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 isn't the only asset that can produce massive gains. The idea of trading different assets on an open marketplace is intriguing for many investors.
Several NFT projects have become successful over the last year, seeing massive gains, and in some cases, changing people’s lives. Doodles are one of the many successful projects that have been launched, most likely due to its visually appealing color pallet and community-driven DAO.
What are Doodles?
Doodles is a community-driven NFT project on the Ethereum blockchain. Each NFT has a unique address on the blockchain that can not be recreated or faked.
This allows for proof of ownership amongst the community and invalidates any concerns of screenshotting the art for ownership. There are only 10,000 unique Doodles, which display a joyful range of colors and traits.
Brief History of Doodles
Doodles launched its public sale in October 2021, which quickly gained heavy attention. The founders of the project are Evan Keast, Scott Martin and Jordan Castro who previously worked on projects like CryptoKitties, WhatsApp, Google and Snapchat.
Perks of Holding Doodles
Holding a Doodle allows investors to participate in coordinating the Doodles Community Treasury. Holders are able to vote for different activations and campaigns that benefit the community. The roadmap for the project is also determined by its holders.
Another perk of holding a Doodle would be the access to exclusive meet-ups for Doodles holders. One party was previously hosted 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 Doodles NFTs
The cheapest Doodle available is roughly $30,000. Although this price tag 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 online account.
Doodles NFTs are built on the Ethereum network. The first step to buying a Doodle would be to acquire some 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 form of government ID followed by a picture to match the form of identification.
Once you have verified your account on a trading platform, you are able to fund it with your preferred payment method. The most common methods of funding are debit or credit cards as well as a direct bank transfer.
Step 2: Buy or download a wallet.
In order to actually purchase your NFTs from the OpenSea marketplace, you will need a software wallet like Metamask to use your Ether. After you have purchased your preferred NFT, you should send your Ether and NFT to a hardware wallet like Ledger for additional safety.
Best Hardware Wallet: Ledger
Ledger is one of the top hardware wallets currently available. The device is primarily an offline hardware wallet that also connects to Bluetooth and USB depending on if you want to use your computer or mobile phone. Ledger also has an app to make it much easier to secure, store and manage your digital assets.
Best Software Wallet: MetaMask
Metamask is a decentralized mobile software wallet, which means that it does not hold your funds and everything is on the blockchain. The best part is that Metamask encrypts personal information and keys.
Step 3: Send ETH To Metamask
Once you have purchased ETH on an exchange, the next step is to send the desired amount of ETH over to your wallet. To do this, you have to log into your metamask account and copy your wallet address. Once the address is copied you can then paste the address into the “send” feature on the exchange.
Ethereum transactions can take anywhere from 1 to 15 minutes to send your funds. Sending your ETH to your wallet from an exchange should have minimal gas fees, although other transactions on the Ethereum network may cost over $100 per transaction.
Step 4: Make your purchase.
Once your ETH is in your Metamask wallet, you can now head over to OpenSea. Connect your wallet to OpenSea and now you are able to purchase a Doodle. Some may have a “buy now” price if owners chose to list their NFT for sale. Otherwise, you are able to bid on any NFT you like, and the owner has the option to accept your bid.
Bonus section: Keep in mind the individual who accepts the transaction pays the gas fee. For example, if you want to purchase an NFT through the “buy now” option, you are responsible for the gas fee. If you put a bid on a piece and it is accepted, the owner will pay the gas fee.
Current Crypto Prices
Currently, Blue-chip cryptos like Bitcoin and Ethereum continue to fall as they have accumulated lower highs. The first quarter of 2022 will be a huge determining factor for the entirety of the crypto market, as investors look for Bitcoin to make its reversal.
Is it Worth Getting a Doodle?
Doodles NFTs, like many other projects, are completely speculative. The value behind these assets is all in the eye of the holder.
Many find value in the community. If you buy a Doodle, you get to be 1 of 10,000 members in an exclusive group. Others find value in the perks like private parties for Doodles holders, and some people truly just want to purchase an NFT for the art itself.
Buying a Doodle is worth it if the art and the perks hold value for you.
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