How To Mint NFTs on Solana & The Best Self-Custody Wallets for 2023.
In This Issue
- For this weeks portfolio tip, I’ll be talking about old coins, survivors and new narratives.
- Sam has a report for you on how to mint NFTs on Solana.
- David runs through the best self-custody wallets for 2023.
- Rebecca has this week’s top trending coins.
Premium Subscription highlights this week:
- My portfolio moves: I made a lot of changes this week so if you want to stay up-to-date with all my portfolio moves, make sure to go premium!
- What is special about CHainlink: Jesse has a great report about chainlink and the LINK token.
- NFT mints: 3 upcoming NFT mints to keep an eye on.
Lark’s Portfolio Tips
Old Coins Will Die
You need to fully internalize this reality. Many coins will not make it through the bear market. Let’s face it, a lot of the coins that popped up in 2021 and 2022 were total garbage anyway.
I myself have had to say goodbye to many a failed coin already during this bear market. It happens. So don’t let yourself get caught in the trap of thinking that just because a coin is 99% down that it is a good buy. It can still drop 99%. Make sure to do a lot of homework before putting any cash into altcoins right now. Risk remains high.
Survivors Will Thrive
That being said, some really quality coins are on big discounts right now. And those prices can still drop more, just FYI. BUT, when thinking about what will be big in the next cycle I tend to think that major protocols which have already proven themselves are going to be big and get bigger.
Think about players like Aave, Curve, Maker, and Uniswap. All have huge partners. All have been building throughout the bear market. The likelihood that they will still be here next cycle is very high.
These “safer” plays can still produce big returns for investors too. For example just for Aave to get back to its ATH is a 10X from here, and if we assume that the next cycle will be even bigger, then the price could hit an even bigger number.
New Narratives
Every new cycle has new narratives, and there will be loads of new coins to go along with those narratives. New defi players. New gaming coins. New ideas. And yes, new blockchains that will be the new paradigm of money. Here are a few that I have been seeing get a lot of attention so far during the bear market.
Aptos, which is currently trading, and is about 70% under its market debut price. Could be worth watching, especially if it drops even more. Remember when Solana dropped to 50 cents? Yeah, I could be interested in a coin like Aptos if I see such a smoking hot deal.
Sui and Celestia are both still in the building phase. Sui has had a few opportunities for people to get airdrops, and Celestia has not yet, but likely will at some point. These are both in the same category as Aptos, AKA the next big things in blockchain.
I know that bear markets suck, but as long as human greed exists we will have another bull market in crypto. And when it comes I am planning on being ready for it.
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How To Mint NFTs on Solana by Sam
If you’re looking at NFTs, the big collections you come across first will probably be on the Ethereum blockchain. However, crypto moves insanely quickly, and nowadays, there are many Ethereum alternatives, so let’s look at how to mint NFTs on Solana.
<h3 id="why-to-mint-nfts-on-solana-(and-why-not)“>Why to Mint NFTs on Solana (and Why Not)The main reasons NFT projects have been drawn to Solana are the combination of very low transaction costs with a highly active NFT community that’s gaining ground on Ethereum.
Once you’re set up with a funded wallet, it’s very easy to dive in and get started, and there’s always a lot going on.
On the negative side, Solana was more associated than its rivals with the now-collapsed FTX, and its price was hit hard in the fallout.
And when it comes to Solana’s direct competitors, Ethereum is still top, Polygon has been picking up a lot of big-name users, and the Cardano NFT space has been quietly innovating while avoiding controversy.
<h3 id="phantom-and-sol“>Phantom and SOLThe most-used Solana wallet is Phantom, and it’s a breeze to get set up (follow this guide if you need assistance). It’s a Metamask-style wallet that sits up in your browser bar.
The native Solana currency, SOL, is listed on major crypto exchanges, and once you’ve transferred some SOL over to your wallet, you’re good to go.
The price of SOL is now down a lot from all-time highs. This could make you hesitate (why jump into an ecosystem that’s printing red candles?), but the alternative perspective is that it’s ideal to try out a new blockchain when you can load up on cheap tokens and shop around without too much at stake.
