Creating NFT – the best tools for issuing tokens of the future

Maciej Zieliński

28 Apr 2021
Creating NFT – the best tools for issuing tokens of the future

The entire world is talking about them- NFT tokens break popularity records not only in blockchain-related environments. More and more people and companies are becoming interested in issuing them. So how does creating NFT look like in practice? 

NFT tokens take advantage of the Blockchain technology for connecting with a unique digital resource that cannot be replicated. Non-fungibility, in the case of NFT tokens means that each token in a given system is unique. NFT tokens do not have a standard value and often do not allow equivalent exchanges of one for another. Each token represents different, unique information concerning ownership or identity.  

NFT can be used to represent virtually any digital or physical object, including:

  • Music
  • Collectible items
  • Graphics
  • Videos 
  • Items in video games (e.g. weapons or avatars)
  • Virtual Land 
  • Real-world assets e.g. real estate, sports shoes

Creating NFT 

Creating simple NFTs, such as graphics, collectible cards, or GIFs, is a relatively simple process, even for people who do not have extensive knowledge in the field of blockchain technology.  


Which blockchain to create NFT?

The basic question you should answer before starting work is which Blockchain protocol to choose to issue your NFT tokens. Various blockchain protocols have their own different NFT standards as well as compatible markets and portfolios. For example, tokens created with Binance Smart Chain can be sold only on platforms that support Binance Smart Chain assets. This means that we cannot sell them on, for example, OpenSea which is based on Ethereum.

Currently, Ethereum blockchain is most often used to create NFT. However, there are alternatives that are becoming increasingly popular.

  • Binance Smart Chain 
  • Flow by Dapper Labs 
  • Tron
  • EOS
  • Polkadot
  • Tezos
  • Cosmos
  • WAX
Creating NFT

What platform for selling NFT

There are many online platforms on the market where we can sell our NFT. It is worth taking a closer look at the characteristics of some of them. 

OpenSea

The platform refers to itself as the largest NFT exchange in the world. OpenSea allows selling NFT created in ERC721 and ERC1155 standards (both on Ethereum). Currently, 700 different projects offer tokens on the platform, including Axie, CryptoKitties, and Decentraland. 

The platform's great advantage consists in the ease of creating your own NFT with the included tools. 

Rarible

Rarible is a community-owned stock exchange that focuses on artistic NFT. Creators can take advantage of the platform for creating new tokens representing their works such as books, graphics, music albums, and videos.

The platform assigns ERC-20 RARI tokens to its users, thus making them the "co-owners". 75,000 RARIs are distributed per week.

SuperRare

SuperRare focuses on trading unique digital arts. The creators describe their platform as a meeting point of Instagram and Christie's, offering a completely new approach to interacting with culture and art on the internet.

Currently, SuperRare works only with a relatively small group of exclusively selected artists. However, it is already possible to fill out a form and apply to join once the platform is fully launched. 

Foundation

The Foundation brings together creators, crypto investors, and collectors on a single platform focused on digital art. 

Every time there is an NFT trade carried out on it, the artist earns 10% on the transaction. This means that the creator receives 10% of the sale value when a collector resells that person's work at a higher price. 

Myth Market

Myth Market is a group of trading platforms that support different brands of digital trading cards. 

Other platforms for creating and trading NFT include for example:

  • Mintable
  • BakarySwap
  • AtomicMarket
  • KnownOrigin
  • Enjin Marketplace
  • Async Art
  • Portion

Creating NFT on Ethereum 

Since Ethereum constitutes the largest NFT ecosystem, this article describes the creation of NFT precisely with it. In terms of other protocols, this process looks relatively similar, but if you have any questions you can always contact our team of specialists. 

To issue your own NFT on Ethereum, you will need:

  1. ETH worth about 50-100 dollars.
  2. A cryptocurrency wallet supporting ERC-721 tokens (NFT is created in it), for example MetaMask 

There are many platforms that allow creating NFT on Ethereum. Below we focus on the largest of them - OpenSea. 

Creating NFT

Creating NFT step-by-step

  1. After clicking on the "Create" button, the platform will ask you to connect your crypto wallet. After entering the password, it will be automatically connected with OpenSea. 
  2. Move the cursor over the "Create" button in the upper right corner and select the "My collections" button, and then click on the blue "Create" button.
  3. In the window that should then appear, submit your graphic, enter a name and description. That is how you will create a folder for your NFT. 
  4. By click on the pencil icon in the upper right corner, enter a background image for your collection page.
  5. Now all it takes is to click on "Add New Item" and upload a graphic, audio, video, or 3D model.
  6. Now, just press the "Create" button and... thus, create the first NFT.

How much does it cost to create NFT?

