How to Buy Lakshmi NFT by Zionverse?: Risks and Pitfalls

A couple of days ago, we talked about how I made my first NFT digital art purchase. An NFT that is yielding a crazy 72% annually for me. Like many others, I never thought that I would purchase an NFT. But a lot of that can be attributed to the fact that I did not understand the power of NFTs completely. Similar is the case with many others who are yet to jump into this realm.

Coming back to the topic of the day. I purchased one and blogged about it as well. First response that I got from that post was How to buy Lakshmi NFT? So here goes. In this blogpost we discuss some key pointers to keep in mind while purchasing the Lakshmi NFT and how to go ahead and buy one. As always, broken down in a step by step guide!

Decentralized Vs Centralized NFTs:

This needs to be addressed before we go deeper into steps of buying the NFT. When you purchase any NFT through famous marketplaces like opensea, rarible etc. it asks for some gas fees. This is because your wallet address needs to be updated against the owner name (of sorts) for that NFT. This is a blockchain transaction and hence you require fees + wallet (like metamask etc.) to buy this NFT.

With Lakshmi NFT, this is not the case.

You are buying NFT via a centralized exchange called Vauld (more on it in a while) and the NFT is also stored on the Zionverse platform.

This might come out as a risk to some people and they would probably be right. You don’t own these NFTs in truest sense. Of course you have the transaction records validating it’s purchase but you can’t prove your ownership until it’s a blockchain transaction.

These NFTs won’t be in your Metamask wallet and just like they say for crypto lying in the centralized exchanges:

Not your Keys, Not your Crypto! (NYKNYC)

Same applies to this NFT too.

The Flip Side:

Now the question arises, why did I buy this even after being very much aware of the above situation? Here’s a decent rationale behind it:

A. Although not advised, I still hold a lot of my crypto in centralized exchanges like CoinDCX. Primarily because I am not very good at wallet management and fear losing them. This case is no different right? Instead of an exchange, I am placing trust in the Zionverse team.

B. Next obvious assumption is that exchanges like CoinDCX, Binance are pretty big. They are very less likely to cheat.

Zionverse is relatively new. True. This is where DYOR kicks in. I researched about the company and the founder and it looked legit to me. The founder Anshul Rustaggi was featured on TRS and an interview with Akshat Srivastava. These guys are big names in YT industry and I have never seen them shill.

To conclude this section I would say that crypto is a high risk high reward game. One should only put whatever the can lose in it.

How to Buy Lakshmi NFT?

All set? Made your decision? Let’s go ahead and understand how to go about it.

Step 1: Vauld Sign Up

The handling the entire logistics of this project, Zionverse has tied up with an Indian Centralized Exchange called Vauld. They are the ones who would help you buy this NFT and also withdraw the monthly return you are going to get.

For this to happen, you need to create an account with Vauld and get your KYC done. I think it’s a great move by Zionverse to offload KYC/AML to an exchange which is already pro at doing this. This would help them thrive amidst the regulatory uncertainties.

Step 2: Deposit INR

Once you sign in to Vauld, you need to deposit INR to purchase the relevant crypto that is needed to buy the NFT.

For that, simply head to the “Deposit INR” option that you see in the screenshot above. It is as simple as purchasing something on an eCommerce site. You need to deposit an INR equivalent of 101 USD (~80Rs/Dollar).

Step 3: Buy USDC

This is a crucial step. A lot of people end up buying USDT instead of USDC and it delays the entire process. You have to reach out to support and the entire thing goes into a different direction.

For doing that, simply head over to Exchange -> Instant buy and sell. Select INR in first column and USDC in the second as shown in the screenshot. Enter 101 (for 1 NFT) in the column featuring USDC. Go ahead and complete the purchase.

Step 4: Find Out Your USDC Address:

You would need this address to receive monthly payments. For that you need to go to the wallet section and find USDC in the asset type. As soon as you do that, you would find the address in the right. Simply copy it.

Step 5: Entering the Zionverse

Simply head over to the official website and tap buy now. Enter the quantity you wish to purchase and go ahead. Once you reach the payment page, you would find the USDC address where you need to send the crypto you just purchased. Simply copy this address and go back to Vauld.

Step 6: Transferring USDC from Vauld to Zionverse

This time around, head over to wallet once again and on the right select the ‘send’ tab. Paste the wallet address you got from the Zionverse. Enter the amount of USDC (101/NFT) and hit send. Generate OTP and viola!

Some Key Pointers:

A. It takes about 4 hours to credit your NFT. You should be able to see that NFT in Profile –> My Collection section on the https://lakshmi.zionverse.com/profile/mycollection page.

B. If you unstake the NFT, you would lost out on APY.

C. You have got this! For now, have a look at my beautiful NFT.

Conclusion:

I am not a degen running after 5000% APYs. I am okay with goddess Lakshmi showering her blessings with a decent 72%. 😛

Now that how to buy Lakshmi NFT is sorted out, what are your plans of purchasing one? Stuck somewhere? Happy to help!

Got questions? Want to take it to the next level? Reach out to me using your preferred platform from the links below

Until next time..

Btw, if you are a seasoned trader or just testing the waters with derivatives, here’s an exchange specifically meant for that. Head over to MCS using this link. Still not convinced? Join the vibrant community that is talking about MCS on Telegram, here.