There are 2 ways to bid on the RECOIL #56 Digital Collectible (NFT) auction featuring Chris Cheng.

  1. Bid with a credit or debit card.
  2. Bid with crypto currency.

If you are new to crypto and digital collecting, bidding using your credit or debit card is the easiest way to participate.

If you are already familiar with crypto, NFT’s, and digital wallets, then your can use your crypto currency to bid on the auction.


Bid Using your Credit or Debit Card

RECOIL is one of the very few organizations that allow collectors to start collecting simply by using their credit or debit card, while maintaining full flexibility and freedom on the management of their NFT’s (e.g. to move it to an external wallet etc).

How to bid on the auction using your credit or debt card

On Oct 19, 2021:

  1. Go to the auction page at https://nft.recoilweb.com.
  2. Click on the Purchase link.
  3. Buy the digital collectible using your credit card or debit card information.

Bid Using Crypto Currency

Getting started in the world of blockchain, crypto currency and NFT’s is more involved, but these are the common processes that are the building blocks for becoming familiar with this space, which include: buying crypto-money, setting up new wallets to hold and transfer your crypto-money, and transferring crypto money.

STEP 1: Setup an account with a crypto exchange

To buy a digital collectible (NFT), you need crypto-money (also known as cryptocurrency, tokens, or crypto).  If you already hold crypto-money, please skip to STEP 2. There are various ways to buy crypto-money. The easiest and arguably most secure way to buy crypto is by creating an account with one of the leading exchanges.  Especially for people new to crypto, major crypto exchanges are highly recommended to protect you from theft and malicious attacks, but also from personal error (e.g. most commonly losing or forgetting the so called “secret phrase”, which is your one-and-only, unchangeable key for decentralized wallets) that could get you locked out of your own wallet irreversibly. As you become more proficient managing crypto-money, you can always move to anonymized and decentralized solutions.

Verification may take up to 2 days (for Crypto.com, longer for other platforms), so please start setting your account up well before the RECOIL Web auction on October 19, 2021.

In this tutorial we recommend using a mobile-first crypto exchange, Crypto.com. The most popular exchange is Binance, however we prefer Crypto for a few reasons:

  1. It takes maximum 2 business days to verify an account in comparison to 10 business days required by Binance. (Binance offers faster verification but only for accounts that want to buy/sell up to $300 maximum in total in their lifetime).
  2. Better interface for users new to the crypto market, far less overwhelming than Binance, which feels like it is has been designed for professional traders.
  3. Crypto.com is mobile-first, offering a far better interface on mobile overall.

It must also be noted that Crypto.com, along with Binance, are the exchanges that have dropped the transaction fees to the minimum.

You can download Crypto.com below:

Once you have an account setup with a crypto exchange and you have your account verified, please proceed to Step 2.

STEP 2: Buy crypto-money (USDT or similar)

Now that you have an account with a crypto exchange setup, you can buy crypto-money, meaning that you can convert actual money, like GBP, EUR or USD (all of which is referred to as fiat money) to crypto-money.

The majority of NFT marketplaces operate on Ether (i.e. the native cryptocurrency of Ethereum). However, when using Ether the significant volatility of cryptocurrencies (reaching +/- $1000 in a single day), directly affects the price of NFTs from one minute to another. To counter that, OriginProtocol, the leading blockchain provider powering RECOIL’s Digital Collectibles, uses so-called stablecoins instead. Stablecoins are crypto-money, whose value always equals to $1 USD. Other than that, they are like all other crypto-money and can therefore be used for all types on transactions on the blockchain.

OriginProtocol supports 4 stablecoins, i.e DAI, USDC, USDT and OUSD. In this tutorial we go with USD Tether (USDT) which is potentially the most widely known stablecoin.