<h3 id="what’s-the-difference-between-minting-and-buying?“>What’s the Difference Between Minting and Buying?When people talk about minting an NFT, it refers to buying a brand new NFT when a new project launches. The act of purchasing the NFT causes it to be created, or minted.
On the other hand, simply buying an NFT might refer to minting it on launch, but is more likely to mean purchasing it later on secondary markets (or through a peer-to-peer trade).
<h3 id="find-upcoming-solana-drops“>Find Upcoming Solana DropsMagic Eden Launchpad
The number one Solana NFT marketplace is Magic Eden (which now also supports Ethereum and Polygon), and, usefully, it has its own launchpad for new projects.
Keeping an eye on Magic Eden’s launchpad is a very easy way to find upcoming drops, and it comes with the advantage that teams are doxxed and key information about projects is clearly presented.
However, just launching through Magic Eden is not in itself an indicator that a project is good or will do well, so you still have to assess each drop on its own merits.
Art NFTs
If you want to pick up unique artworks brand new (rather than collecting PFPs, gaming/metaverse assets, or NFTs from other high-supply collections) then there are endless opportunities to find new drops.
To keep in the loop about what’s coming up, the Le DAO artistic community is a great place to start, along with 21dao and Big Brain Gallery, or check the DAOs and Collectives section on the front page of the Collector platform.
Formfunction and Exchange are two important marketplaces for Solana-based art NFTs, and you can use them to find out about new mints.
Twitter and Discord
There are several Twitter accounts that are heavily focused on Solana NFTs and will lead you to new projects.
Start by checking on Solana Insiders, Solana Sensei and SOL Big Brain, and see where they take you. These accounts are, of course, hugely biased towards Solana, but they’ll keep you aware of significant developments.
Another approach is to buy into a big, well-established Solana NFT collection (check the all-time top ten and see what interests you), and then hang out in the Discord. There should be plenty of chat about the Solana ecosystem, including upcoming projects and potential opportunities.
<h3 id="assessing-new-projects“>Assessing New ProjectsThe first thing you can do is simply look at how well it’s being put together. Is the artwork smooth and stylish? Is the website doing anything new? Does it provide hooks and anticipation to tease in newcomers?
On the whole, every element should look like it’s made by professionals, because NFTs are, at this point, largely beyond the enthusiastic part-timer stage.
You also need to figure out what value a project is offering. This was less important when the market was bullish and powered by hype. In current conditions, though, projects need to have a clearer purpose, although, that said, don’t rule out purely art-based collections.
As far as possible, check the team’s credentials. Any project where the team is not doxxed should be treated with caution, although there are creators and artists whose reputation is connected to a researchable pseudonym, rather than a real name.
Join a new project’s Discord as early as possible. This is where you can assess the general vibe, how the team operates, and what kind of people are participating. It’s also where you’ll usually get updates soonest and learn about whitelist opportunities.
<h3 id="hold-or-flip?“>Hold or Flip?
Having minted a new NFT, you’re faced with the question of whether to hold on to it or flip it (meaning sell it on secondary). In general, it’s best to have a plan in mind before minting, and then stick with it.
If the NFT has specific utility, you’re adding it to your collection, or the expectation is that it will gain in value over the longer term, then you’ll want to hold onto it.
If you’re able to mint something sought after, and expect high demand, then you’ll be flipping for profit. In this case, don’t get fooled into thinking that rising prices will either go up forever or will, having hit a plateau, stay at that point.
Know roughly when you’re going to sell, and take profits, leaning–in current market conditions–towards sooner rather than later. If you mint mu
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Best Self-Custody Wallets for 2023 by David
As 2022 draws to a close, the story rocking the Cryptoverse are the allegations that Sam Bankman-Fried fraudulently diverted FTX customer funds to his sister-company, alameda Research, where they were subsequently squandered and lost. Billions vanished within a week. Both institutional and retail investors were badly hurt. Some people lost everything.
