Want to jump straight to the answer? You need Ethereum to buy NFTs which you can get today on Gemini.
As the DeFi space continues to grow, investors are realizing that cryptocurrency is not the only asset that can produce huge gains. The idea of trading different assets in an open market intrigues many investors.
Several NFT projects have been successful over the past year, seeing massive gains and in some cases changing people’s lives. Doodles are one of the many successful projects that have been kicked off, possibly due to its visually appealing color scheme and community-driven DAO.
What are doodles?
Doodles is a community NFT project on the Ethereum blockchain. Each NFT has a unique address on the blockchain that cannot be recreated or tampered with.
This allows for proof of ownership within the community and invalidates any screenshot art concern for the property. There are only 10,000 unique Doodles, which display a cheerful range of colors and strokes.
Brief History of Doodles
Doodles launched its public sale in October 2021, which quickly gained attention. The founders of the project are Evan Keast, Scott Martin and Jordan Castro who have previously worked on projects like CryptoKitties, WhatsApp, Google and Snapchat.
Benefits of holding doodles
Holding a Doodle allows investors to participate in coordinating Doodles’ community treasury. Holders can vote for different activations and campaigns that benefit the community. The project roadmap is also determined by its promoters.
Another benefit of holding a Doodle would be access to exclusive meetups for Doodles holders. A party was previously held for Doodles holders, while many more are being coordinated for the future. This allows holders to network with other investors in the community while attending exclusive events.
How to buy NFT Doodles
The cheapest Doodle available costs around $ 30,000. While this price may be too expensive for most individuals, if you are curious about how these assets are purchased, here is the process.
Step 1: Open an account online.
NFT Doodles are built on the Ethereum network. The first step in buying a Doodle would be to acquire Ether. This can be done by opening an account on a trading platform like Gemini or Coinbase. This process involves verifying your identity by selecting a government ID followed by a photo that matches the ID.
Once you have verified your account on a trading platform, you can fund it with your preferred payment method. The most common funding methods are debit or credit cards as well as direct bank transfer.
Step 2: Buy or download a wallet.
In order to actually buy your NFTs from the OpenSea Marketplace, you will need a software wallet like Metamask to use your Ether. After purchasing your favorite NFT, you need to send your Ether and NFT to a hardware wallet like Ledger for added security.
Best Hardware Wallet: Ledger
Ledger is one of the best hardware wallets available today. The device is primarily an offline hardware wallet that also connects to Bluetooth and USB depending on whether you want to use your computer or mobile phone. Ledger also has an app to make it easier to secure, store and manage your digital assets.
Best Software Wallet: MetaMask
Metamask is a decentralized mobile software wallet, which means it doesn’t hold your funds and everything is on the blockchain. The best part is that Metamask encrypts personal information and keys.
Once you have bought ETH on an exchange, the next step is to send the desired amount of ETH to your wallet. To do this, you need to log into your Metamask account and copy your wallet address. Once the address has been copied, you can then paste the address into the “send” function on the exchange.
Ethereum transactions can take from 1 to 15 minutes to send your funds. Sending your ETH to your wallet from an exchange should incur minimal gasoline charges, although other transactions on the Ethereum network can cost over $ 100 per transaction.
Step 4: Complete your purchase.
Once your ETH is in your Metamask wallet, you can now head to OpenSea. Connect your wallet to OpenSea and you can now purchase a Doodle. Some may have a “buy now” price if owners choose to list their NFTs for sale. Otherwise, you can bid on any NFT you like, and the owner has the option of accepting your bid.
Bonus section: Keep in mind that the person accepting the transaction pays the gasoline cost. For example, if you want to purchase an NFT through the “buy now” option, you are responsible for the gasoline charges. If you make an offer on a part and it is accepted, the owner will pay the gasoline cost.
Current crypto prices
Currently, blue-chip cryptos like Bitcoin and Ethereum continue to fall as they have racked up lower highs. The first quarter of 2022 will be a huge determining factor for the entire crypto market as investors look to Bitcoin to effect its reversal.
Is it worth getting a doodle?
NFT Doodles, like many other projects, are completely speculative. The value behind these assets is entirely in the eye of the holder.
Many find value in the community. If you buy a Doodle, you become one of 10,000 members of an exclusive group. Others find value in perks like private parties for Doodle holders, and some people really want to buy an NFT for the art itself.
Buying a Doodle is worth it if the art and perks are valuable to you.
Benzinga has developed a specific methodology for classifying cryptocurrency exchanges and tools. We prioritized platforms based on offers, prices and promotions, customer service, mobile app, user experience and benefits, and security. To see a full breakdown of our methodology, please visit our Cryptocurrency Methodology page.