KKHONEY NFT

Note: This guide is from the perspective of a desktop user. For mobile users, Pera Algo Wallet is a popular choice.

Step 1: Find an exchange (we use Coinbase Pro) where you can buy Algo, which is the native cryptocurrency of the Algorand blockchain.

• Note: If you are opening Coinbase account for the first time, it will take a few business days before you can transfer the Algo from Coinbase Pro to your ‘My Algo Wallet’.

Step 2: Go to My Algo Wallet and set up your new wallet. Carefully store the recovery phrases (25 words).

• When you access the ‘My Algo Wallet’ site, it’ll ask you to choose a password. Afterwards, click “New Wallet”.

• The page will give you 25 words that are your ‘recovery phrase’ for your wallet. You will need these 25 words to restore or access your wallet if your device breaks. You also need your recovery phrase if you want to access your wallet from another device. STORE THEM CAREFULLY. Your PC, mobile, and cloud storage could be vulnerable to attacks. So please take all precautions to keep your wallet and seed phrase safe. If your computer, phone, cloud breaks or gets hacked, consider your money and NFTs gone!

• There are 3 things that you need to remember and/or store carefully:

  • Wallet Address: this is your public key ‘ID’ and where to send & receive Algos

  • Password: password to access your wallet on the device that you are using to access My Algo Wallet

  • 25 recovery phrase: your ‘recovery phrase’ or 'seed phrase' *PROTECT THIS AT ALL COSTS*

Step 3: Transfer your Algos from Coinbase Pro (or another exchange) to your ‘My Algo Wallet’.

• On Coinbase Pro, click ‘Withdraw’. Choose ‘Algo’. Click ‘Crypto Address’

• Copy & Paste your Wallet Address in the ‘To:’

• Type Amount or click ‘Max’. Click Withdrawal.

• After 5 seconds, if you log back on to your ‘My Algo Wallet’, you should see the Algos that were just transferred from Coinbase Pro

Tip: Bookmark ‘My Algo Wallet’ site. When you access your wallet through https://wallet.myalgo.com, you don’t need to type in your wallet address, only your password.

I like to think of my RandGallery page as my personalized NFT portal where I can see all the NFT art that I own. Your Rand wallet page is essentially a visual list of NFTs that are in your Algorand wallet.

• Your RandGallery Page: https://www.randgallery.com/algo-collection/?address=’your wallet address here without the quotes’. For example, ours is here. The art that you own will show up on your RandGallery page, categorized by the NFT creator. If you are using RandGallery to sell NFT art, these listings will show up at the top. You can click ‘Star’ on the collections that you want to show up at the top first.

• I have this link bookmarked and access them frequently and treat it as my NFT portal.

• Your Algo Explorer Page: https://algoexplorer.io/address/’your wallet address here without the quotes’. For example, ours is here. This page tracks all the incoming / outgoing fund transfers (i.e. Coinbase Pro) and the incoming / outgoing NFTs (assets) and Algos.

Note: When you list an item for sale, your NFT is placed in ‘escrow’ in another wallet'; thus, it will stop displaying on your RandGallery page because it no longer exists in your wallet. Exceptions to this would be NFTs that you’ve listed on RandGallery, then these would show up at the top.

We review the above two websites in Section 7 and 8 below.

The following two sites are very helpful to quickly screen which projects / collections are and have been popular in Algorand.

• https://www.nftexplorer.app/rankings/collections - You can sort Projects by 24 hour volume, 7 day volume, total volume. You can also sort by Artist.

• https://www.asalytic.app/collections - You can sort Projects by Total volume, 30d volume, 7d volume.

In the guide below, the terms: creator / collection / project are used interchangeably.

Bookmark these 2 sites: RandGallery and ALGOxNFT.

Note: An NFT listed on a particular marketplace is only visible in that marketplace. For example, a fresh listing from RandGallery will not be visible on the ALGOxNFT website and vice versa. In order to get a holistic view of everything that’s happening per project, you have to use NFT Explorer or Asalytic, which we go through in Part 7 and 8 below.

Terminology: An NFT drop means that the artist / creator is selling their NFT art directly to the collector for the first time. Secondary refers to the after drop market where a collector of art is re-selling the art that they had acquired.