Creating NFT on OpenSea is free. However, some platforms charge a fee, called "Gas" (Ethereum-based platforms). "Gas" is simply the amount of Ether needed to perform a specific operation in a blockchain. This cost varies and depends on the overload of the entire network. The more people perform transactions at a given time, the higher the fee. 

How to create NFT? - Conclusion

Thanks to the numerous available tools, creating NFT has become extremely simple, not requiring specialist knowledge. It is safe to say that basically anyone can issue simple NFT tokens. 

It is worth noting that NFT is still a very young and dynamically developing area, so it can be expected that the most interesting solutions are yet to be developed. For this reason, among other things, we have ranked NFT tokens as one of the hottest tokenization trends for 2021. 

Would you like to take advantage of NFT in your project? Contact our specialists who can offer a free consultation.

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What is Account Abstraction?

Karolina

10 Nov 2023
What is Account Abstraction?

Account abstraction is a new way of thinking about how users interact with blockchains. Instead of using traditional externally owned accounts (EOAs), account abstraction allows users to create and manage their accounts using smart contracts. This has a number of potential benefits, including improved security, enhanced privacy, and increased flexibility.

What is account abstraction?

Account abstraction is a concept that, at its core, aims to simplify the user's interaction with blockchain networks. It is a transformative approach that seeks to mask the technicalities of blockchain operations from end-users. It is making transactions as straightforward as sending an email. Account Abstr. allows users to interact with the blockchain without worrying about the underlying technical details.

How does account abstraction differ from the traditional model?

In the traditional account model, each user has an EOA. EOAs are controlled by private keys, which must be kept secret in order to protect the user's funds. Acc. abstraction allows users to create and manage their accounts using smart contracts.

Historical Context

The journey towards acc. abstraction began with the first generation of blockchain technologies, characterized by their "one-size-fits-all" approach to account management. Bitcoin, for instance, introduced the concept of accounts and transactions in a form that was accessible to tech-savvy individuals but remained perplexing to the layperson. Ethereum expanded on this by introducing smart contracts, which opened the door to programmable transactions but did not alter the fundamental account structure. The idea of acc. abstraction has been discussed in the Ethereum community for several years as a part of various Ethereum Improvement Proposals (EIPs), particularly as a feature to be potentially implemented in Ethereum 2.0. It is a direct response to the need for a more versatile and user-centric design that can cater to a broader audience and spur the widespread adoption of blockchain technology.

The Technicalities of Account Abstraction

Account abstraction is not merely a theoretical construct but a technical innovation with specific mechanisms underpinning its operation. In essence, it alters the way transactions are initiated and executed within a blockchain network.

How Account Abstraction Works

Under traditional blockchain models, initiating a transaction involves an externally owned account (EOA) signing a transaction with a private key. This transaction is then broadcast to the network for validation and inclusion in the blockchain. Account abstraction, however, replaces this process with a more flexible one. Here, every account is a smart contract, and transactions are messages sent through these contracts. These smart contracts can encode complex rules for transaction validation, beyond what EOAs can do, such as multi-signature requirements or conditional transactions based on certain triggers.

The technical crux of account abstraction lies in the smart contract’s ability to define its own conditions for transaction execution. This means that user accounts can have unique security protocols or automated operations without the user needing to understand the underlying smart contract code.

Hey! Are you interested in the latest technologies in the blockchain area? be sure to read the article 'Top Zero-Knowledge Proof Projects to watch in 2023'

The Benefits of Account Abstraction

The implications of account abstraction are profound, offering a range of benefits that can enhance the blockchain experience for users and developers alike.

Improved User Experience

One of the most significant advantages of account abstraction is the improvement it brings to user experience. By abstracting away the complexities of key management and transaction rules, it presents a more intuitive interface for users.

Enhanced Security Features

Account abstraction also allows for the implementation of advanced security measures. Since each account can define its own logic, users can tailor their security settings to their specific needs. For instance, one might set up an account that requires additional verification for transactions exceeding a certain value or restricts withdrawals to certain addresses.

Future Implications

The future implications of account abstraction are vast. As the technology matures, it could become a standard feature of blockchain networks, potentially making the current distinction between user accounts and smart contracts obsolete. This could lead to a new wave of blockchain applications that are both powerful and accessible, bringing us closer to the vision of blockchain technology as a seamless part of everyday life.

Challenges and Considerations

Technical Limitations

One of the primary technical challenges of Acc. abstraction lies in its integration with existing blockchain protocols. Current networks are optimized for the EOA model, and introducing a new account structure necessitates significant changes to the core protocol. This includes modifications to the way transactions are propagated in the network, how gas fees are calculated, and how the state of the blockchain is managed. Ensuring that these changes do not compromise the network's performance or security requires careful planning and extensive testing.