If you use the Crypto.com app, to buy USDT:

  1. Tap on the crypto.com logo at the bottom (the blue lion)
  2. Tap (+) Buy at the bottom
  3. Select Tether (ESC20) … USDT from the list
  4. If you don’t have any card setup, click: + Add Credit or Debit Card and follow the steps.
  5. Once you have added a card, type in the large textfield the amount of USDT you would like to purchase, e.g. 700 USDT.
  6. Tap Buy 700 USDT

STEP 3: Create and top-up your account on RECOIL Digital Collectibles

To bid on the RECOIL auction you must create an “Origin ID”; it only requires a username, your email address and a password. To create your Origin ID:

  1. Go to nft.recoilweb.com
  2. Click “Sign up” on the main menu
  3. Fill in your username, email and password and click Create Origin ID
  4. Check your inbox for an e-mail from “Origin Protocol NFT Launchpad” and click “Verify email” (If you have not received such an email yet, you will be prompted to do that step later, so just continue below)
  5. Click on your username on the top-right and in the drop-down menu click WALLET [📱If you are on mobile, then open the menu from the top left and click Account ]
  6. In the pop-up click the Deposit button
  7. Please read the pop-up and then click Got it

Once the QR Code comes up, please leave that tab open.

Then open your crypto.com app (or similar) to transfer your crypto-money to your RECOIL Auction account. To do that:

  1. Tap the Transfer button on the main screen of the crypto.com app
  2. Tap the Withdraw button and then tap on Crypto
  3. Tap on External Wallet
  4. On the screen that comes up click the plus sign + on the top right
  5. In the “Add to Whitelist” pop-up tap on Wallet Address
  6. Select Tether (ESC20) … USDT from the list
  7. In the **”**Wallet Address Details” form that will come up, in the “USDT Wallet Address” field:
    1. 🖥 + 📱 If you have the QR Code open on your computer and the crypto.com app open on your phone:
      1. Tap on the little QR Code icon on the far right of the field
      2. When the camera comes up, scan the QR Code from your screen
    2. 📱 If you are solely on mobile:
      1. Go to your browser and tap the Copy to Clipboard button that is below the large QR Code.
      2. Go back to the crypto.com app and paste in the “USDT Wallet Address” field, with the placeholder text Tether (ESRC20) Address
  8. In the “Wallet Name” field, type in something to remember this address e.g. “RECOIL Auction”.
  9. Tap Continue
  10. Open your mailbox and in the “Withdrawal registration confirmation” e-mail, click “Confirm withdrawal address”. If you are on your mobile phone, then you will be automatically navigated back to the app. (If you are on the computer the link won’t work, because the link is intended to launch a mobile app, so please ignore that. The verification will still happen as normal)
  11. On the crypto.com app if you go back to the “Withdrawal Whitelist” form then you will be able to see the new address.
  12. Next to the “RECOIL Auction” wallet, tap Withdraw USDT
  13. Tap on the word USDT to allow you to type in the amount in USDT
  14. Then type in the amount you would like to transfer to your RECOIL Auction account and tap the Withdraw button.Each transaction costs a fixed fee (which is usually less than $10) however we strongly advise to transfer your crypto-money in 2 transactions 👉🏽 Firstly, to withdraw 16 USDT (the minimum allowed) and once you ensure that this amount has arrived safely in your RECOIL Auction account, to then transfer a larger amount. Your “Recoil Auction” wallet address is stored in your app, so the process should only take a few seconds.
  15. ⏱ Every transaction on the blockchain, especially on Ethereum where the vast majority of NFTs are traded, including RECOIL Auctions, takes a few minutes to be processed. Once you submit your request you will instantly receive an email from Crypto.com as a confirmation of your withdrawal request and then about 10-15′ later when the transaction has been executed, you will also receive an additional confirmation.

STEP 4: Bid on the RECOIL #56 Auction with Chris Cheng

Once you have topped up your RECOIL Auction account with sufficient funds:

  1. Go to the NFT page: ntf.recoilweb.com
  2. Open the Auction and click Purchase

And finally, congratulations 🥂 You can now have bid on the first ever NFT auction in the firearms community. Good Luck! 

Much of this how-to was lifted from USEUM Collectibles’ “How to collect a Limited Edition NFT of ‘CHAOS’