HOW TO SET UP YOUR WALLET
The Music District promotes W3b3 artists while helping the Music Community face new frontiers confidently. And just one of the many ways we're doing that is by educating and offering our Music District residents education, event access (IRL and IML) and NFT music picks of the week, featuring the very best W3b3 music NFT opportunities. Opportunities provide utility (e.g front row seats, meet & greets, free tickets) and allow fans to support and to get in on the ground floor with artists in this new W3b3 frontier.
But if the thought of NFTs confuses you, we're here to help you understand that they're actually some of the most revolutionary and secure technology on the market today.
Where Do I Start?
There are a few steps to buying an NFT, but don't worry, we'll walk you through it.
1. Get a Crypto Wallet
If you don't already have one, you'll need to set up a digital wallet, also known as a crypto wallet. A crypto wallet is your very own, unique wallet that can hold unique digital assets (NFTs), such as images, videos, cryptocurrencies, or in the future, your key to the Music District and access to VIP events and W3b education. It all runs on something called the blockchain.
To buy an NFT, you'll need a wallet that supports Ethereum. There are a lot of great wallets out there, but we recommend MetaMask or Coinbase. Both are very safe and easy to get set up and running, and either one will work.
MetaMask Wallet is great for Ethereum enthusiasts as it only supports the Ethereum ecosystem. MetaMask can also be connected to ultra-secure hardware wallets for extra security.
Coinbase Wallet can support other digital assets such as Bitcoin as well as almost all popular coins and NFTs minted on other blockchains. With Coinbase wallet you will need an account with Coinbase's online crypto exchange to turn fiat (traditional) currency into crypto.
2. Make Your Seed Phrase
While setting up your wallet you will be asked to make a seed phrase. This phrase gives you access to your actual wallet…or Web3 bank account. Write this seed phrase down somewhere and store it where you can quickly find it (but no one else can).
IMPORTANT NOTE: Your seed phrase is TOP. SECRET. Like… ULTRA MEGA SECRET! We're talking Dolly Parton without makeup level secret. NEVER—we mean NEVER EVER.—share your seed phrase with anyone. EVER! (No matter how convincing their argument is.)
3. Load Up Your Wallet With ETH
After setting up the wallet of your choice, it's time to load up your wallet with some ETH (Ethereum) so that you can make purchases. You'll want to do this at least a few days in advance of making a purchase (and we recommend making it a week, if possible).
Make sure you load more ETH than the cost of the product(s) you are wanting to purchase. This is due to what are known as gas fees. Think of them as the delivery fee your UberEats driver charges to bring you your food. You are essentially doing the same thing on the blockchain by paying people (or “miners”) for their help in confirming the transaction on the blockchain network. These fees can go up or down depending on current traffic on the blockchain. A good rule of thumb is to buy about 15-20% more crypto than the item will cost you (just to be safe).
4. Buy what you Love! Now, go support Music District W3b3 artists and explore your W3b3 opportunities!
You are now ready to buy NFT's securely on the blockchain. And you can rest assured that your cryptocurrency and any other NFTs you purchase are stored safely within your secure wallet.
We'll see you in the Music District! Stay Positive!