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301 Stories To Learn About Cryptocurrency Top Story

295 Stories To Learn About Cryptocurrency

Taking ERC20 tokens cross-chain is broken. Today, bridges are often slow and expensive, have security vulnerabilities (as evidenced most recently by the Multichain hack), and fragment liquidity when each bridge creates its own version of the bridged token liquidity (and communities) when they create their own versions of tokens. Bridging in its current state worked as a necessary stopgap solution, but for to move forward, we need a better way. L2s are booming. Independent chains are still being built. The future is decidedly cross-chain. web3 Recently, I set out to find exactly what solutions are being built to fix the problems related to taking tokens cross-chain. In this article, I’ll look at two of the better proposals— and , compare their merits, and shed light on why xERC20 emerged as my top pick. OFT xERC20 I’ll also walk you through a few code samples to show how it works. First, let’s look at the problem: why the current way we move tokens across chains isn’t the right long-term solution. Web3 Bridges Explained What is a web3 bridge A bridge is a “gateway” between blockchains that allows you to transfer tokens and data between those chains. Bridges don’t actually move the token between chains; rather, they use various mechanisms to burn/wrap/mint comparable tokens on each chain. You’ve probably used a bridge to transfer ERC20 tokens (such as WETH, DAI, USDT, etc.) between Ethereum, Polygon, BNB, and others. Protocols such as Across, Connext, and Stargate are some of the largest bridges by volume. But as we’ve said, the current way we create tokens that can move across chains is a highly flawed process. Why the current method is flawed When you decide to create a cross-chain token, you currently have three choices for your strategy: 1 - Build your own bridges 2 - Use the target chain’s canonical bridge 3 - Use third-party bridges Unfortunately, all three choices are fundamentally flawed. Building your own bridges is perhaps an idealistic choice, but it’s easy to see why it can’t really work. Not only would building a custom bridge on each supported chain be technically challenging, incredibly expensive, and time-consuming, but you would be taking on all the security risks yourself. Bridges are already rife with potential vulnerabilities. According to Chainalysis, attacks on bridges account for 69% of total funds stolen in 2022. Similar to not building your own custom wallet, you probably don’t want to build your own custom bridges. is a choice some teams make. (By canonical, we mean the official bridge created by the chain to connect with Ethereum.) The upside to this choice is that you have a reduced security risk and can more easily identify the official version of the token created on the chain. The downside is this: canonical bridges are slow, expensive, and only work with their specific chain/L2. This means that if a token needs to be moved between L2s, it will first have to go through Ethereum before reaching its final destination—a very expensive and time-consuming process. Bridging tokens back from an L2 to Ethereum can take days and involve multiple gas-fee payments. For transferring an , this would include two extra transactions - one on the source chain to convert ERC20 to the native token and another on the destination. It’s a terrible and often unusable experience. Using the chain’s canonical bridge ERC20 token also has benefits but, ultimately, is not a great solution. While bridges can be fast and cheap, they each use unique bridging mechanisms, which are often centralized. This means you suddenly have multiple and varied security risks. And even worse, each bridge creates its own representation of your token.  If a user moves your token via the canonical bridges and a third-party bridge, you’ll end up with different versions. You can quickly end up with half a dozen or more versions of your token. (You’ve probably seen the result of this with USDC—a.USDC, USDC.e, etc.) Using a specific third-party bridge If the adopted version of a token on a chain is the one minted by the canonical bridge, you need high liquidity on third-party bridges to make sure users receive the version of the asset they're interested in—the one they can use in that ecosystem. With most bridges, when tokens are transferred, the tokens on the source chain are locked in the bridge contract, and the bridge mints an equivalent amount of tokens from their representation contract on the destination chain. This not only locks you (as the token creator) into the bridge’s model forever but also creates a significant security risk. A bug in the bridge’s contracts could give hackers the ability to mint a high (or even unlimited) number of unbacked tokens. Simply put, third-party bridges have a lot of issues. The current best solution A common solution is for a team to go with the canonical bridge and then rely on liquidity providers to provide a layer on top that absorbs the risk and enables fast transfers. This works pretty well for token teams that can provide high liquidity. But this approach ultimately fails for long-tail tokens. Most projects just don’t have the liquidity and usage of mainstream tokens such as ETH. So what do teams do? They either spend a lot of money to incentivize liquidity (which, if you are a long-tail token, you probably don’t have), or they make the most common choice: they give up and go with a proprietary standard such as Multichain. Teams know they shouldn't, but they don’t have much choice. And, again, we know how that often turns