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The Ultimate Guide to NFT and their Role in Blockchain and Cryptocurrency

The Ultimate Guide to NFT and their Role in Blockchain and Cryptocurrency | Docmedio
The concept of a non-fungible token is still quite new. It's been around for about a year now and was seen as the next step in how we store data.

A non-fungible token is a digital element that cannot be exchanged for another once it's been sold or traded to someone else.

OpenSea Fee: One of the first platforms to use this type of asset was OpenSea where people can buy and sell unique digital items such as cryptocurrency, jewelry, and other luxury goods.

A non-fungible token is a unique and irreplaceable unit of data stored in a digital ledger. NFTs can be associated with easily-reproducible items such as photos, videos, audio, and other digital file types as unique items, using blockchain technology to give NFT public proof of ownership.

What are non-fungible tokens?

They can be associated with a single item, such as a baseball card, artwork, or perhaps even a house. The value of a token is often based on its rarity and popularity. A non-fungible token is a type of cryptocurrencies that is only built on the blockchain uniquely. It can be used to represent all kinds of things including money, art, stock, and even digital identities.

A non-fungible token differs from other cryptocurrencies in that it can be associated with something unique or specific. For example, if you want to buy stocks, you will need to use an NFT instead of a common cryptocurrency like Bitcoin.

NFTs are often used to represent equity. For example, one NFT can represent ownership of a work of art or another NFT can represent home ownership. This ensures that unlike other forms of digital ownership, NFTs cannot be copied and each original is accounted for separately on the ledger.

The emergence of NFTs has enabled the development of new industries and marketplaces on the blockchain. These new markets are often called cryptocollectibles or cryptopets. These tokens are a part of the blockchain technology. They are not interchangeable and can be used as digital assets.

How to buy non-fungible tokens?

One of the most popular cryptocurrencies is called Ethereum. To buy some non-fungible tokens, you'll first need some ether (the native coin).

You can buy Ethereum by using Coinbase, or by simply opening a Kraken account and transferring money to it. Once you have ether, you can use Metamask to buy non-fungible tokens.

Setting up Metamask

Learn how to store your Ether. Once you buy it, you will need to set up a Metamask Wallet in order to hold them securely. This process is important because keys management for NFTs is decentralized and needs an Ethereum Wallet with easy access. After that, you'll be able to create, sell and buy NFTs.The Ultimate Guide to NFT and their Role in Blockchain and Cryptocurrency | Docmedio

This wallet offers a good alternative to other DeFi wallets and it has over 10 million users globally and is supported by Consensys which is one of the largest blockchain companies in the world.

Once you’ve purchased Ethereum, send the funds to your Metamask wallet so they can be used to mint your NFT. When you mint an NFT the gas fees are around $80-$100+. Minting is the process of turning art items into NFTs, so that they can be sold on the Ethereum Blockchain.

NOTE : Make sure you get your Metamask wallet from https://metamask.io and ALWAYS make sure you securely backup copies of your wallet's recovery phrase and password. It may sound like overkill, but it's important to make more than one backup copy of your wallet info. Best is to make THREE or more copies, if possible.

I invite you to watch this video to learn how to open a Metamask wallet the right way

How To Create An NFT?

Once you created your Digital Art, the easiest step is probably to minting it on Rarible. Here are the steps you’ll need to get started there. We start with Rarible because once you mint on Rarible, you can easily send it to other NFT marketplaces like Mintable and OpenSea.

Please be aware that you will need to purchase Ethereum, create a Metamask wallet, transfer the Ether in your new wallet, and install/enable the Metamask extension in your browser or app on your mobile device - before following these steps.

1- Go to Rarible’s website.

The Ultimate Guide to NFT and their Role in Blockchain and Cryptocurrency | Docmedio

2- Follow the instructions at the top right of your browser "Connect Wallet" to link your Metamask wallet to the Rarible website.

The Ultimate Guide to NFT and their Role in Blockchain and Cryptocurrency | Docmedio

3- Click “Create” to create your NFT.

The Ultimate Guide to NFT and their Role in Blockchain and Cryptocurrency | Docmedio

4- Click on "Single" to create a single NFT.

Notice : We have Single and Multiple, Choose "Single" if you want to make your collectible unique or "Multiple" if you would prefer to resell the same collectible multiple times


The Ultimate Guide to NFT and their Role in Blockchain and Cryptocurrency | Docmedio

5-  Upload the file you would like to use to create your NFT. You can upload an SVG, JPEG, PNG, GIF, WEBP, MP4 or MP3 with a maximum size of 30 MB. As an example, enter a price of your NFT 100 ETH/USD and it will show the ETH price in US Dollars. Keep in mind that there is a 2.5% service fee on Rarible sales.

The Ultimate Guide to NFT and their Role in Blockchain and Cryptocurrency | Docmedio

6-  On the next step, please enter
  1. Name
  2. Description
  3. Royalties (which can paid to you between 0% up to a maximum of 50%).

And yes, you can earn royalties on all resales of your NFT art and they'll be automatically sent to your wallet. I will talk about the "Create" button in the next step.

The Ultimate Guide to NFT and their Role in Blockchain and Cryptocurrency | Docmedio

7. Click this button to create your ERC-721 version of your art. This will make it compatible with other NFT blockchain projects and allow you to sell it without restrictions. You can include these features:

  1. Describe your art with a photo
  2. Display name
  3. a Symbol that has no special characters, spaces or is more than 20 letters long
  4. a Description, You can enter up to 220 Characters.
  5. a Short URL without any spaces in the format of "nft-future".

8. Next, click on the "Create Collection" button to create your own NFT art.

9. Signing your art takes some time but it’ll be worth it. Once you're done, you'll be able to list it on your profile and in the Rarible Marketplace.

Popular NFT Art Creation Tools

Most of the NFT on marketplaces today falls under the category of digital art, with official or unofficial artwork being available as pictures, videos, short films and 3D renders. A lot of people put their focus on digital art when they create NFTs. But you can make them tangible by giving buyers a way to exchange it for physical copies.

Here we have several programs that will help you create Digital Arts, most of these programs are paid, but most of them are free or you have a 30-day trial period

Video Editing


Photo Editing Web/Software

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