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Getting Started

Which blockchains does We Love Art Meta support?
  • Polygon Blockchain whose official website is: https://polygon.technology/
  • Key Highlights: 
    • Token: MATIC
    • Polygon (previously known as the Matic Network) is a blockchain that provides scalable, secure and instant transactions with Ethereum currencies like ETH, USDC and DAI.
    • The benefits of Polygon is that is interoperable with Opensea, so that you can seamlessly transfer your NFTs between both platforms
What currencies can I use on We Love Art Meta?
  • You can easily use a credit card payment to purchase MATIC cryptocurrency directly on We Love Art Meta
  • The currency on We Love Art is Matic powered by Polygon
  • We also take Dollar and AED payments for physical paintings
What is a crypto wallet?
  • Crypto wallets keep your private keys – the passwords that give you access to your cryptocurrencies – safe and accessible, allowing you to send and receive cryptocurrencies like Bitcoin and Ethereum
  • Why are crypto wallets important? Unlike a normal wallet, which can hold actual cash, crypto wallets technically don’t store your crypto. Your holdings live on the blockchain, but can only be accessed using a private key. Your keys prove your ownership of your digital money and allow you to make transactions. If you lose your private keys, you lose access to your money. That’s why it’s important to keep your hardware wallet safe, or use a trusted wallet provider
How do you use a crypto wallet?
  • Crypto wallets range from simple-to-use apps to more complex security solutions. The main types of wallets you can choose from include:
    • Paper wallets: Keys are written on a physical medium like paper and stored in a safe place. This of course makes using your crypto harder, because as digital money it can only be used on the internet 
    • Hardware wallets: Keys are stored in a thumb-drive device that is kept in a safe place and only connected to a computer when you want to use your crypto. The idea is to try to balance security and convenience
    • Online wallets: Keys are stored in an app or other software – look for one that is protected by two-step encryption. This makes sending, receiving, and using your crypto as easy as using any online bank account, payment system, or brokerage
How do I convert crypto to my local currency?
  • The following demonstrates the process for withdrawing cryptocurrency (like MATIC) from your crypto wallet to a cryptocurrency exchange to convert to your local currency. Before we get started, make sure you have the following:
    • a crypto wallet connected with We Love Art Meta (like MetaMask)
    • an account on a cryptocurrency exchange (like Coinbase, Binance, FTX)
    • Withdrawing cryptocurrency to an exchange
  • For your first cryptocurrency withdrawal from your crypto wallet, we strongly suggest withdrawing a small amount first in order to familiarize yourself with sending cryptocurrency between two wallets
  • This is to avoid sending your funds to an unknown/non-existing wallet. Please note that since transactions on the blockchain are irreversible, funds that are missent will likely be permanently lost

For this tutorial, we'll be showing how to withdraw Matic from MetaMask to Binance. 

  1. Go to Fiat and Spot
  • Log in to the Binance
  • Click Wallet in the upper right corner of the webpage
  • Then, click Fiat and Spot
  1. Select MATIC and Copy the Deposit Address
  • After clicking the Fiat and Spot, you will be able to see the assets list
  • Select MATIC by using the search box given
  • Once you have found MATIC, click Deposit
  1. Launch MetaMask
  • Launch your MetaMask wallet extension
  • Type in your password to unlock it
  • To view MATIC, you must be in the Polygon Mainnet
  1. Paste the Address and Enter the amount of MATIC
  • Once you are in the Polygon Mainnet, you will be able to see MATIC
  • Now, click Send
  • You need to paste the address that you have copied in Step 2
  • Then, you will be able to enter the MATIC that you wish to send
  • Click the Max button if you want to send the maximum MATIC. Lastly, click Next
  1. Click Confirm
  • After clicking Next, you will be able to see the estimated gas fee and the total MATIC after the deduction of the gas fee
  • Click Confirm
  1. Check Activity & Binance
  • Now, you can check the status of this transaction in the Activity tab on your MetaMask wallet
  • There you can see whether your transaction is pending or sent
  • If you click on it, you will be able to see the transaction status on PolygonScan
  • You can also head back to your Binance account and check the MATIC balance in Fiat and Spot
  • Usually, it takes 5 minutes to receive MATIC in Binance

 

What are the key terms to know in NFTs and Web3?
  • Here's a list of key terms used in the NFT space that may be helpful to review before getting started on We Love Art Meta

 

  • Non-Fungible Tokens (NFTs) 
    • Non-Fungible Tokens (NFTs) are unique, digital items with blockchain-managed ownership. Examples of NFTs include digital art, collectibles, virtual reality items, crypto domain names, ownership records for physical assets, and more
  • Blockchain
    • A blockchain is a digitally distributed ledger that facilitates the process of recording transactions and information across a network. You can think of it as a decentralized or distributed database. We Love Art Meta supports the following blockchains: Polygon
  • Gas fees
    • Think of gas fees as Polygon blockchain transaction costs. We Love Art Meta has no say in setting gas fees – they are determined by supply/demand across the network (blockchain)
  • Crypto wallet
    • A crypto wallet is an application or hardware device that allows individuals to store and retrieve digital items, like cryptocurrency and NFTs
  • Wallet address
    • Also known as your "public key." Your wallet address is unique. It’s the address people will use when sending you cryptocurrency or NFTs. Your NFTs and cryptocurrency do not live in your wallet—they exist on the blockchain, under your wallet address
  • Private key
    • A string of numbers (often 256 characters long) that represents your signature to authorize transactions on the blockchain
  • Seed phrase
    • Your seed phrase is a list of words (usually ranges from 12-24 words) that can be used to recover your crypto should you forget your password or lose access to your wallet. When you first begin trading with your wallet, find your seed phrase and back it up somewhere safe, in multiple locations if possible. You’ll receive a seed phrase to write down when you first create a crypto wallet. This is how you can back up your key without actually holding the numbers. Also known as a "mnemonic phrase" or “secret recovery phrase.” Don’t store your seed phrase on an online cloud storage service and never share it with anyone
  • Collection
    • A collection is a body of work, like a store or gallery. If you see someone refer to an We Love Art collection as a store or gallery, don’t get confused – it’s all the same.
  • Dapp (decentralized app)
    • A blockchain-integrated website that requires you to connect and approve all transactions with your wallet signature. Examples include We Love Art Meta, OpenSea, Uniswap, Zapper.fi
  • Smart Contract
    • Smart contracts are decentralized code that run on blockchains. Dapps are powered by smart contracts - buying and selling NFTs using We Love Art Meta relies on the Seaport smart contract protocol
What is a Non-Fungible Token (NFT)?

Non-Fungible Tokens (NFTs) are unique digital items with blockchain-managed ownership. There are many kinds and applications of NFTs - but before we dive into the details, let's learn about a key term: fungibility.

What is fungibility? 
  • If something is fungible, it is easily exchanged with something of equal value. Don't get overwhelmed by the idea of fungibility; it's just the ability of a good or item to be interchanged with other individual goods or items of the same type

Fungible items like a dollar bill, gold - even cryptocurrencies like Bitcoin and Ethereum - can be substituted with one another without losing value. They are fungible.

 

Non-fungibility and NFTs

If something is non-fungible, it means that it cannot be replaced. It represents something unique in value - and that's what an NFT is! 

The token part of Non-Fungible Token refers to a digital certificate stored on a publicly verifiable distributed database, also known as a blockchain.

The information on this digital certificate, also known as a smart contract, makes each NFT unique. No two NFTs can be swapped, and this makes them non-fungible. Examples of NFTs include digital art, collectibles, virtual reality items, crypto domain names, ownership records for physical items, and more!