4a.  RandGallery:  Fresh Listings (from both Creator / Collectors), Reverse Auctions, Instant Shuffles

• The RandGallery team curates the NFT art / collections before a user can view them on the site and buy/sell NFTs. When accessing the site, one can see ‘Collections’ at the top followed by ‘Fresh Offers’, which are recently listed NFTs for Sell. On the Collections pages, you can also filter NFTs for sale by traits and attributes.

  • Linking your RandGallery page to your ‘My Algo Wallet’ is simple. Click ‘Sign In’ on the upper right corner and type your password for your ‘My Algo Wallet’

• RandGallery supports 4 ways to buy NFTs:

  • Fresh listings refer to art that either creators or collectors listed for sale.

  • Make Offers: Collectors can ‘make offers’ to listed NFTs. Seller can then ‘accept’ the maximum offer. These offers expires after 24 hours if seller does not accept.

  • InstantShuffle.com - is a method where you commit to purchasing an NFT from an artist but you are blind to the NFT that you will be buying. It’s similar to ‘minting’ an NFT on other blockchains at a set price. Sizes of the shuffles have varied greatly from as few as 10 to as large as 4444.

  • Reverse auction is a process where the NFT is ‘listed’ at usually a very high price and over time the price drops until there’s a buyer willing to buy the NFT at that price

4b.  ALGOxNFT:  Auctions, Buy It Now, Make Offers, Shuffles

• The ALGOxNFT team has propelled innovations into the Algo NFT space.

  • When you log on to ALGOxNFT, click ‘Connect Wallet’ to connect your ‘My Algo Wallet’.

  • Afterwards, it’s relatively straight forward to click ‘Connect Wallet to Bid’

• AXN supports 4 ways to purchase NFTs.

  • Auctions: bid price starts at the set ‘reserve’ price and goes up in cost

  • Buy It Now: This is analogous to a fresh listing at a set price for collectors to purchase

  • Make Offers: Collectors can now ‘Make Offers’ to NFTs that are listed in ‘Buy It Now’. For example, if a seller has an NFT listed at 1000 Algos, but the collector is only willing to purchase at 800 Algos, they can ‘make an offer’ of 800 Algos, which the seller can then choose to accept.

  • Insta Shuffle - is a method where you commit to purchasing an NFT from an artist but you are blind to the NFT that you will be buying. It’s similar to ‘minting’ an NFT on other blockchains at a set price.

Note: Several other marketplaces exist in Algo NFTs. We don’t write about them here as our experience with them as is limited.

• Dartroom - catering more towards non-PFP digital art, though it is the frequency launch site for a lot of the Asian PFP art that has been dropping recently.

• Zestbloom, AlgoGems

Twitter is an essential and most necessary part of buying and selling NFTs. Most people (including us) created new Twitter accounts for their NFT journeys.

In the spirit of blockchain / crypto — there is no centralized hub of all NFT news / information / projects / launches. People do their best to follow interesting creators, collectors, organizations, projects to get in the information flow. Twitter is also used to network, engage in community, and provide feedback. Twitter is at times and overwhelming but it’s also fun. What we like to do is keep our list of people we follow small, but we follow several hashtags on twitter: #AlgoNFT, #AlgoNFTs, #AlgoFam, #AlgorandNFTs to stay abreast of the overall Algo NFT space, including project launches and updates.

Crypto Twitter is also crucial for new entrants to NFT space because especially in a space as new as Algo NFTs, there are tons of giveaways. Usually, the requirements to enter an NFT giveaway are quite simple: Like the post, retweet, and maybe tag a friend or two. No exaggeration, we have seen people make thousands and hundreds of dollars for just clicking Like and Retweet and then selling their art on the above marketplaces.

Update (July 2022): Almost all new NFT projects are utilizing Insta Shuffles via RandGallery or ALGOxNFT (see part 4 above), and smart contract based insta shuffles on their own websites to drop their entire project at once. In shuffles, buyers purchase an NFT from a pre-minted collection and get a ‘random’ NFT that is revealed upon purchase.

Discord Shuffles were more prevalent in 4Q 2021 / 1Q 2022, where more projects released portions of their entire mint slowly or ‘drip by drip’. They still exist in several notable projects, so we decided to keep the below as it still includes information that are useful for collectors.