out. There aren't many good choices for a team that wants to take their token cross-chain. Options are high-risk, expensive, fragmented, and slow. But enough about the problems. What we really need is a solution that offers fungibility, security, and minimal liquidity requirements. Let’s look at some possibilities. Emerging solutions for creating cross-chain tokens I looked at two newer solutions that I hoped would mitigate these problems: the token standard suggested by Connext (as a public EIP) and the LayerZero . xERC20 OFT Let’s look at each and compare. The Omnichain Fungible Token (OFT) standard is a token standard developed and used by the LayerZero team. The OFT standard allows the token issuer to transfer tokens quickly and cheaply across chains that have been integrated with LayerZero (it works with only LayerZero smart contracts). OFT uses contract-to-contract communication to transfer OFTs directly between chains. Using the standard, the protocol burns an OFT token on the first chain and sends a receipt to the second chain, which then mints an equivalent number. This solution works well because it maintains a static supply of the token (and only one version of the token) across chains. From their documentation: “It’s like the ERC-20 standard, only instead of allowing composability on different apps, it allows composability on 14 blockchains.” The xERC20 standard suggested by Connext is an extension to ERC20 that defines a standard for bridging tokens. “The approach allows tokens to be minted and burned across chains by multiple bridges (canonical or 3rd-party) while giving token issuers the ability to granularly control their security preferences for each bridge using rate limits.” xERC20 ensures that all whitelisted bridges can lock, burn, and mint your token … and, most importantly, that they all use the same version of your token (the canonical version). xERC20 also defines a lockbox that wraps tokens so that existing tokens that don’t implement the standard can still adhere to the requirements (similar to how WETH works). xERC20 effectively creates tokens that can be transferred with no slippage and without multiple nonfungible representations. An added benefit of xERC20 is that it also gives you . With the standard, you can define not only what bridges can work with your token but also how many tokens they can burn/mint. We’ll look at this in more detail in a minute. sovereignty over your token How do these two solutions compare? Comparing xERC20 to OFT First, both of these solutions are an improvement over the current state of moving tokens across chains. I was excited to see senior teams working on better solutions, and I can’t wait to see where these ideas go next. I applaud any team working to solve these incredibly difficult web3 challenges. Both of these solutions solve some of the main issues—they create a way to move tokens across chains with minimized security risk, less dependence on liquidity, and a single version of the token. And they do all this quickly and cheaply. That’s a huge win. The first main difference between xERC20 and OFT, and the main reason I prefer xERC20, is that . It doesn’t lock you in with one specific bridge, so you avoid any risk of being trapped forever if something goes wrong with it. xERC20 is an open standard The OFT standard is specific to LayerZero. It works really well! But it only works with LayerZero. And unlike xERC20, where the token creator maintains ownership of their token contracts on each chain, OFTs require the token issuer to relinquish ownership of the token contracts (which are deployed and owned by LayerZero). In the end, tokens that implement OFT are still tokens issued by LayerZero—effectively a third-party bridge. So, they inherit many of the problems we outlined around third-party bridges above. The second main difference, and one I find very interesting, is how xERC20 . It allows teams to decide which bridges can mint/burn the token, and it lets teams set rate limits (by bridge) on the number of tokens that can be minted/burned. Token teams can now specify their risk tolerance on a bridge-by-bridge basis. gives control of the bridging back to the team behind the token Debating the pros and cons of this feature could be an entire article in itself! Giving control to the token issuer might rub some the wrong way. Control, maybe, should stay with the bridge. But maybe giving control to the token team creates better incentives. If the token team can pull the ability to mint/burn the token, then maybe the bridge now needs to work a little harder to provide a minimum level of service and security. Maybe this drives healthy competition between the bridges. Maybe it makes better bridges. It’s something to think about. xERC20 OFT Cross-bridge interoperability? Yes, since this would be an ERC standard, all bridges could become compatible with it. No, works only with LayerZero smart contract and 14 chains that LayerZero supports. Control of tokens issued? Yes, allows to set bridge-specific max. Limits on the amount of tokens issued in a period of time. No. How to implement xERC20 It’s pretty easy to make your ERC20 token compatible with xERC20. Inherit from ERC20: contract XERC20 is ERC20 {
 // ... code goes here ...
} Create and maintain a mapping for limits associated with each bridge: mapping(address => Bridge) public bridges;
// Bridge can be a struct representing bridges with any additional 
// configs that the token issue may want to maintain Implement the minting and burning logic: function _mint(address account, uint256 amount) internal virtual {
    require(account != address(0), "ERC20: mint to the zero address");