“Not your keys, not your crypto” is one of the few crypto maxims that unfortunately continues to ring true. If you have a substantial amount of crypto and are holding all of it with a centralized exchange or custodian, then you’re just not paying attention. Do your future self a favor and self-custody at least a portion of your crypto. You’ll likely find the process liberating and empowering.
Today’s article will be looking at the best self-custody wallets for 2023. Specifically, we will examine the following:
- What are self-custody cold and hot wallets;
- What are the best cold wallets for 2023; and,
- What are the best hot wallets for 2023.
Before we dive into the wallets, let’s make sure we’re on the same page with the technicals:
- Self-Custody Wallet: A crypto wallet where the owner has possession over their private keys. So long as only the owner retains their private keys, then only the owner has control over their assets. Here is an in-depth explanation of private keys; but briefly stated, private keys are unique, blockchain issued passwords for newly created crypto wallets. Private keys unlock a wallet for the purpose of sending crypto out of that wallet.
- Hot Wallet: A crypto hot wallet is one that’s always connected to the internet. Thus, hot wallets take the form of software applications on computers and smartphones. Self-custody hot wallets are generally known to be more convenient, but less secure, than self-custody cold wallets.
- Cold Wallet: A crypto cold wallet is one that can be disconnected from the internet and sit offline. Cold wallets take the form of USB or bluetooth devices. The wallets are extremely secure because hackers cannot access them.
Arguably, the two best cold storage crypto wallets are the Ledger Nano X and the Trezor Model T. The Nano X seems to balance high level security with convenience while the Model T maximizes security.
Ledger Nano X
Ledger’s Nano X is a second-generation cold storage wallet solution. The device itself is sleek and sexy, resembling a USB flash-drive, built with brushed stainless steel and plastic. The device features a small LED screen and lithium-ion battery. The Nano X weighs about 34 grams and is 72 mm x 18.6 mm x 11.75 mm in size.
The Nano X connects to computers via a USB cable and to Android or iOS devices via Bluetooth. The device is integrated with Ledger Live, a software platform where users can manage, send, and receive crypto through their cold wallet. Ledger Live also features an exchange that supports more than 5,500 coins.
During setup, users create a PIN, which allows access into the wallet. A 24-word seed phrase is auto-generated, which acts as the wallet’s private key. The wallet comes with a USB cable, setup guide, recovery sheets, and other items. Ledger ships to all countries and the wallet costs $150.
Why I Like the Ledger Nano X
The Ledger X offers owners excellent cold storage security while also providing accessibility and convenience. So long as the owner has solid seed phrase hygiene, then they can rest easy knowing their funds are secure.
The Nano X is famously accessible and convenient. Ledger Live is simple and intuitive, and supports the management and trading of thousands of cryptocurrencies. Ledger Live also has NFT and staking features and support. Users can easily manage their crypto from their mobile devices with Nano’s Bluetooth connectivity. Ledger grants wallet owners access to their library of knowledge-base resources, along with chat and email support.
Trezor Model T
Trezor’s Model T is also a second generation cold storage wallet solution. The Model T is shaped like a stopwatch, made of hard plastic, and features a large touchscreen. The device weighs 22 grams and is 64 mm x 39 mm x 10 mm in size. It has no battery, as it’s solely dependent on an external power-source.
The Model T connects to computers via a USB cable. It has no bluetooth connectivity – more on that in a minute. The device is integrated with Trezor Suite, a software application that runs natively on users’ computers. Like Ledger Live, users can manage, send, receive, and exchange currencies on Trezor Suite. The application supports approximately 1,800 coins.
Setup is the same as the Nano X. Users create a custom PIN and are then given access to the wallet’s 12 word seed phrase. The wallet comes with USB cable, setup guide, recovery sheets, magnetic dock, and other accessories. The Trezor Model T ships to all countries and costs $200.
Why I Like the Trezor Model T
When it comes to cold wallet storage solutions, the Model T is the Panzer tank of security.
