How to launch an NFT Project like Pudgy Penguins

Since its launch, video games have attracted a large following. With the introduction of new technology, more breakthroughs were made, eventually leading to the digital sphere, where players could play with each other from the comfort of their homes, anywhere on the globe.

Gaming has now moved to blockchain technologies such as NFTs, where players are paid for engaging in games. The play-to-earn approach allows players to earn incentives with real-world value, which adds to the appeal of NFT gaming. Adapting the open economy model provides additional rewards to individuals who contribute enormous value to the gaming industry. It essentially allows players to acquire bitcoins and NFTs that can then be sold on the market for a profit, which is a lucrative prospect.

Introduction to NFTs

An NFT (Non-fungible tokens) is a digital asset that represents real-world objects like art, music, in-game items, and videos. These tokens are based on Ethereum blockchain technology, cannot be replaced by any other value, and are unique in that sense. Let’s take as an example a real image from the market. NFT tokens can be considered digital works of art, such as graphics, images, photographs, music, and parts in video games, whose value is expressed in Ethereum or Bitcoin cryptocurrency whose value is later translated into dollars.

NFT behaves like a cryptocurrency — it exists on a blockchain, it has value, and it can be traded. On the other hand, it is visually striking enough to be better called NFT creation or even simpler NFT digital assets.

These tokens are characterized by uniqueness — just as a work of art can be unique. There are also partially unique tokens, but also those that are more but are limited in number. Among others, this is a feature that significantly affects the price. NFT is also indivisible, this token cannot be divided into halves, or several parts, but acts exclusively in its entirety, unlike, for example, bitcoin.

NFT Marketplaces

NFTs are typically held on the Ethereum blockchain, although other blockchains support them as well. An NFT (non-fungible token) simply represents ownership of an asset. Before choosing an NFT marketplace, you’ll first want to decide the kind of digital asset you’re interested in buying, selling, or creating. Some of the biggest marketplaces are

• OpenSea,- the world’s first and largest digital marketplace for crypto collectibles and non-fungible tokens. It launched in 2017 with $2 million in start-up funding. The company recently raised an additional $23 million in April 2021 with the help of the venture capital fund of Andreessen Horowitz
• Rarible — another large marketplace for all sorts of NFTs, similar to OpenSea. All kinds of art, videos, collectibles, and music can be bought, sold, or created on the platform. The company has partnered with some notable companies
• SuperRare — also building a marketplace for digital creators. The site includes art, videos, and 3D images, but collectors can purchase artwork using Ethereum
• Foundation — Since the marketplace’s launch in early 2021, it has sold more than $100 million of NFTs. Artists are invited to the platform by the Foundation community, and buyers simply need a crypto wallet funded with Ethereum to start making purchases
• Axie — Axie Marketplace is the online shop for the video game Axie Infinity. Axies are mythical creatures that can be bought and trained and then pitted against other players’ Axies to earn rewards.

What is The Pudgy Penguins?

Pudgy penguins are 8,888 unique collectible Penguins with proof of ownership stored on the Ethereum blockchain. These penguins symbolize values such as love, empathy, and compassion. Pudgy Penguins, also known as “The Huddle” and “Pengus,” provide holders with unique access to a variety of activities, events, intellectual property licensing options, and other project incentives. The Pudgy Penguins brand produces content, merchandise, toys, and digital collectibles. With a community that nurtures many perspectives and ideas, they are working to build a Web3 brand that will be massively adaptable.

The application of NFTs on Pudgy Penguins allows collectors and enthusiasts to own and exchange these unique digital assets. Each Pudgy Penguin retains its worth and cannot be replicated or interchanged with another. The rarity and mix of features have a considerable impact on a Pudgy Penguin’s market price and desirability. Pudgy Penguins has become a popular NFT collection, attracting marketers, enthusiasts, and investors. You can buy a Pudgy Penguin and its sub-collections directly on their website, on their native marketplace, and OpenSea.

In 2022, Pudgy Penguins established “Pudgy Media,” which stands out as one of the best-designed information hubs among NFT projects. Even people who hadn’t heard of Pudgy Penguins could obtain practically all the information they needed there.

How to Launch an NFT project like Pudgy Penguins?

Anybody can create an NFT, but there are some important steps, and you need to understand the technologies behind it, its features, and its constraints. You don’t need any coding skills to create an NFT, but you need to follow some steps, have a wallet, buy some crypto for gas, and sign the transaction.

• Token standard

The process of creating an NFT is called minting. The first thing to keep in mind is that several blockchains support the NFT token standard. Currently, Ethereum is the most popular hub for NFTs. Pudgy Penguins is launched on the Ethereum blockchain.

• Select your content

Next step, you need to decide which content you want to convert to NFT. If it is not already digital, you will need to convert it to the appropriate file type. Most digital art is usually stored as a PNG or GIF file, the book would usually be in PDF format. You can make an NFT of a digital painting, a text, a piece of music, or a video.

• Decide How Many NFTs You Want to Create

While we generally talk about NFTs being unique, there are situations where you might want more identical copies. For example, if you are selling a collectible item, you may want to offer different versions, some more exclusive than others. In this case, you need to decide how many identical copies of a particular NFT to allow and include it within the relevant blockchain. This number now become fixed.

• Chose a Marketplace

There are multiple different marketplaces on which you can list your NFT on. If you’re more knowledgeable about NFTs and cryptocurrency, you can even create your platform, like Pudgy Penguins did. Ideally, the marketplace you choose should fit the features of your project.

• Connect wallet

It is quite easy to create an NFT on Ethereum. All you need is an Ethereum wallet that supports NFTs and an account on an Ethereum-focused NFT marketplace. Some examples of wallets that are compatible with NFTs are MetaMask, Trust Wallet, and Coinbase. Follow the platform’s prompts, then confirm the Wallet Connect operation from your app.

• Create an NFT

Once you’ve connected the ETH Wallet to Marketplace, you can create your first NFT. Click on Create and fill in all the information needed, then save. Now you’re ready to start the actual minting process of a new NFT. Click on New Item, load your artwork, and give all the details you want about it.

• Develop Smart Contracts

The smart contract is an automatic and self-executing agreement that operates without the need for a central authority or rent-seeking third party. Smart contracts remove unnecessary paperwork and expensive intermediaries. They work by creating a digital agreement or contract in which each party enters a series of pre-determined conditions or provisions that must be met for the contract to be performed, without intermediaries.

• Promote Your NFT

You will need to promote your freshly forged NFT actively. You can do a lot on your website and social accounts. You may even consider contacting influencers, YouTubers, and others whose audience responds to your target customers to help with your promotional activities. The best platforms to find NFT communities are Discord, Reddit, and Telegram. X is the best platform to share quick updates or announcements and directly communicate with your followers.

· Sell your NFT

Choosing how to monetize your NFT is the last step in the NFT minting process