    _beforeTokenTransfer(address(0), account, amount);

    _totalSupply = _totalSupply.add(amount);
    _balances[account] = _balances[account].add(amount);
    emit Transfer(address(0), account, amount);
}

function _burn(address account, uint256 amount) internal virtual {
    require(account != address(0), "ERC20: burn from the zero address");

    _beforeTokenTransfer(account, address(0), amount);

    _balances[account] = _balances[account].sub(amount, "ERC20: burn amount exceeds balance");
    _totalSupply = _totalSupply.sub(amount);
    emit Transfer(account, address(0), amount);
} Implement the bridge limits (these will update the mapping introduced above): function setLimits(address _bridge, uint256 _mintingLimit, uint256 _burningLimit) external onlyOwner {
    _changeMinterLimit(_mintingLimit, _bridge);
    _changeBurnerLimit(_burningLimit, _bridge);
}

function mintingMaxLimitOf(address _bridge) public view returns (uint256 _limit) {
    _limit = bridges[_bridge].minterParams.maxLimit;
}

function burningMaxLimitOf(address _bridge) public view returns (uint256 _limit) {
    _limit = bridges[_bridge].burnerParams.maxLimit;
} If your token contract is not upgradeable (or you don’t want to upgrade), to wrap your original token into a new token compatible with the xERC20 standard. Since the wrapping logic is reliable and well-tested (it’s based on the ETH-WETH pair), this option is considered trusted. you can use the Lockbox contract Using xERC20 with Connext xERC20 is an open standard, and anyone can create an implementation. Connext . (Remember that xERC20 standard is permissionless and works with canonical bridges, but select bridges must be approved by the issuer before transfers.) already offers support for the standard At a high level, you can use Connext by following these steps: An implementation of the token on a “home” chain must be deployed. A mintable and burnable representation of the token must be deployed on destination chains (the bridge must have permission to burn and mint this representation). The token representation addresses must be added to the mainnet file and the by submitting a PR. allowlist config Chaindata mappings Once the PRs are approved by the Connext team, the tokens can be transferred across chains using the . bridge Status of xERC20 and OFT It’s early in the life of the xERC20 standard, but progress is quickly being made. The standard has been audited and is already live with a few projects. The to adopt the standard has been created, and implementation has begun. Alchemix recently support for the xERC20 standard. And has published a suggested implementation on their . This implementation has an for the xERC20 contract with eight core functions that the token issuer must implement. These are functions related to setting the Lockbox contract (setLockbox), issuance limits for bridges (setLimits, mintingMaxLimitOf, burningMaxLimitOf, etc.), and the core mint and burn functions. EIP announced Defi Wonderland GitHub interface OFT for some time and is stable (since it’s a closed standard, it doesn’t need to go through any adoption or voting process). V1 is available and supports EVM chains only. V2 supports non-EVM chains (such as Aptos). has been in production Conclusion The multichain hack woke up a lot of people to the fundamental problems with the current state of bridging. I’m really excited to see teams working on the next evolution of cross-chain tokens. Fixing the issues is obviously necessary for wider adoption of web3. For too long, we’ve accepted the current faulty system — we need the kinds of solutions offered by OFT and xERC20 now. I recommend you check them both out, participate in discussions, and support these innovative teams. Have a really great day! Also published . here