Discord is something that we had to learn how to use when we got into NFTs. You can download discord here. You can access Discord either via the web browser or as a stand-alone app.

Discord is where the overwhelming majority of the NFT community interacts, chats, organizes, and enter giveaways and shuffles. We’re not going to cover the community aspect of Algo NFT in this guide but will instead focus on the Shuffles and Giveaways which is another way collectors buy and get NFTs. A lot of NFT projects have ‘Discord servers’ which you can think of as their own chatrooms with many sub-chatrooms. One tip I’ll mention is if you are getting too many notifications, you can right click the discord channel and ‘Mute’ notifications which will mute most of the notifications.

6a. Discord Shuffles / Giveaways and Swappers

Many Algo NFT use Discord Shuffles, which is essentially where you indicate to the project that at a certain price (say 100 Algos), you’d like to buy one of the creator’s new NFTs (the creator will tell you how many he’ll be ‘dropping’ in the shuffle). The difference between a Shuffle and a Giveaway is only in that you pay some Algos for an NFT in a Shuffle, and in a Giveaway, you get the NFT for FREE. Nowadays, FREE giveaways will usually be a ‘perk / benefit’ to collectors of a project and will likely be labeled “Holder Giveaway”.

• Discord Shuffle / Giveaway Bots: This may be slightly confusing, but NFT projects use Giveaway Bots for both Shuffles AND Giveaways. These are usually in separate subchannels of the Discord server with the label ‘giveaways’ or ‘shuffles’. The way you enter is by clicking an ‘Emoji’ under the Giveaway details, which then tracks the Discord users who entered. In a Shuffle, there should be a clear statement that you have to pay a certain amount of Algos even if you win the Giveaway (thus making this a Shuffle). In a Giveaway, you would be receiving the NFT for free.

  • Atomic Swap: When you win a Discord Shuffle, you’re likely going to receive a link where you ‘swap’ your algos for an NFT. Just make sure that whenever you receive any links from Discord that asks you to pay algos, make sure the person who’s sending it to you is the creator or mod of that project. And that the project is a reputable one. Be very wary and vigilant in order to avoid NFT scams.

  • Asset Opt-in and Transfer of Algos: In Algo NFTs, there’s a concept of assets or ASA (Algorand Standard Assets) which are identified by 9 digits. ASAs are unique tokens that exist in the blockchain. When you win a Giveaway (i.e. win an asset for free), the host of the giveaway will ask you to add the ASA to your wallet. They will also ask you for the wallet address. On your ‘My Algo Wallet’, there is a dropdown menu located on the upper right part of your screen. Click the down arrow to open the menu (Step 1 in image below). Click ‘Add Asset’ (Step 2 in image below) and then type the 9 digit Asset ID (Step 3 in image below). Now you have ‘opted-in’ to the asset. Afterwards, the host will send you the ASA, and it’ll be added to your wallet. There are also times, you will need to ‘Send’ Algos to another person’s wallet address. That process is relatively straight forward. Just click the blue ‘Send’ button at top, specify the number algos, and copy & paste that person’s wallet address.

How to Opt-in to Assets (Image Below) on My Algo Wallet

It can be confusing to keep track of the market’s buying and selling activity of Algo NFTs. Especially as the buys/sales and listings in RandGallery, ALGOxNFT, or other marketplaces are not accessible via each other. Each site is its own marketplace silo.

NFT Explorer is the hub / aggregator that opens up the information silos. We bookmark all the individual NFT Explorer pages of the projects we support and are interested in.

• Collections / Projects: NFT Explorer is the best way to see the entire collection from a creator. You can find the project’s NFT Explorer by looking at ‘All Collections’ in the homepage. But sometimes when a project is new, they won’t have their own curated collections page. In that case you need to type: https://www.nftexplorer.app/collection?creator=’wallet address of creator’ . There are several ways of getting the wallet address of the creator via the marketplaces mentioned or via links provided by the project’s twitter page. Dig around and it should be relatively easy to find. On the Collections pages, you can also filter NFTs by traits and attributes

• Sellers tab on the project page: One of the things that confused me when we first started (Oct 2021) was that the listings on Randgallery were only viewable in RandGallery, and AlgoXNFT with itself, etc. NFT Explorer aggregates all of them!!! So THIS ‘Sellers’ page is the best place to see all the NFT art that is being sold across ALL the marketplaces

• Activity tab on the project page: This is a crucial feature. Both when you are researching a project or are monitoring how your project is doing (recent volume of sales and price). Additionally, NFT Explorer allows you to view sales by certain time frame. You can also SORT by price sold, which can be very useful. As you buy and sell more NFTs, you will figure out the best way to use this feature. One thing, this feature does not distinguish between drop prices and secondary prices. For example, an NFT can ‘drop’ for 25 algos in a shuffle and sell immediately for 500 algos. This feature will track and record both sales with no clear distinction.

