For many, the surge in hype around NFTs was sudden and unexpected, seemingly out of nowhere. One day they woke up and saw that everyone was talking about the NFTs.
Emmy-nominated photographer Jon Knopf announced that he sold the NFT of his Bored Ape Yacht Club for $1.39 million.
The first page of Wikipedia labeled Hello World! was sold as NFT for $750,000.
And the icing on the cake is the electronic painting Everydays: The First 5000 Days by the artist Beeple. The NFT tied to it was sold for $69.3 million. This non-fungible token is considered the most expensive in history.
If you’re wondering what on earth is going on, whether it’s a short-term hype or if it makes sense, or even thinking about how to create your own NFT, then you’ve come to the right place. And at the end, you will find a step-by-step guide to creating your personal NFT. Jump in!
What is NFT?
NFT stands for non-fungible token. We discussed its nature and standards in detail in our article on making NFT games. Simply put, fungible means that it can be replaced. One bitcoin is the same as the other, they are interchangeable. But a painting by Paul Gauguin exists in a single copy – it is not interchangeable, it cannot be replaced by a Picasso painting, even if their estimated value is approximately equal.
Want to know how NFT games are made and why they are so popular? Detailed description of all steps in simple words is at your serviceLearn more
Basically, NFT tokens operate on the Ethereum blockchain using the ERC-721 standard. The standardization of NFT issuance allows for a higher degree of interoperability – the ability of blockchains to interoperate with each other. As a result, these NFTs can be transferred between different decentralized applications.
When a non-fungible asset is tokenized, important information about it is digitized with it and stored on the blockchain, which is a large public database where anyone can verify digital ownership. This means that fake versions of NFTs can never pass for the real ones. It’s convenient, isn’t it?
Here are the special properties of NFT tokens put together:
- Indivisibility. Non-fungible tokens cannot be divided into smaller parts.
- Authenticity. Information about the token and its owner is easily verified in the blockchain.
- Non-interchangeability. Each token is unique and cannot be replaced by another.
- Tradability. Tokens can be sold on different cryptocurrency platforms.
- Liquidity. Tokens are available to everyone, from beginners to experienced traders.
- Programmability. Tokens are fully programmable just like any other digital asset.
Why is NFT Creation a Promising Business in 2022?
The active digitalization of everything in the world clearly indicates that the development of NFT will not slow down. According to NFT market statistics:
- The value of all global NFT transactions in Q3 2021 reached $10.7 billion.
- Each week, NFTs worth $10-20 million are traded on the blockchain.
- The NFT market is now worth over $40 billion.
- Between 2020 and 2021, the NFT market increased by 130 times.
- More than 70% of Americans do not know what NFT is.
The last point of the statistics, in contrast to the previous ones, looks unexpected. This suggests that NFT is not yet a ubiquitous phenomenon and there is a lot of room for its development. For you, this is a definite plus and one of the reasons why you should start going tokenized.
Whether you want to create one or more NFTs or even open your own marketplace, the bottom line is that it’s not that difficult. It is enough to choose a good contractor with proven experience in the blockchain.
Let’s summarize the benefits of getting started with NFTs:
- New niche. The market is not crowded yet and it is tolerant of new players. Many people do not even know about the existence of NFT, so it’s time to make a name for yourself with a unique product. Collectibles are the most promising and interesting NFT form for buyers.
- Easy entry. A large number of blockchain specialists will make your entry into the market fast and efficient. Choose the right contractor and tell them what kind of NFT business you want. Or maybe you are planning to create a full-fledged NFT marketplace.
- Great profit. In addition to the commissions received from each sale on the NFT marketplace, even an individual NFT can have a hard-coded royalty – every time an NFT is sold or resold, a percentage of the proceeds is automatically sent to the creator.
How to Make Your Own NFT?
So you want to try creating an NFT. Minting an uncomplicated token on your own is quite possible and even simple. Don’t expect your first token to be sold for a million dollars. Such cases are rare and well-known. But anyway, why not give it a try?
- Select an asset. Your potential NFT asset can be any digital file: picture, music, video, etc.
- Create a crypto wallet. Usually, all you need to do is go to the digital wallet website and follow the instructions: download the browser extension or mobile app, agree to the terms and set up your account.
- Get Ether. Ethereum is the most popular blockchain, so we will take it as an example. Ether is the Ethereum cryptocurrency. To tokenize your asset, you will have to pay a network fee called gas. The price is very volatile, so have at least $100 worth of Ether in your crypto wallet.
- Choose a marketplace. There are marketplaces like OpenSea that you can join for free without moderating your content.
- Connect your wallet. In your profile on the marketplace, you will see detailed instructions on how to connect your crypto wallet in just a couple of clicks.
- Upload your file. Select the one-off or multiple sale option and upload your digital file. Marketplaces often accept PNG, GIF, WEBP, MP4 and MP3 files, up to 30MB in size.
- Set up a sale. There are three options: Fixed Price allows you to set a price and sell your NFT instantly, Unlimited Auction will allow people to keep bidding until you accept them, Timed Auction will last for the time you specify.