Bridging The Gap For Cross-Chain Tokens: The Promise of xERC20 and OFT

Doge Uprising ($DUP) is a brand new crypto presale set to make its mark in Q4. This project stands out from the crowd with its unique features. Its detailed roadmap paints a vibrant picture of a Web3 universe enriched by an exclusive collection and an interactive manga series. NFT Doge Uprising's Defiant Rise in the Memecoin Revolution 2023 has been a fantastic year for Pepe Coin ($PEPE) soared into the top 100, gaining huge popularity in early 2023, while many new projects like Wall Street Memes ($WSM) have raised millions within months of launch. meme coins. On top of this trading volumes have reached a two-year high, suggesting that now is the perfect time to announce a new crypto project. Doge Uprising is rewriting the presale and meme coin narrative by turning it into a space that’s defiant, rebellious, and strong. It’s establishing itself as a top coin with real utility, setting it apart from other projects on the market. With an extensive roadmap ahead, Doge Uprising has created an ecosystem that spans a whole universe for its users to explore. The Story Behind Doge Uprising The real magic propelling this project is its immersive story - which the community can experience first-hand with Doge Uprising’s interactive manga series. Doge Uprising takes us to a dystopian 2045 where Mark Zuckerberg has a technocratic rule over the world. Yet, beneath his surveillance, an uprising stirs. A collective of people worked tirelessly to bring down his reign, harnessing the power of Doge Mechas to do so. These huge machines symbolize defiance and are powered by the powerful $DUP token, supplied by their ally Elon Musk. The $DUP token serves as the lifeblood of each Doge Mecha. Without it, they’re mere metal and code husks. The ‘Doge Uprising’ symbolizes more than just the end of Zuckerberg’s rule, it shows resilience, strength, and determination. Doge Uprising's Community Benefits As the Doge Uprising creators understand that community is key to success, they’ve designed a project that’s fulfilling and engaging for all users. The Doge Uprising community can immerse themselves in the interactive manga series, delving into the project storyline in a way never seen before in crypto. Or, they can purchase Doge Mecha NFTs, personally overseen by the Head Engineer 0xPepe, to become pilots themselves. This unlocks exclusive content and provides further access to the captivating dystopian world. Doge Uprising believes in rewarding its community, ensuring that all members feel inspired. Doge Mecha NFTs will soon become mintable directly on the Doge Uprising website using ETH, allowing users to access Doge Uprising's exclusive community content and become leaders in this space. The Revolutionary $DUP Token Doge Uprising has chosen to harness the power of the ERC-20 blockchain, ensuring compatibility with other dapps on the Ethereum blockchain. This seamlessly integrates the project into the blockchain framework and keeps Ethereum as the backbone of the project. 60% of the token distribution will go towards the presale, 20% towards exchanges, 5% to development, and 10% to airdrops. The total supply of $DUP is 450M and a vesting schedule will make sure that token distribution is fair and transparent. Marketing and development tokens will be vested over a year, gradually unlocked to boost the project, whereas presale tokens will be fully available at the time of purchase. Doge Uprising: Redefining Crypto with Innovation and Potential Doge Uprising is expected to take off, rewriting crypto as the community knows it. The project creators saw the success of Pepe Coin and decided to take meme coins a step further. This is the first cryptocurrency to integrate manga, a Web3 universe, smart staking, and NFTs. The Doge Uprising community can truly immerse themselves in a way that has never been seen before. As the Doge Uprising universe expands it could become an extremely valuable asset. This is no ordinary crypto presale announcement. Doge Uprising has a unique thirst for change and flair for defiance. This project has the potential to garner significant interest from a wide audience, which could contribute to its perceived value. Doge Uprising has the potential to be a valuable addition to any portfolio, particularly given its early stage. About Doge Uprising Doge Uprising was founded by a team passionate about Manga, technology, and art. The team created a platform that integrates Manga storytelling with the capabilities of a Web3 universe and the uniqueness of NFTs. For more information visit Doge Uprising's ($DUP): Website | Telegram | Twitter | Discord Contact: Journalist, Rafael Derhi. Doge Uprising Rafaelderhi@dogeuprising.co This story was distributed as a release by Chainwire under HackerNoon’s Brand As An Author Program. Learn more about the program . here

Doge Uprising Presale Announcement: A Pioneering Project for Manga, Web3, Smart Staking, and NFTs

ডোজ বিদ্রোহের প্রিসেল ঘোষণা: মাঙ্গা, ওয়েব৩, স্মার্ট স্টেকিং এবং এনএফটি-এর জন্য একটি অগ্রগামী প্রকল্প

Vorverkaufsankündigung des Dogenaufstands: Ein bahnbrechendes Projekt für Manga, Web3, Smart Staking und NFTs

Anuncio de preventa de Doge Uprising: un proyecto pionero para manga, Web3, Smart Stake y NFT

Annonce de prévente de Doge Uprising : un projet pionnier pour les mangas, le Web3, le Smart Staking et les NFT

डोगे विद्रोह पूर्व बिक्री घोषणा: मंगा, वेब3, स्मार्ट स्टेकिंग और एनएफटी के लिए एक अग्रणी परियोजना

Doge Uprising プレセールのお知らせ: マンガ、Web3、スマート ステーキング、NFT の先駆的プロジェクト

Doge 반란 사전 판매 발표: 만화, Web3, 스마트 스테이킹 및 NFT를 위한 선구적인 프로젝트

Anúncio de pré-venda da Revolta Doge: um projeto pioneiro para mangá, Web3, Smart Staking e NFTs