• Asalytic’s home page shows an excellent snapshot of the Algo NFT space

1. Previous 7 / 30 days / All Time: Sales Volume, Number of Sales, Highest Sale, Active Wallets.

2. Monthly sales / volume. Recent sales with NFT previews.

• Collection (NFT project) in-depth analysis - For each collection, Asalytic offers 4 tabs: Overview, Items, Sales Activity and Owners.

  • ‘Overview’ tab: general information about the collection such as first sale, collection floor, # of items, unique owners, % minted. You can also see the previous 7 / 30 days / all time sale volume, number of sales, highest sale, floor sale, and active wallets. Another useful chart is the volume per platform, so you can see where the secondary activity is for that project. You can also see the distribution of NFTs per owner to assess if a few select wallets control the supply or whether it is evenly distributed across the community.

  • ‘Items’ tab: shows all the listed NFTs across different marketplaces. You can perform trait analysis where you can explore the analytics of the NFTs that match your favorite traits.

  • ‘Owners’ tab: analyze all of the wallets that have been active in the collection that you are exploring. For each wallet, you can see how much ALGOs they have spent/earned in buying/selling, how many NFTs they own, etc. 

  • ‘Sales Activity’ tab: analyze sales metrics (min/max/average/median price and sale volume) by daily/weekly/monthly frequency. You can also filter sales activity by traits and price range.

• Portfolio Analysis - Asalytic enables you to enter any wallet of interest that has been active in the Algorand NFT space, and it provides advanced analysis such as high level summary of # NFTs owned, algos spent, algos earned through sales. You can also filter through collections and have a myriad ways of sorting through the owned NFTs, trades, and listings. You can explore the NFTs that this wallet owns and all the trades that they performed. Besides the historic data, you can see all the active NFT listings of this wallet on RandGallery or ALGOxNFT and all the offers that the wallet has received.  

• Marketplace - In Asalytic, you can browse listings from multiple collections simultaneously. You select the collections of interest and you can see all the listed NFTs.

We had our little brother join NFT space for the first time, and we told him — for the first few weeks — just enter a lot of Shuffles and Giveaways. The shuffles that we wanted him to enter were those where the mint (shuffle) price was wayyy lower than the secondary prices of that project. Remember, you can check the secondary prices of the project using the project’s NFT Explorer page. Again, enter as many giveaways as possible on Crypto Twitter and Discord. We check several hashtags (#AlgoNFT, #AlgoNFTs, #AlgoFam, #AlgorandNFTs) once a day to find out about any new interesting giveaways or new projects. One thing I’ll mention though — just cause it’s a ‘Shuffle’ doesn’t mean you’re lucky if you win. Check the mint price vs the secondary price. Now, if it’s a giveaway which means it’s free, it’s all good — just start collecting some NFTs.

Flipping! Lots of beginners and entrants into NFTs try flipping (buying and selling very quickly) NFTs. NFTs are NOT liquid. Especially in a new scene like Algo NFTs (illiquid because we're at the ground floor of a rapidly growing NFT community) — so when you list to sell, it may take days or weeks (if ever) to sell, even if at the appropriate price. And remember to use NFT Explorer and look at sales history to get a good sense of where NFTs should be selling for — but there’s no magic formula for this. This is a skill and sense that you’re going to have to develop over time.

Meme prices — you’ll see very often that NFTs are being ‘listed’ at meme prices. For example, even if the NFT of a collection may be generally selling for 50 Algos, you’ll see someone list for 4200.69 Algos. Good to generally ignore these. Then again, every now and then, some NFTs do sell at those meme prices, so what do I know?

