Table of Contents
1. Claiming Your Givenchy NFT
So, you’re wondering how you can get your hands on a Givenchy NFT, but not sure about the finer details? Don’t worry, we’ve got you covered.
The sale will take place on OpenSea, from 23 November until 29 November 6pm CET, with the highest bids for each NFT winning the goods.
With Givenchy’s commitment to sustainability, all sales transactions will use Polygon Network - a solution that offers users cheaper gas fees, as well as faster, more carbon-efficient transactions.
So if you’re keen to treat yourself with a Givenchy NFT, you’ll need a few things. It might seem intimidating at first but bear with us it’ll all make sense.
Since Polygon is an Ethereum Layer 2, (meaning that it’s a blockchain that’s connected to Ethereum’s main chain), you’ll have the possibility to bridge your ETH to Polygon by following these 3 simple steps below:
You have ETH on your Ledger’s Ethereum account.
Connect your Ledger Ethereum account to MetaMask by following these steps then log-in to OpenSea using your Ledger account that’s connected to MetaMask.
Bridge your ETH to Polygon directly within the OpenSea interface by following their dedicated guide.
In case you don’t have a Ledger, worry not, you’ll still be able to participate, albeit in a less secure fashion. All you need to do is log-in to OpenSea with your standard MetaMask Ethereum account, then follow the same instructions.
Voilà, you’re good to go, enjoy your non-fungible journey!
Need any assistance? We’re here to help.
2. Ledger Wallets
This drop was developed in partnership with our friends at Ledger. Ledger’s Hardware wallets are your key to buying and owning crypto as easily and as safely as possible.
What is Ledger?
The world of crypto lets you be your own bank, and that means nobody is storing your assets for you. Crypto wallets are your access point for buying, selling, storing, and spending cryptocurrencies and NFTs -- the bank account that you control all on your own.
Crypto wallets are broadly classified as “hot wallets” and “cold wallets” (but this has nothing to do with actual temperature). Hot wallets store your keys in an internet connected application. “Cold wallets,” also known as hardware wallets, store your private keys offline and disconnected from the internet. Many people who are new to crypto rely on hot wallets. The problem is that since these wallets are connected to the internet, they are more vulnerable to attack.
Because all you have to do for a hot wallet is download an app, you might perceive hardware wallets as more intimidating or think you don’t really need one. Using a hardware wallet is security for your digital assets. . Like locking your door when you leave, it’s a necessary practice to keep your valuables safe.
And when it comes down to hardware wallets, Ledger is the most trusted solution to help you manage and secure your digital assets. Ledger wallets are the first and only hardware wallets on the market certified for their security by ANSSI, the French cyber security agency.
But that’s not all, Ledger devices, combined with the Ledger Live app give you assurance that your assets are safe, without asking you to compromise on access, ownership, or ease. With industry leading security to ensure your crypto is safe at all times, without any chafe.
What is the Ledger Nano X?
The Ledger Nano X is the premier hardware wallet for storing and securing your crypto. It’s not just for crypto enthusiasts, it’s the most safe and accessible for all of us. But why? You ask.
Ledger wallets have a trusted display (which you can trust) that enables you to verify any transaction initiated via your desktop or mobile device (which you can’t trust). Once you verify the transaction, you will need to approve it by physically pressing the buttons on the device. Put simply, it’s 2FA for crypto. But that’s not all, we’re just getting started.
Your Ledger device contains a secure element (SE) chip, like the ones in your passports or credit cards, designed to withstand even the most sophisticated attacks, and Ledger wallets are the only hardware wallets with their own custom OS (BOLOS) to protect against malicious attacks. Ledger even has a guild of white hat hackers called “The Donjon,” who spend their days searching for and eliminating any vulnerabilities in the Ledger system. We don’t have to tell you that anyone with a guild of white hat hackers means business.
Even with this added security, Ledger doesn’t force you to compromise on ease. The Ledger Nano X connects seamlessly to your phone using Bluetooth, giving you access to more than 1800 coins and tokens anytime, anywhere. It’s all the amazing things about crypto: self custody, and seamless exchange, right at your fingertips, without compromising on security.
So, you’ve decided to listen to us and make the best choice for your crypto assets? Great - now you won’t have to go through this pain.
What is Ledger Live?
Hardware wallets, like Ledger, are all about security. Software wallets offer less security because they are all about seamlessly navigating the crypto universe. The best practice is to use a mix of the two, and Ledger gives you the best of both worlds with Ledger Live. And they say you can’t have it all?