Объявление о предпродаже Doge Uprising: новаторский проект для манги, Web3, Smart Stakes и NFT

Doge Uprising Ön Satış Duyurusu: Manga, Web3, Smart Staking ve NFT'ler için Öncü Bir Proje

Thông báo bán trước cuộc nổi dậy của Doge: Dự án tiên phong cho Manga, Web3, Stake thông minh và NFT

Doge Uprising 预售公告：漫画、Web3、智能质押和 NFT 的开创性项目

279 Stories To Learn About Non Fungible Tokens

101 Stories To Learn About Nft Top Story

This won't be a typical article, as we'll break down the topic of NFT pricing from the perspective of our NFT studio. We will also touch upon the question of whether . (spoiler - not everything is so clear-cut). it is worth investing in virtual assets today Let's start with the basics that any article starts with, namely definitions. An NFT, or Non-Fungible Token, is a unique digital asset that cannot be replaced by another. NFTs are typically used to represent ownership of digital artworks, but they can also be used to represent ownership of other assets, such as physical objects, real estate, or even experiences. Does it cost money to make an NFT? Usually, yes. The cost of creating an NFT varies depending on several factors, including the blockchain platform you use, the complexity of the asset you are representing, and the current gas prices. How to create an NFT art? Is it an expensive and time-consuming project? Not anymore, because you can use our . NFT art creation and design services NFTs are created using blockchain technology, which is a secure way to record ownership of assets. When an NFT is created, it is assigned a unique identifier that is stored on the blockchain. This identifier cannot be changed or duplicated, which makes NFTs a secure way to represent ownership of assets. The introduction of NFTs has revolutionized the way digital art is bought, sold, and collected. NFTs allow artists to sell their work directly to collectors without the need for a third-party gallery or auction house. This has made it easier for artists to reach a wider audience and earn a fair price for their work. . They can make digital art more accessible to collectors, provide artists with a new way to monetize their work and create a more transparent and secure market for digital art. NFTs have the potential to transform the art world Factors Influencing the Cost of Creating NFT Art Making and selling is not just about creating art, but also about making strategic decisions (just like with any other modern-day art, if you want to get paid). The cost of creating an NFT can vary depending on several factors, such as: NFT art software and tools used artist's reputation cost of listing the NFT on a platform. The software and tools used to create the NFT can make a big difference in the cost. Professional software can be expensive, but it offers the most features and functionality if you want to make something unique. The artist's reputation can also affect the price of an NFT. Famous artists can often put higher prices for their work. The cost of listing an NFT on a platform can also vary. Some platforms charge a flat fee, while others charge a percentage of the sale price. If you want to promote your NFT art, you may need to budget for advertising, collaborating with other artists, and other marketing efforts. The uniqueness and technical aspects of the artwork can also affect its value. For example, using rare techniques or technologies can make an NFT more valuable. By considering all of these factors, you can make informed decisions about how to create and sell NFT art. Digital Art Creation Tools To create amazing digital art, you need to use powerful tools. The cost of digital art creation software varies depending on the features and functionality offered. Some digital art creation tools require special software, such as a graphic design program or a 3D modeling program. Others can be used with a web browser. The most popular digital art creation tools for NFTs are: (starting from $19.99/mo) Adobe Photoshop (a one-time purchase of $12.99) Procreate (free) Blender (starting from $2.00/mo) 3D Slash (2.5% on normal NFTs and 10% for printable NFTs). Mintable The best way to choose the right digital art creation tool for NFTs is to consider your needs and budget. If you are a beginner, you may want to choose a tool that is easy to use and does not require any special software. If you are more experienced, you may want to choose a tool that offers a wider range of features. Artist's Experience and Reputation Famous artists have a big advantage in the world of NFTs. Their reputation makes digital art more valuable. It's like how famous brands use NFTs to prove their products are real and protect their image. For example, they