Floor prices — you’ll see this term being used a lot. The definition of a floor is the lowest price of an NFT art from that project that is being sold right now. The importance of this number varies a lot by project and most useful when you’re looking at a collectible (or profile picture) oriented project than the NFTs of a 3D artist. You may also hear or read things like “someone swept the floor" which loosely means someone bought a bunch of the lowest priced NFTs of a particular project, thus raising the ‘floor’ of a project.

Avoid scams! If you are purchasing a piece on secondary for a popular collection, be sure to check and use the link from the NFT Explorer to avoid scams/fake pieces. In every secondary listing, you should be able to identify the seller’s wallet address. Then, you can type in the address via https://www.nftexplorer.app/collection?creator=’wallet address of creator’ and look at ‘Activity’ to verify that real trades are happening in that wallet address’s NFTs (and it’s not some fake creator wallet address)

Seller Commissions/Fees: When you sell an NFT, you’ll be charged commissions and/or fees. For example, if I sell an NFT on RandGallery for 100A, it’ll charge 2.5% + a seller royalty (most likely 5 to 7.5%). Thus, I will be receiving net 90 to 92.5 algos and not 100 Algos. If I sell on ALGOxNFT, it’s 3.5% + a seller royalty that I can choose.

Escrow: When you list an asset to sell in any of the marketplaces, the asset goes into escrow, which I think means, gets moved to another wallet address controlled by a smart contract temporarily until you either unlist it or the sale is complete. The significance of this is that when you list your NFT for sale, it actually removes it from your wallet address until you unlist or complete sale (which means you also receive Algos). You can only view your listings within that marketplace or an aggregator like NFT Explorer.

10a.  RandGallery: very simple process. Go to your RandGallery page (see Part 2 above) and if your project has already been curated (approved) by the RG team, you’ll see a ‘Sell’ button. Choose a price, and click ‘Confirm’ and that’s it! Super fast. It’ll now show up on ‘Fresh Offers’ on the home page. There is no limit on how many items you can list for sale.

10b. ALGOxNFT: To list an item, click the “+” at the upper right and it’ll give you three methods to sell: 1) Auction 2) Buy it Now 3) Shuffle. The instructions are pretty clear and self explanatory actually. For an auction — You specify the NFT, then the date / time you want the auction to end, the reserve price (bids need to be at least this amount for a sales to happen), the royalty that should be sent to the creator as a % of the final price, and that’s it!

As the Algo NFT space matures and launch gen 2 and even gen 3 collections, the topic of current and proposed utility has become significant. 

To us -- utility means benefits / perks.  Things like:

1. access to a community of collectors who are intelligent, fun, connected

2. participation in DAOs of various objectives or exclusive whitelists to that project or other projects

3. exclusive giveaways / raffles

4. airdrops of tokens (in regular or one-off frequencies) for holding the NFTs to use in games / raffles / drops / other 

5. invitations and access to real life events

6. entertainment / games for collectors

7. blockchain game projects have built in ‘utility’ both because of fun value as well as potential game rewards that could be monetized (example: Alchemon)

8. other creative things that projects are still coming up with

In profile picture NFTs, there’s a few direction setting utility tokens that have been developed.

• $SHRIMP is the utility token of the MNGO project. It is released weekly to holders of their projects. Holders of $SHRIMP can use them in Raffles, Auctions, Bets and also to evolve their Gen 3 project, Mostly Frens.

• $CRUMB is the utility token of the CGF (Crazy Goose Flock) project. It is released twice a week to collectors. Holders of $CRUMB can use them in Raffles, Missions, Communicate with one another via Wallets via 0A txns aka "Honk", and other ideas that are being planned. $CRUMB will also be used in their companion project (Crazy Goose Robots) to 'take care' of their robot friend.

• $OCTO is a utility token of the Octorand project. Its main use is to evolve and decorate your Octorand NFTs as well as use them in an upcoming suite of in-house and 3rd party dApps in the Octoverse.

• $KAROT is the utility token of the Flemish Giants project. It is released twice a week to collectors. Holders of $CRUMB can use them in Raffles, Splicing of Flemish Clones, Raffles, Betting and other ideas that are being planned.

12.  Reminder: NFTs are not an investment. It is purely a speculative product. Have fun and make friends!

13. You can find us on Twitter! Thank you so much for reading.