Cosmos, is a decentralized blockchain network with one of the most active cryptocurrency communities in terms of development. In this NFTexpress article we will explain what it is all about and how to join this ecosystem to interact with NFTs.
The ecosystem of Cosmos – Internet of Blockchains (Internet of Blockchains) was presented by the founders of the Sunny Aggarwal y Zaki Manian who addressed how to enter this new suite of products for crypto-users, including non-fungible tokens.
Let’s review the basic concepts of each step:
First of all, you have to use a browser extension/mobile wallet to open and manage addresses of the Cosmos ecosystem. The one chosen by the founders of this ecosystem is Keplr Wallet.
Through the Inter-Blockchain Communication (IBC) protocol, wallet users can interact directly with the ATOM token and the main Cosmos Hub network. In addition, it will be able to connect to smaller standalone applications and their tokens, but all linked to the Cosmos ecosystem.
Keplr can be downloaded in web browsers such as Chrome and Firefox, as well as in mobile versions for iOS and Android operating systems.
When it’s done, you have to create a new wallet account and set it up where it involves backing up your seed phrase, naming your account and setting up a password.
You are now ready to receive ATOM, the native Cosmos token. Just as ETH is Ethereum’s native cryptocurrency, ATOM allows you to pay for Cosmos Hub transactions.
However, before it can start interacting with the Cosmos ecosystem, the wallet has to have ATOM tokens, and the easiest way to do this is through a centralized exchange.
For example, Coinbase or Binance, offer the opportunity to quickly and directly exchange some ETH for ATOM and then, move the tokens to the address of your Keplr wallet.
Osmosis is one of the most popular decentralized exchanges in the Cosmos ecosystem. Since the project is its own chain, some OSMO (the native Osmosis token) must be purchased to interact with this product.
The steps to obtain OSMO are as follows:
Go to app.osmosis.zone and connect the Keplr wallet.
Scroll down to Cosmos Hub – ATOM and press Deposit.
Enter the ATOMs you want and press Deposit again.
When the transaction is complete, return to app.osmosis.zone and enter how much ATOM you want to exchange for OSMO.
Press Exchange when you are ready to continue and approve the transaction: it will be free of charge for one time only, since it is your first transaction and you do not have any OSMO yet.
To continue with the “how to get an NFT” concept, it is best to follow with the same steps and exchange some OSMO with the STARS token, another cryptoasset that will be needed to obtain a non-fungible token.
Go to Stargaze to collect a Bad Kids NFT:
If you already got the OSMO and STARS tokens, it’s time to go to the NFT market of Stargaze.
As the Osmosis DApp facilitated the move from ATOM to Osmosis, Stargaze will facilitate the move from STARS to its DApp.
Simply go to your assets panelpanel, scroll down to STARS and press Withdraw.
After you have done all these steps, enter the amount of STARS you wish to transfer, approve the transaction and you’re done! In a few seconds, your tokens will appear on Stargaze.
Now you are ready to go to the home page of e.g. Bad Kidsthe collection of 9999 drawings of bad kids, which at the time of writing this article, the floor price was 3700 STARS, equivalent to about 150 USDC.
To proceed with the purchase of an NFT from this collection or any other non-fungible token from a project you are interested in, you can click buy now and approve the transaction.
You have crossed the border and are now inside the Cosmos ecosystem!
The Cosmos community is constantly expanding and being adopted by crypto-users. Its official twitter already has more than 400 thousand followers and its community is growing day by day. The project is evolving towards a 2.0 version and aims to break the adoption barriers for DeFi services and NFTs.
They currently have more than 260 applications and services on the Cosmos network, including Binance Chain, Crypto.org and Cosmos Hub, with more than $61 million in digital assets under management.
Finally, the essence of Cosmos is to create and develop a decentralized network where the web services that are created have value for the entire community and not just for a few, since the value must be exchanged, stored and protected among all, without depending on centralized servers.
Remember that from NFTexpress we do not give financial or tax advice. The articles are strictly educational and not investment advice or solicitations to buy or sell digital assets to take profits. The only thing we recommend is to do your own research.
Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.