might put a QR code on a package. When a customer scans it, they get a certificate proving that the item is genuine. This makes customers feel more confident about their purchases. Famous artists, , can charge a lot for their NFTs. But unknown artist are highly unlikely to sell their first NFT for a million. like Beeple whose art sold for millions Especially now, against the backdrop of the crisis in the entire crypto market and unstable economy Unique styles and techniques can make NFTs more valuable for several reasons. First, they make NFTs more unique and rare. This can make them more attractive to collectors looking for something special. Second, unique styles and techniques can add additional value to NFTs. For example, if an artist develops a new and innovative painting style, their NFTs may be more valuable than NFTs created using more traditional techniques. Third, unique styles and techniques can help NFTs stand out from the crowd. In a world saturated with NFTs, your NFTs must be special. Unique styles and techniques can help you achieve this. Creating an NFT with a unique style or technique does not have to be difficult. In fact, the easiest way is to simply experiment with different styles and techniques until you find something you like. Don’t be afraid to experiment. Minting and Listing Fees Minting an NFT is the process of transforming a digital file into a unique digital asset on the blockchain. Think of it as creating a digital certificate for your item, proving its uniqueness and your ownership. Although it is possible that your digital item is not so unique Let's say you've created a digital artwork. To turn it into an NFT, you'd upload it to an NFT art marketplace. This process, known as "minting," gives your artwork a special ID and proof of ownership, both stored securely on the blockchain. These are percentage-based charges that platforms impose for facilitating NFT transactions. . They typically range from 1% to 5% of the selling price You pay these fees when the seller transfers money to you, so they're not direct costs of NFT minting, but they're worth keeping in mind. The expenses can be affected by factors like the chosen blockchain, the marketplace, the complexity of the process, and the state of the NFT market at the time. The NFT minting cost encompasses all the expenses of creating an NFT. This generally includes blockchain network fees (commonly referred to as 'gas fees') and any additional charges from the NFT marketplace or platform where the token is being minted. For NFT projects, understanding minting costs is crucial for budgeting. Costs fluctuate based on the blockchain network, current congestion, and any additional features used during minting. Minting an NFT on Ethereum, for example, could cost anywhere from $50 to $200, depending on these variables. Minting an NFT on Cardano costs 3 - 6.5 ADA tokens. Minting on Rarible typically ranges from $30 to $150. On more cost-effective blockchains like Binance Smart Chain, minting might only cost $1 to $10. Marketplaces like OpenSea and Rarible even allow you to list an NFT without minting until it's purchased, saving you from immediate gas fees. Marketing and Promotion The rise of Non-Fungible Tokens (NFTs) is closely tied to the broader trend of Decentralized Finance (DeFi). Many enthusiasts and DeFi supporters are actively exploring this space, and it's anticipated that this trend will continue to grow. NFTs have the potential to revolutionize various industries, influencing how we interact with both virtual and real-world assets. There are several advantages to using NFTs in marketing. , they can be used to create unique digital assets, which can help to attract attention and engagement from customers. First , they can be used to build brand recognition and loyalty by giving customers something exclusive to own. Second , they can be used to promote products or services by allowing customers to collect or trade them. Third However, there are also some challenges to using NFTs in marketing. One challenge is the high cost of minting and listing NFTs. Another challenge is the technical complexity of NFTs, which can make it difficult for businesses to get started. Finally, there are environmental concerns about the energy consumption required to mint and trade NFTs. NFT marketing can be expensive, especially for brands that are just starting. There are several costs associated with advertising and collaboration, including minting and listing fees, marketing costs, and collaboration costs. Average Cost to create NFT art | Average Price of an NFT The cost to create an NFT can be different. . This cost is contingent on various factors, including