- Add a description. Come up with a catchy title and description for your token, and also indicate what percentage of royalties you want to receive from any resale of your NFT in the future.
- Create your NFT. Click the “Create Item” button and confirm the connection to your wallet to pay the so-called listing fee for placing your asset on the marketplace, and also make direct payment for the actual generation of your NFT – it is a minting price.
Done! You’ve just created your own token!
Secret Tip: Creating an NFT Without an Initial Investment
“How to create my own NFT without a minting fee?” you might think. And you are not alone in this.
Actually, “How to build your own NFT?” and “How to make your own NFT to sell?” are fundamentally different questions. You can create an NFT, post about it on social media, get high on your own conformity with the zeitgeist, tick the box and settle down. No sales – no worries. But no profit as well. So if you want to specifically sell NFTs, you need to carefully consider the balance of costs with potential profits.
If you are not sure that your NFT will be bought and are hesitant about the appropriateness of the initial investment, take a look at the lazy minting feature. It is available, for example, in the OpenSea Collection Manager and on the Rarible marketplace.
Lazy minting helps reduce the number of unnecessary Ethereum transactions associated with NFTs that were not purchased. It works like this: if the traditional creation of an NFT immediately ties it to the blockchain, taking the gas fee from you to complete the transaction in Ethereum, then lazy minting does not occur at the time of creation, but at the time of purchase.
Until the moment of purchase, NFTs are stored off-chain and visually do not differ from other tokens placed on the marketplace. At the time of purchase, it is the buyer who will pay the gas fees associated with the transaction. The NFT will then be placed on-chain and transferred to the buyer.
Remember that when you create your first NFT on the marketplace, you will definitely have to pay the listing fee for the marketplace to be able to list your items and sell them from your account.
NFT in Games
Major video game publishers see benefits from implementing blockchain solutions. Gaming giant Ubisoft backed 5 blockchain startups. Another major gaming publisher, Atari, announced the creation of a new blockchain division, the promotion of its own Atari Token as a means of payment, and the development of NFT projects.
What can blockchain bring to the gaming industry, gamers and developers?
- Full ownership of assets. Players will have full control over the purchased digital assets, regardless of the developers. These items cannot be taken away. Moreover, they can be transferred from one game to another. Thus, game assets will only belong to the player, and not to the developers.
- Decentralized gaming market. Blockchain in games will enable the creation of a decentralized gaming market where gamers can trade their characters, in-game items and assets. Trading in-game artifacts is common now, but most often it is about selling an account, bypassing developers.
- Decentralized game control. Blockchain allows developers to create decentralized games in which control over changes in game mechanics is completely in the hands of the community. A striking example of this approach is the Decentraland marketplace, where users can trade virtual land.
- Investment component. On the open market, the price of in-game assets will obey the law of supply and demand – that is, their rate will rise or fall. As a result, the holders of in-game assets will be able to earn on the growth of their value.
- Monetization for developers. When players sell digital assets, developers will be able to receive a share of the profits from such transactions. It is enough just to write the appropriate conditions in the NFT code. In addition, developers will get the opportunity to earn on the growth of in-game currencies.
- Game multiverse. The development of gaming on the blockchain will allow developers to launch a single game multiverse, where gamers will be able to transfer characters and assets from one game world to another.
Overview of Popular Blockchain Games
Compared to the traditional gaming sector, the blockchain gaming niche seems to be quite small. However, hundreds of projects are already working on it. Most of them are based on Ethereum. Let’s look at some examples of popular NFT games.
It is one of the most popular games on the market with a large community of fans mainly from Asian countries, in particular the Philippines. In this game, users breed and collect NFT pets called Axies to fight against other players. Each animal has its own genetic code. Therefore, the weaknesses and strengths of the characters are passed on to their descendants.
These characters are tradable on the domestic market, and each character is priced based on rarity and unique traits. To start playing, the user needs to purchase three Axies. For each quest, PvP battle, and adventure mode, players will receive platform bonuses. The main currency you can earn is $SLP tokens.
Interestingly, you can earn on this NFT game without investing your money. For example, it is possible to find a manager in the community to receive a scholarship, that is, a percentage of income. In essence, you will develop someone else’s account and expect to be paid a share of the earnings for it. But there may be such a situation that you will not receive anything – for example, you will not fulfill the goals that are specified in the rules of the scholarship. Most often this refers to the amount of money earned. Therefore, it is still better to start playing by buying three cute Axies on the marketplace.
Gods Unchained is a free NFT card game. Here, NFTs are cards that have certain characteristics. Players accumulate cards by buying them from other users or by winning PvP matches where the quality of the cards and the skill of the players determine the winner. This game is more focused on skills and strategy. Newcomers to the game have access to 140 cards. This allows you to start playing without investing. You can get both a strong and a weak deck – this brings more excitement to the game.
For each victory, you get experience points. Once the experience bar is full, you will advance to the next ranking or level and receive a new deck of cards to add to your collection. Each card is backed by an ERC-721 token, you can trade them on the internal market of the platform. Those who choose to sell cards within the gaming ecosystem will receive a platform token, $GODS, as payment. The entire economy of the game is built around this cryptocurrency – it is used to make payments, exchanges and pay commissions.
