, you should write it down on paper and store it somewhere private and secure.
Hot tip: For detailed set-up instructions, YouTube has a wealth of digestible tutorials you can refer to, such as:
3. Fund your wallet
You will then need to fund your wallet by buying ETH (Ethereum), the currency required to purchase Umoja charity NFTs, with your local currency. At launch, our debut collection will be priced at the equivalent of $50 USD for 30/30 pieces and $150 USD for 1/1s. You can use Google for an accurate conversion of USD to ETH at the time of your transaction.
When funding your wallet, don’t forget to include a small amount of additional funds to cover gas fees. More on these below:
Gas fees, similar to service fees for ticketed events, are the marginal fees incurred to run actions on a blockchain network. This covers the cost of running the servers, to make it “go.” Gas fees are dynamic, and can be higher or lower at different times depending on current supply and demand, so it’s best to check the current rates and project your gas fees close to when you intend to buy for the most accurate cost estimate. To purchase an Umoja NFT, you will be responsible for paying the additional gas fee to transfer the NFT to your wallet.
4. Pick your NFTs
From there, you can find Umoja on Rarible (our exclusive NFT marketplace), connect your new wallet (in the top right corner), scroll through our library of 250 unique NFT artworks, and place your order.
Voilà! You’re officially an NFT collector.
Hot tip: Remember that NFTs aren’t exclusively bought on the primary market — the assets of successful projects often appreciate in value over time, making the secondary market a hotbed of activity for sales. Thanks to a royalties model, each time an Umoja NFT is resold, 7% of the earnings are routed back to the foundation for ongoing charitable support.
What’s better than becoming an NFT collector? Becoming a collector with safe and secure assets. Before you go, let’s cover some quick security tips:
How to keep your wallet and NFTs secure
1. Guard your seed phrase
Your seed phrase, or private key, which is given to you when you create your wallet, should remain completely private to you. Never share your seed phrase with anyone, even if a seemingly trustworthy party requests it. You should also never copy your seed phrase anywhere onto your computer, which can be vulnerable to cyberattacks.
Write down your seed phrase the old fashioned way — with a pen and paper — and then store it in a private and secure location.
2. Beware of scammers and phishers
Wallets can be drained of their assets as quickly as it takes to click a malicious link. These links are often disguised as airdrops or giveaways for NFTs and assets. Thus, it is always best to err on the side of caution — stick to reputable sources, verify authenticity before you click, avoid sending credentials to unsolicited requestors, and if something sounds too good to be true, do your due diligence.
3. Enable two-factor authentication
Even if your password is stolen, phishers won’t be able to gain access to your assets if you’ve enabled two-factor authentication. This adds a layer of protection to your wallet — and a layer of peace of mind, for you. We recommend using the Google Authenticator app to keep your assets secure.
4. Update your wallet regularly
A simple way to ensure your assets remain secure is to keep your wallet software up-to-date. This way, your wallet will be protected from any vulnerabilities as developers become aware of and patch them, as well as receive ongoing security enhancements with technology improvements. An easy way to make sure you’re keeping up with new software developments is to have automatic updates turned on.
A new age of philanthropy: charity NFTs
As an emerging player in the web3 revolution, we acknowledge that change doesn’t always feel comfortable. We want to ensure newcomers entering the space on Umoja’s behalf have all the necessary information and tools at their disposal to thoroughly enjoy the process. Refer to our blog for regularly updated informational content, such as a glossary to web3 terms and answers to frequently asked questions.
Celebrate GivingTuesday on the blockchain: Umoja’s debut charity NFT collection launches November 28, exclusively on Rarible.