blockchain expenses, gas fees, marketplace account fees, listing fees, and more. Ethereum and Solana represent the higher and lower ends of the cost spectrum for blockchains, respectively. The primary expense in NFT creation is often attributed to blockchain fees. At times, during peak usage, the Ethereum blockchain can incur fees of up to $500 for crafting a single NFT. It may cost tens of thousands of dollars if you want the best result from a high-quality outsourcing team Gas fees are what you pay to do things on the blockchain. They depend on how busy the blockchain is when you do something. Making, listing, bidding, and buying NFTs all have gas fees. Account fees are what you pay to set up a marketplace account and connect it to a crypto wallet. This is usually a one-time cost. Some NFT places let you make NFTs for free, but they charge you to put them up for trading. That's called a listing fee. So, figuring out exactly how much it costs to make an NFT depends on a bunch of things like the file, blockchain, and marketplace you're using. It can be quite different from case to case. Generally, expect the cost of NFT creation to range from $1 to $500, though in some cases, it could surpass $1000. In addition to the minting costs, there may also be marketplace fees associated with selling an NFT. These fees can vary depending on the marketplace, but they are typically around 2.5% of the sale price. Overall, the cost of creating an NFT can be relatively low, but it can also be expensive depending on the blockchain platform used and the complexity of the artwork. Nifty League Case Study: Example of NFT Art Costs According to Crunchbase, the NFT project got Because it's a big project, the creators of Nifty League decided to use outsourcing services, which helped them to save money. an impressive $5 million in investments. This was evident in our work on the lively Nifty League project, where we got to show off our professional skills. Let's take a closer look at what we did and how we did it. We really enjoy working on NFT projects at RetroStyle Games. PS. Read more about our work for Nifty League here The project had a special challenge: turning a 2D world and characters into an exciting 3D space. The result? A cool, pixelated NFT project with a bunch of fun mini-games that bring back a sense of nostalgia. Our team of game artists really enjoyed working on this. It gave us the freedom to bring our bold ideas to life, while also making sure we were on the same page as the client. This isn't our first time working on NFT projects. We've already had success in this area, which gives us the knowledge and experience to seamlessly blend games, art, and tech to create awesome projects. Is Investing in NFT Art Worth It? So, how much does it cost to sell NFT? Is investing in NFT art worth it? The answer is not simple. There are several factors to consider, including the potential returns, the cost of production and sales, and the long-term prospects of the NFT art market. The potential returns on NFT art can be significant. In 2021, Beeple's Everyday: The First 5,000 Days at Christie's auction. This was a record-breaking price for a digital artwork. The average price of an NFT can change. In recent months, the market has cooled somewhat, with some high-profile NFTs failing to sell for their reserve prices. sold for $69 million The cost of creating the artwork itself will vary depending on the artist's skill and experience. In addition, there are fees associated with minting and listing an NFT on a marketplace. These fees can range from a few dollars to hundreds of dollars. The cost of producing and selling NFT art can also be a factor to consider. The long-term prospects of the NFT art market are still uncertain. Some experts believe that the market is still in its early stages of development and that there is significant potential for growth. Others believe that the market is overvalued and that prices are likely to decline in the future. Wrap Up Creating an NFT comes with costs, like choosing the right blockchain and dealing with gas fees. For artists, going NFT can be a great idea. It cuts out middlemen, giving them a direct line to collectors. But things like reputation, software, and marketing play a big role in answering the question of how much to make an NFT and how successful it'll be. As for making money with NFTs, you never know. Some NFTs have sold for millions, but the market can be unpredictable. It's important to weigh the costs of creating and selling against the potential returns. So, getting into NFTs is exciting, but it's smart to weigh the costs, potential gains, and your own goals before diving in. Also published here.