It is a 3D gaming metaverse and one of the most active NFT gaming platforms where players can create and trade virtual assets. In this game, players can manipulate and monetize their assets. Think of it like blockchain iterations of popular PC games like Minecraft.
Sandbox introduced the ERC-20 standard token $SAND as a metaverse token. Thanks to this, players can purchase in-game items on the platform’s marketplace. There is also $LAND, which is NFT tokens and by far one of the most valuable and sought after assets in the Sandbox game. The possibility of earning on this NFT game is not implemented directly by the developers, but you can upload your creations to the marketplace and sell them by setting the price yourself.
Alien Worlds is an NFT metaverse that simulates economic competition and cooperation between players while exploring other planets. Players compete for the Trillium ($TLM), which is required to manage Decentralized Autonomous Organizations (Planet DAOs) and gain access to additional gameplay.
In the Alien Worlds metaverse, players can purchase NFTs to mine $TLM, participate in battles, and complete in-game quests. Depending on their strategy, users acquire and collect NFT objects.
To date, Alien Worlds is the only blockchain game that runs on multiple networks at once: Ethereum, Binance Smart Chain, and WAX. Its TLM tokens are available on all three networks, but all settlement transactions and game maintenance go through WAX, which is a fast gaming blockchain with low commissions, so its use is more profitable than the same Ethereum.
Old school gamers and all those nostalgic for pixel art, beware! DeFi Kingdoms is a play-to-earn, Harmony-based RPG where the modern properties of NFTs are intertwined with nostalgic fantasy pixel art.
Players can follow the classic path – develop their hero, search for items, and manage their game resources. Also, conversations with NPCs, exploration of territories and, of course, taverns are available. The game is very reminiscent of Stardew Valley. But unlike classic RPGs, here players can also accumulate $JEWEL tokens, which can be converted into Harmony One cryptocurrency. You can start playing for free, but you pay for gas if you interact with the blockchain.
NFT Projects by Kevuru Games
Kevuru Games studio keeps up with global trends and is actively studying the impact of NFTs on the gaming industry. The company’s specialists are already working on several NFT projects. We’ve hired blockchain experts to deeply understand the specifics of its implementation in games and actively use this knowledge to expand our expertise in creating NFT-based games.
It will be the world’s first multiplayer survival game on the Ethereum network. The gameplay is simple – players will have to defend themselves against hordes of zombies using special NFT weapons. For each zombie, they will earn a $ZBUX in-game reward that can be used to upgrade weapons or purchase useful items. The studio team was engaged in game design and created 3D models of weapons.
The wait is not long – the release of the mobile game is scheduled for the 3rd quarter of 2022. 50,000 Twitter followers are closely watching game updates and are actively preparing to destroy the zombies.
Guild of Guardians
Guild of Guardians is a mobile RPG where players can team up and compete in guilds to earn epic tradable rewards. The studio specialists were given the task of creating 2D digital avatars for players, which could be purchased on the NFT marketplace. The artists depicted a wide variety of traits for the avatar, from race and background color to hats and weapons. A Unity developer created an algorithm that combined all the traits created by the artists to design full-fledged images. Thus, about 40,000 unique avatars were realized.
The release of the game is expected in the second half of 2022 – more than 130,000 players are looking forward to the opportunity to start earning by using in-game $GOG tokens to improve their fighters.
For this project, Kevuru Games specialists will implement full-cycle development. The first of its kind Web 3.0 racing shooter is slated for release in Q1 2023. In it, players will have their own avatars of the so-called Gooniez – special fighting duck racers, bred by one mad scientist. Having chosen a car and weapons, the ducks will participate in wild races full of chaos and gunfights. The victory will allow you to earn $GANG tokens and spend them on improving cars and weapons.
Already 160,000 people are waiting for this revolutionary game. The first Gooniez NFTs were sold like hot cakes. A total of 8,888 Gooniez will be available, so their prices are constantly rising.
MechaChain is an upcoming NFT game about space conquest and robot battle. The robots are called Mechas: each Mecha is a set of NFT collectible parts that can be purchased using the in-game cryptocurrency called Mechanium or in Ethereum. After the complete collection, the robot gets the opportunity to participate in PvP battles alone or in a team. Players can earn Mechanium by winning battles and bidding, as well as improve their operation by purchasing new parts.
Around 160,000 players are already on the waiting list for the game, following the latest news about its development on Twitter, Telegram and the Discord channel.
Blockchain games are more than just entertainment. They can play a significant role in the spread of cryptocurrencies. After all, while playing, people who are not familiar with cryptocurrencies get acquainted with the blockchain. Crypto enthusiasts believe that NFT game development will become a shining example of the use of technology outside the financial sector, revitalize the industry and make game mechanics more exciting.
All in all, it looks like NFTs are here to stay. Each NFT collection has its own value proposition, but in the long run, they are only worth what someone is willing to pay. Most of the NFTs ever created will become almost useless over time. On the other hand, some will become even more valuable. Who knows, maybe it is you who will be their creator?