The device does not have Bluetooth connectivity, which is a security upgrade as Bluetooth connectivity can be exploited by hackers. Trezor’s software is open-sourced. Thus, the code is available for scrutiny and therefore less likely to contain bugs. The device comes with a microSD card, which allows users to add encrypted storage to their wallet. And Trezor Suite runs natively on users’ desktop computers, which is believed to provide enhanced security over web-based applications.
Finally, Trezor has been around since 2011. The company’s cold wallet solutions have long been regarded as perhaps the most secure in the industry.
<h3 id="best-self-custody-hot-wallets“>Best Self-Custody Hot WalletsPerhaps the two best hot wallets for 2023 are Exodus and Guarda. Exodus values an enhanced user-interface and aesthetic appeal in exchange for a narrowed list of supported cryptocurrencies, while Guarda prioritizes offering a large selection of cryptos and providing Visa debit card integration.
Exodus
Exodus is a free desktop and mobile crypto wallet. The wallet supports more than 225 cryptocurrencies and is integrated with a built-in exchange, which operates as a DEX. Exodus is Web3 enabled, which allows the wallet to connect to thousands of dApps across multiple blockchains. Exodus supports staking for certain currencies and NFT management.
Setup is a breeze. The software is free to download. Once installed, Exodus requires users to set an access password and then guides users on securing their unique seed phrase. The platform has a deep set of education and explanatory videos to help users make the most of the platform. Customer Support engineers are on standby in-case users are having issues.
Exodus has optional integration with Trezor. With this combination, users can leverage the accessibility of the Exodus with the enhanced security of Trezor.
Why I Like Exodus
The user-interface is the most aesthetically pleasing out of any crypto product I’ve ever used. The wallet is smooth, silky, and intuitive. With backgrounds shaded in blues, pinks, and purples, using Exodus makes you feel like you’re banking in Blade Runner 2049.
Moving crypto in and out is easy and the exchange is convenient. For a hot wallet, Exodus has solid security and the Customer Support engineers are friendly and helpful.
Guarda
Guarda is a free desktop, mobile, and browser extension wallet. Guarda supports over 400,000 assets across 50 blockchains. Like Exodus, Guarda features an integrated exchange that allows for crypto purchases, swaps, and sells. The platform supports staking for approximately 15 assets but has limited NFT support.
Setup is the same as Exodus. After the download and installation, users are required to set an access password, and are then directed to secure their unique seed phrase. Also like Exodus, Guarda features knowledge-base resources and customer support access.
Guarda features optional integration with Ledger’s cold wallet system. Guarda also offers a prepaid Visa debit card. Users can top it off with their crypto and swipe it anywhere across the globe. Thus, Guada makes crypto super liquid and helps users avoid the hassle of crypto-to-bank transfers.
Why I Like Guarda
Guarda shines with its large selection of supported crypto assets and staking options. This feature likely appeals to those who might have a more diverse crypto portfolio than what is supported by Exodus. Guarda’s Visa debit card is legit. For individuals who like to hold a majority of their net-worth in crypto, the debit card integration is a must-have and extremely convenient.
<h3 id="conclusion “>ConclusionThe Nano X, Model T, Exodus, and Guarda are the premier self-custody cold and hot wallet heavyweights for 2023. You should look into them.
For those looking to self-custody, here are a few tips to think about:
- Consider using the Ledger Nano X / Guarda or Trezor Model T / Exodus combo. The crypto that you want to hold long-term with maximum security can sit in your cold wallet, while the funds that you might want to liquify or trade within the short to medium term can be held in your hot wallet.
- Educate yourself on crypto self-custody best practices before getting started. While self-custody protects you from the SBF / Madoff types – if you don’t take the necessary precautions – you can completely screw yourself and lose everything. For both hot and cold wallets, if your seed-phase gets into the wrong hands, it’s game over. For hot wallets, if you lose both your password and seed-phrase, it’s game over. For cold wallets, if you lose both your device and seed phrase, it’s game over.
Trending Coins This Week by Rebecca
Here are my key takeaways from the trends this week, and the bear market proves to be a tug-of-war between good and bad.