The Price of Pixels: How Expensive Is It to Create an NFT?

পিক্সেলের দাম: একটি NFT তৈরি করা কতটা ব্যয়বহুল?

Der Preis von Pixeln: Wie teuer ist die Erstellung eines NFT?

El precio de los píxeles: ¿Qué tan caro es crear una NFT?

Le prix des pixels : combien coûte la création d’un NFT ?

पिक्सेल की कीमत: एनएफटी बनाना कितना महंगा है?

ピクセルの価格: NFT の作成にはどれくらいの費用がかかりますか?

픽셀 가격: NFT를 만드는 데 비용이 얼마나 드나요?

O preço dos pixels: quão caro é criar um NFT?

Цена пикселей: насколько дорого стоит создание NFT?

Piksellerin Fiyatı: NFT Oluşturmak Ne Kadar Pahalı?

Giá của pixel: Việc tạo ra NFT đắt đến mức nào?

像素的价格：创建 NFT 有多贵？

Identity as we know it – passports, email addresses, social handles – are controlled by centralized powers with the right to revoke it. Every government, platform or service has the concept of identity but, they’re all reinventing the wheel. Offline, your identity is the sum of your driving license, passport, and various membership cards. Online, your account, handle, and usernames you use for each SaaS product composes another identity. All of these identities are fragmented and must play by someone else’s “centralized” rules. To offer real choices and unify incompatible standards is to solve the problem – that’s why DIDs exist and why we’re excited to be building and improving on them with NameSpace IDs. Gmail Instagram DIDs, or decentralized identifiers, are a new type of ID that enables verifiable, self-sovereign digital identities. Unlike traditional identifiers, such as email addresses or usernames, which are issued by centralized entities (like email providers or social media platforms), DIDs are created, owned, and controlled by the subject of the digital identity without the need for a centralized authority or intermediary. They are seen as a solution to many of the challenges and vulnerabilities associated with centralized identity systems, such as data breaches, privacy concerns, and single points of failure. And, for application developers, DIDs can bypass the need to roll your own identity layer. However, even the next generation of identity, like names, are just leased and will return to the market if the owner doesn’t pay renewal fees. Let’s look at how is built to solve these problems for developers and end users. ENS namespace.gg The Namespace.gg Solution The namespace.gg framework enables anyone to spin up a custom name service for their , protocol, or community. It’s an abstraction of the tooling in production for ANS, complete with minting, admin dashboard, and marketplace UIs. DAO Namespace is built on and , meaning that addresses from any chain can be assigned identities and paid for in any token supported by everPay. MEM everPay That means sovereign identity for communities, transacted with your community’s token. Each namespace is indexed by a master resolver, solving the fragmentation issue, and even extensible via Ark Protocol. Ark with namespace.gg enables users to build full profiles, collating and binding all existing DIDs into one, . This is useful around social, reputation and identity verification. regardless of the chain All NameSpace IDs are stored permanently on Arweave and operate on a pay-once-own-forever model, so users don’t have to worry about losing the handle everyone knows them by. Need a custom identity layer for your dApp or community? Check the for a DIY approach or ways to let us help you get your own live! docs The Chain-Agnostic Architecture of NameSpace IDs is a web3 serverless functions platform on Arweave. It allows developers to build trustless and scalable chain-agnostic application backends. MEM is a real-time payment settlement layer that uses the storage-based computing paradigm (SCP), where all calculations are done off-chain, and the results are synchronized with Arweave. everPay is an L1 blockchain and the first truly permanent information storage network backed by a sustainable endowment. Arweave Namespaces in Production The first namespace to go live was . We built the infrastructure to work around the fact that Arweave smart contracts cannot natively custody the $AR token, so the solution involved going chain-agnostic and using a combination of MEM with everPay - an L2 payment processor for Arweave and the EVM. Arweave Name Service Since its launch in February 2023, over 1,500 ANS names have been minted and the protocol has been integrated widely into Arweave’s block explorer, wallets, and dApp ecosystem. We rebuilt the infrastructure for ANS to create an extensible generic MEM contract that can add any kind of wallet authentication or payment token via MEM’s . The rebuild spawned namespace.gg, which is now getting ready to launch DIDs for , and . molecules Hackernoon Raven Protocol AlphaKEK Let’s Explore Use Cases for NameSpace IDs : provide a custom TLD naming service for your DAO members with minting conditions based on factors such as governance participation. Make your DAO token the minting currency. DAO Identities : Establish a unified identity for users across multiple blockchains. With namespace.gg's chain-agnostic approach, users can have a consistent identity whether they're on EVM, Solana, Polkadot, or any other supported chain. Multi-Chain Identity : attach human-readable names to content txids. For example, the namespace.gg user of ANS set their Record to direct to a website on Arweave, which resolves via a custom namespace.gg gateway: shrine.arweave.gg. Decentralized Content Addressing shrine.ar A : As an alternative to centralized social media platforms or piggybacking on existing (expensive, limited) naming services, creators can develop a decentralized social ID layer where users mint their handles, ensuring true ownership of their digital identity and content. Decentralized Social Profiles (DeSoc) : create a custom TLD only mintable by holders of a particular NFT collection. Username layer for a protocol: spin up an identity system for your dApp users instead of building it from scratch. Integrate namespace.gg minting into your dApp UI. NFT Gated Identities : Companies can create a custom TLD specific to their brand, ensuring that all subdomains or identities under it are officially associated with the company. This can enhance brand trust and recognition. Branded Corporate Domains : Organizers of events, conferences, or festivals can offer custom domain names as tickets or passes, providing attendees with a unique digital identity associated with the event. Physical Events : Universities and schools can create a custom TLD for their students and faculty, ensuring a unified digital identity. This can be used for academic profiles, e-portfolios, or even course-specific sites. Educational Institutions Two Ways to Get Started While is in private beta, we are working closely with a handful of projects to onboard and build custom solutions. It is also possible to bootstrap your own implementations using our example contracts. namespace.gg Build a DIY implementation with as a starting point, or… this guide with the team to discuss custom requirements and implementation support. Get in touch Check the for more information, and don’t forget to for updates. namespace.gg docs follow @NameSpace_ID on X

Namespace.gg: A Solution To The (Centralized) Identity Crisis

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