Ledger Live is like the control center for your assets. On Ledger Live, you can buy, exchange, sell, stake, and earn crypto rewards, directly from your phone or computer without leaving the safety of your Ledger device.
But that’s not all. In the Discovery section, you’ll find an App catalogue that gathers your favorite dApps (decentralized, blockchain applications) in one place, giving you easy access from within the security of your hardware wallet!
How do I set up my Ledger?
We know that hardware wallets can be intimidating but setting up your new Ledger is a walk in the park thanks to the interactive set up on the Ledger Live app.
Important note: Your recovery phrase should always be generated by the device during the set up. If you receive a pre-seeded device (recovery phrase already written on paper), don’t use it.
What is a recovery phrase?
The first thing you need to know is that your assets are not in your wallet, they’re always stored on the blockchain. What’s secured in your Ledger wallet is your private key, and it actually never leaves your wallet, we never see it, you never see it. Instead the device provides the so-called recovery phrase (also known as seed phrase), which is a set of 24 words that allow you to recover your keys anytime on any device. Note them down and store them somewhere safe.
Why does crypto need recovery phrases? Well, “owning” crypto really means controlling the private keys to a wallet. Your recovery phrase allows you to prove ownership of the private keys that connect to a public address. Think of this like a locked mailbox: anyone can slide mail in, but only the person with the key can open it and take mail out. Your public key is where your assets are sent, but your private key is what provides access to them. The recovery phrase ensures that you always have the key to your mailbox.
Most wallets, including Ledger, will generate your seed phrase from BIP-39 standards, a list of 2048 possible words. What this means is that, even if the wallet you’ve chosen goes bust, you can recover your assets with any other BIP-39 compatible wallet. AKA if Ledger stopped existing, your assets are still safe on any other compatible wallet.
The TLDR is: your seed phrase is the key to your crypto. Write it down, keep it safe, and never, ever, under any circumstances share it with anyone. Heed our advice, or end up like these former millionaires.
How do I protect my recovery phrase?
It’s a little more complicated than making your password “MyPassword1 '' and writing it down in the notes app. The number one rule is to never store them on any device that is connected to the internet.
Seed phrases can range from 8 to 24 words. They need to be recorded in exact order and kept in a safe place. Some people opt for a waterproof notebook and a fireproof pouch, while others want something more secure, like steel storage (check out Billfodl or the Cryptosteel).
How do I connect my Ledger to MetaMask?
MetaMask is one of the most popular hot wallets among crypto users, which is why Ledger offers the ability to combine their services (like easy access to your favorite blockchain applications) with your hardware wallet. Like Peanut Butter and Jelly, you couldn’t find a better combo for safety and ease than MetaMask paired with Ledger.
After your Ledger is set up, create an Ethereum account, then you can easily link with MetaMask by simply plugging in your Ledger Nano using a USB cable and opening the MetaMask wallet on your browser. In the MetaMask drop down window, find and click “Connect Hardware Wallet,” select Ledger, and follow the prompts.
To use your Ledger with MetaMask, you need to physically connect your Nano wallet to your computer in order to sign and confirm every transaction requested through MetaMask.
How do I transfer my assets from MetaMask to Ledger?
The easiest way to transfer all of the assets from your hot wallet into your new Ledger device is to create an Ethereum account via Ledger live, and then transfer all of your assets to your Ledger Ethereum account’s public address.
This works like any normal transaction! Just head to your MetaMask wallet, choose the asset you’d like to transfer, paste your Ledger address as the recipient, and send!
3. NFTs FAQ
What is an NFT?
In the same way cryptocurrencies reinvented money, NFTs are reinventing…. Pretty much every other item we interact with (and even creating new ones!).
Crypto tokens like Bitcoin (BTC) and Ether (ETH) and fiat currencies like the dollar and euro are fungible tokens. You can have one ETH and exchange it for any other ETH, or you can exchange a 100 dollar bill with any other 100 dollar bill.
On the contrary, non-fungible tokens or NFTs are crypto tokens that represent information of unique or rare digital and real-world assets. This information stored in each NFT makes them non-interchangeable on a 1:1 basis. An NFT cannot even be divided into smaller parts like other crypto assets or fiat currencies.
NFTs (Non Fungible Tokens) are unique or rare digital assets. They can represent anything from a digital work of art to an avatar skin, they can be a proxy for a physical object or grant you a piece of ownership to your favorite song.
We’ll shoot straight with you, NFTs would probably feel 100% less confusing if they weren’t called Non Fungible Tokens. Consider them to be unique digital objects that you can own, welcome to the era of digital ownership.
Why are NFTs becoming popular?