1 – Argentine Football Association Fan Token is a tokenized share on the sports platform, Socios. Argentina won the 2022 FIFA World Cup after beating France in a penalty shoot-out, yet the token dumped over 50% from $6 to $2.68.
2 – Evmos is an EVM on the Cosmos network that’s seen Aegis Trust announced as the new custodian of several treasuries within the Cosmos ecosystem, including Evmos. Aegis Trust will also deliver institutional graded staking as part of the agreement.
3 – Aptos is an L1 blockchain created by ex-Meta employees that’s seen the team share a Twitter thread explaining eight features which put the blockchain ahead of its competition. Aptos has also announced a World Tour Hackathon for 2023.
4 – BNB is the native coin for the Binance chain that’s seen the crypto exchange under intense scrutiny as FUD continues to spread around its proof-of-reserves. Its auditor, Mazars, has deleted Binance’s assessment and paused all work with crypto clients.
5 – Toncoin is the native token for the TON blockchain designed by Telegram, that’s seen its price increase by 40% in just a matter of days. This is due to Telegram allowing users to pay for an anonymous number using Toncoin, bypassing the need for a SIM card to use the app.
6 – Algorand is a self-proclaimed “green” L1 blockchain that’s been selected as the blockchain to support a bank and insurance guarantees platform in Italy. The platform is expected to launch in early 2023 and is part of the EU recovery plan.
7 – Ethereum active addresses have reached an all-time high of 1.4M but ETH price dropped 6% as the gains from the latest US inflation announcement are wiped out. Viltalik Buterin has also called out Elon Musk saying he’s put Twitter on “the path to authoritarianism.”
8 – Polygon is an Ethereum side chain that’s seen Donald Trump sell out a 45,000-piece NFT collection on the network. Polygon is also launching a USD-backed stablecoin in Bermuda through Jewel Bank. Macro investor, Raoul Pal, thinks Polygon is “unlocking something big.”
9 – GMX is a derivatives exchange on Arbitrum that hit a new all-time high of $59 on 12 December. Former BitMEX CEO, Arthur Hayes, mentioned in a recent blog post he holds a big GMX bag because of its platform revenue and potential to outperform Treasury bills.
10 – NEAR Protocol is an L1 network that’s celebrating reaching 1M Twitter followers. The team has shared its outlook for 2023 in a strategic update, explaining the next step for providing the best user experience for Web3 will be at the front-end discovery layer.
11 – Bitcoin has seen a record-breaking whale sell-off with 280K BTC sold in 30 days. Japan’s largest electric power company, TEPCO Power Grid, has announced its plans to mine Bitcoin with excess energy.
12 – PancakeSwap is a DEX built on the BNB Chain that’s introduced liquidity farming on Aptos across all major trading pairs. PancakeSwap has also hosted a competition on Twitter for the 2022 FIFA World Cup Final.
13 – Filecoin is a decentralized storage network that’s seen its price drop 20% in 24 hours after speculation that Genesis owner, Digital Currency Group, is liquidating its assets.
14 – Avalanche is an L1 DeFi blockchain that’s seen Coinbase integrate USDC on Avalanche. Avalanche has announced a strategic partnership with Alibaba Cloud and has also announced its 2023 Summit will be returning to Barcelona.
15 – Tether (USDT) is a US-backed stablecoin that’s helped Binance convert 3 billion USDT to the Ethereum network from the Tron network. With a lot of FUD still surrounding USDT, Tether plans to reduce its secured loans from $6.1B to zero in 2023.
Follow Rebecca on Twitter and Instagram.
Final Notes
Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
If you are reading this it means you are on the free version of the Wealth Mastery Investor Report, which is great for news and tips on the crypto markets.
If you really want to take advantage of fastest growing asset class EVER, I highly recommend you join us in the Premium Investor Report.
You’ll immediately get access to:
- Deep dive Altcoin report & The Trending Coin Report
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See you next time!
Lark and the Wealth Mastery Team
Legal Disclaimer
TCL Publishing ltd (director Lark Davis, owner of Wealth Mastery) is not providing you individually tailored investment advice. Nor is TCL Publishing registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. TCL Publishing is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.
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