Compatibility with Current Systems

Another consideration is the compatibility of account abstr. with the vast ecosystem of existing blockchain applications and services. Wallets, exchanges, and other services have been built around the traditional account model. Transitioning to an acc. abstraction model will require these services to update their infrastructure, which may be a complex and resource-intensive process. Furthermore, there is a need for standardization across the industry to ensure that different implementations of account abstr. can work seamlessly together.

Conclusion

Acc. abstraction represents a significant leap forward in the quest for a more user-friendly blockchain experience. By streamlining the transaction process and offering enhanced security features, acc abstraction has the potential to make blockchain technology more accessible to a broader audience. However, the path to widespread adoption is not without its obstacles. Technical challenges and compatibility issues must be carefully navigated to integrate it into the existing blockchain landscape.

Key Takeaways

How to Add Gnosis Chain to MetaMask: A Simple Tutorial

Karolina

03 Nov 2023
How to Add Gnosis Chain to MetaMask: A Simple Tutorial

As the cryptocurrency ecosystem expands, there is an increasing need for various blockchains with distinct capabilities. Gnosis Chain enters the scene, offering a selection of unique characteristics. By integrating Gnosis Chain with MetaMask, users can access a more comprehensive array of decentralized services. We will walk you through the steps to add Gnosis Chain to your MetaMask wallet in this tutorial.

Prerequisites

Setting up MetaMask

Before exploring the integration of Gnosis Chain, it is crucial to have MetaMask installed and operational:

  • Download and Install: If you have not done so already, visit the official website to download and install the MetaMask browser extension.
  • Setup Account: After completing the installation, create your account and make sure to remember the provided seed phrase. This phrase serves as your primary means for account recovery, so keep it secure.
  • Secure Your Account: Protecting your MetaMask account is of utmost importance. Use a robust password and never disclose your seed phrase to anyone.

Gnosis Chain

It is always helpful to have a basic understanding before incorporating any new blockchain into your wallet:

  • Gnosis Chain Overview: Gnosis Chain, a rising star in the blockchain world, brings a range of decentralized solutions to the table, such as prediction markets and decentralized trading platforms.
  • Benefits & Features: Among Gnosis Chain's main selling points are its accelerated transaction speeds and potentially lower fees when compared to congested networks.

Tutorial: How to Add Gnosis Chain to MetaMask

In the top right-hand corner of your browser, you'll find the wallet. If pinned, click on the MetaMask fox icon; if not, click the three dots in the top-right corner. The following screen will appear:

An option to expand the wallet to a new browser page is available by clicking "Expand view:"

This action will launch MetaMask in a new tab:

By clicking on the ‘Ethereum mainnet’ in the top left corner, you can add another network. Click ‘Add Network’

Choose option ‘Add a network manually’

Then, input the information below:

Network Name: Gnosis Chain formerly xDai

RPC URL: https://rpc.gnosischain.com

ChainID: 100

Symbol: XDAI

Block Explorer URL: https://gnosisscan.io

After saving the settings, Gnosis Chain will be added to your network.

The Benefits of Adding Gnosis Chain to MetaMask

With multiple blockchains becoming more common, integrating Gnosis Chain with MetaMask offers numerous advantages:

Expanded Capabilities: Accessing Gnosis Chain through MetaMask opens up a collection of exclusive applications and features inherent to this particular blockchain, which may include unique dapps or cutting-edge financial products.

Diversification: The crypto domain is extensive and constantly growing. By incorporating various chains like Gnosis into MetaMask, you broaden your potential investment opportunities and decentralized application experiences, ensuring no opportunities are missed.

Speed & Cost-Effectiveness: Network congestion and high gas fees on established platforms like Ethereum can discourage many users. Gnosis Chain's architecture has the potential to provide relief through quicker transaction times and more affordable fees.

In summary, as the possibilities within the crypto sphere continue to evolve, tools like MetaMask grant users access to this expanding world. By adding chains like Gnosis, users can stay ahead in this decentralized revolution.

Conclusion

By bridging platforms like Gnosis Chain with accessible tools like MetaMask, individuals not only amplify their engagement with decentralized applications but also fortify their position in this expansive realm. The integration of Gnosis Chain to MetaMask epitomizes the evolution of the crypto landscape – a testament to its ever-growing diversity and potential. As we continue to delve deeper into the decentralized future, tools and integrations like these will undoubtedly play a pivotal role in shaping our digital experiences and opportunities. Whether you're seeking more efficient transactions, diverse dapp interactions, or simply a broader understanding of the crypto ecosystem, this guide's steps open doors to a new horizon. 

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