NFT. Three letters that represent a world of possibility and excitement. With Jay Z, Gimes, Tony Hawk and Steph Curry joining in the crypto-meets-art market, there’s an undeniable air of cultural intrigue in the space. You might’ve heard of crypto punks, bored apes or beeple artworks selling for millions of dollars! Confused? Let us tell you why.
Well, there are a couple of factors at play. The number one, most obvious one, is how NFTs unlock such creative potential – like nothing we’ve seen before for creatives and creators online.
Unlike most crypto use cases, NFTs aren’t just finance driven. The use-cases are not only broad, ranging from anything from sports and gaming, to digital fashion, music and art. They’re a creative technological instrument that unlocks the potential for creatives and entrepreneurs to retain full agency and monetize their creations via a direct connection to their audience. No more third-parties..
But the bigger, most exciting thing behind NFT adoption – and why this is so fundamentally important for the cryptocurrency industry as a whole – is linked to culture. The more we spend time online, the more our digital identities become as important as our physical ones. And this is where NFTs come into play; they're the Web3 vehicle for self expression and social currency.
You can think about it like this: NFTs are the arty brother of cryptocurrency, and the more people get to know the blockchain family, the more they get to see, experience, and enjoy the opportunities available.
How do I keep my NFTs safe?
As we begin to collect more NFTs that we love, it is important to ensure they are protected. Any cryptocurrency, including an NFT, is stored on the blockchain.
“Owning” a crypto asset really means controlling the private key that points to that specific asset on the blockchain. This is how the record knows and displays which wallets own which NFTs or currencies. If someone gains access to your wallet they can steal your assets, and the transaction is irreversible.
To avoid that, you should log-in and transact on any NFT marketplace by using your Ledger account via middlewares such as WalletConnect or MetaMask. If you have NFTs on other accounts, make sure to transfer them to the Ledger one. This is how it works:
First, connect your Ledger Ethereum account to Metamask using this tutorial.
Open Metamask, select the destination account (Ledger account) and copy the deposit address.
Next select the account that contains your NFT (For example Account 1)
Go to OpenSea: https://opensea.io/
Select the #NFT you want to transfer and Click the transfer icon in the top right corner. The one that looks like a gift.
Final step, carefully type or paste the address of your ledger hardware wallet into the address field. Be sure you double-check it before clicking transfer.
4. Blockchain FAQs
What is blockchain?
Your grandpa thinks it’s a scam and you’ve decided you’ll never understand it, but fear not! Blockchain is not as complicated as it seems -- it’s actually very cool.
Blockchain is the system that verifies, authenticates, and records all cryptocurrency transactions. It’s the ecosystem that everything that we’ve mentioned above lives on. You might hear blockchain referred to a distributed, public ledger. We know that is not a helpful description. This might be:
A public blockchain is similar to a database, but is differentiated by a few key attributes.
Decentralized: no third party controls the record and there is no master copy. Synchronized copies of the blockchain are distributed and stored on computers around the world.
Public: anyone who wants to can access the blockchain. Public keys of wallets and their transactions are made viewable so that any user can confirm that transactions are legitimate.
Immutable: once a transaction has been entered into the record (aka: ledger), changing it or erasing it is infeasible (and nearly impossible).
Learn more about blockchain here.
What is polygon?
Polygon, formerly known as the Matic Network, is a scaling solution that aims to make transactions simpler, faster and easier.
Why is this so important?
At the center of Polygon’s vision is the world’s most used blockchain, Ethereum. Playing host to a range of decentralized applications where you can join virtual worlds, play games, buy art, and participate in a range of financial services, Ethereum is at the very heart of blockchain innovation. However, this much activity on its blockchain has rendered Ethereum sluggish, with transactions becoming slower and more costly due to simple traffic congestion.
This is the problem Polygon aims to solve. By providing a system where Ethereum-based transactions can be completed on smaller networks running parallel to the main blockchain, Polygon reduces network congestion and gas fees while making individual transactions faster and more efficient. In a nutshell, it promises an efficient framework for building interconnected networks.
Polygon wants to help Ethereum expand in size, security, efficiency, and usefulness and seeks to spur developers to bring enticing products to market all the quicker.
After the rebranding, Polygon retained its MATIC cryptocurrency, the digital coin underpinning the network. MATIC is used as the unit of payment and settlement between participants who interact within the network.
To read more about Polygon, the eco-friendly blockchain here
Where can I learn more about cryptocurrencies, NFTs, and blockchain?
There are tons of amazing resources out there to teach people about crypto!
If you love to read, check out Ledger Academy.
And for a listening experience, tune in to the On The Ledger podcast.