NFTfusion

The Writer's Lounge
Feb 16 · 6 min read
Image for post

The team at GhostDevs has harnessed the power of Phantasma to bring Smart NFT technology to the masses

One giant leap for media

Non-Fungible Tokens, or NFTs, have been predicted to be one of the major factors to usher in mainstream adoption of blockchain technology. NFTs are projected to revolutionize the way media content is distributed. These special, programmable media tokens are verifiably scarce digital assets whose authenticity can be traced all the way back to their inception on the blockchain. NFTs empower artists, musicians and game developers in ways never before seen.

As an example, an artist now has the ability to turn their digital masterpiece into a Smart NFT that has automated royalties and other digital assets infused into their work of art. This means that the artist will now be able to receive royalties for their work from every transaction where their intellectual property is bought and sold. Infusing other digital assets into your NFT adds exclusivity and sets a base price for your work. In the event that the digital assets infused inside the Smart NFT become more valuable than the art itself, the current owner can then burn the NFT, thereby unlocking the infused digital assets.

Image for post
Infuse any asset — or combination thereof — into your NFT to secure a base value

The NFT catalyst

The catalyst that has allowed this increased pace of NFT evolution is the power of the Phantasma blockchain. Phantasma was built from the ground up specifically to overcome the limitations of legacy blockchains like Ethereum. The high cost of minting NFTs coupled with slow transaction speeds were some of the major limitations holding back artists from bringing life to their creations on the blockchain and enjoying the obvious advantages this technology can offer.

The cost to mint a single NFT on Phantasma, for a non-developer through GhostMarket’s self minting workshop, is approimately $0.40 — decreasing towards $0.08 with an increasing number of NFTs minted at the same time. Developers, game studios and others deploying their own smart contracts, however, can even mint NFTs at sub cent costs per NFT as Phantasma’s pure chain related transaction and minting costs are extremely affordable. The same NFT minted on Ethereum can cost anywhere in the range of $5–$15 depending on the gas fees at the time.

In addition to overcoming these obstacles, Phantasma has also introduced the Smart NFT as the next iteration of NFT technology. Phantasma has given game developers the ability to give their fans a 3 day only, timed NFT demo of their latest game. Among the incredible opportunities for musicians is the ability to collaborate using individual NFT music tracks that they can then combine to form a Smart NFT of the full song. This Smart NFT can be programmed to distribute royalties to each performer automatically when it is sold. These Smart NFTs can also be infused with other NFTs, as well as a multitude of other digital assets such as ETH, SOUL, KCAL, NEO etc.

Image for post
Which type of NFT will YOU be creating?

Overcome limitation — Unleash imagination

The development wizards at GhostDevs, creators of the world’s first cross-chain NFT marketplace GhostMarket have harnessed the power of Phantasma and given it to the masses. With the release of GhostMarket’s uMint NFT minting console, creatives now have a myriad of options to mint, infuse and publish their own Smart NFTs on GhostMarket for a fraction of the cost and time that it would take to do so on a legacy blockchain.

Fees — detailed deep dive

When minting your Smart NFT on GhostMarket there is a single fee paid when minting, which is split into two equal parts; the store fee and the burn. There is a fixed base store fee of 8 KCAL plus a variable fee according to the number of NFTs minted, to the tune of 2 KCAL x number of NFTs minted. The burn allocation is equal to the store fee.

As an example, the cost to mint a single NFT is a 10 KCAL store fee plus a 10 KCAL burn, for a total of 20 KCAL. The current price of KCAL is approximately $0.02, thus the cost to mint one Smart NFT is ~$0.40. The cost to mint 100 NFTs is a 208 KCAL store fee and a 208 KCAL burn $8.32. This represents huge savings when compared to Ethereum, and in the case of significantly changing KCAL market values the fees will be adjusted according to KCAL price. As a hypothetical example; If KCAL should happen to increase tenfold in market value, the KCAL minting fees will be significantly lowered.

Also, 1 KCAL (taken from the store fee) is infused into every single NFT by default to incentivize recycling NFTs that will never be used (burn the NFT and get 1 KCAL back). The exception is of course if the minter infuses something else during creation, as there is then no need for that additional KCAL to be infused.

Image for post
Deploying custom NFT smart contracts automatically through GhostMarket

The GhostMarket NFT Minting Studio allows you to deploy a custom smart contract and associated token in two clicks.

Create an NFT collection

When you mint an NFT, on any blockchain you’re actually minting an NFT tied to a token name. In the case of GhostMarket, it is tied to the GHOST smart contract and by default all NFTs are minted as part of the GHOST token type. Minting on the standard blockchain token is what 99.99% of people who mint NFTs do. However, for those who crave a little more exclusivity it is possible to deploy their own token smart contract and mint their NFTs on this “collection”. This option is more advanced and has a one time fee of $100 USD paid in its KCAL equivalent. Only the creator can mint under this name, which is great for authenticity and exclusivity.

Image for post

GOATi Entertainment minted a unique series of car part NFTs for their 22 Racing Series game. Twenty-five or more unique parts combine to form each in game hypercar.

Create a unique NFT series

The concept of creating an NFT series revolves around being able to choose between minting NFTs that are one of the following:

  • Duplicated Series — All NFTs have the exact same content, and this is the mode GhostMarket uses as its standard. It still allows creators the flexibility to mint multiple series. Duplicated mode works exactly like Ethereum’s ERC1155 standard.
  • Unique Series — You can have your NFTs grouped in the same series, but each one containing unique content. Unique mode gives creators an advantage because it allows them to group their NFTs together, with each having unique characteristics.

Both types of series can exist on any type of token, and creators are able to mint up to 1000 NFTs per transaction. The unique grouped series is the innovation that GOATi Entertainment used for the their exhilarating racer 22 Racing Series, a first of its kind AAA game also powered by the Phantasma blockchain. 22RS has realistic physics simulating racing at speeds of up to 1000 kmph. Each racer is built using each of the 25 unique part types created when GOATi utilized the unique series mode that is now also offered by the GhostMarket NFT mint studio.

The power is in your hands

With GhostDevsrelease of their NFT Minting Studio, a lot of the issues that artists, musicians and developers once faced have disappeared. You now have the power to create and control your intellectual property. The Smart NFT Mint Studio’s user interface is so quick and seamless that you forget that you’re even using blockchain technology.

Are you ready to become one of the first NFT creators to wield the power of Phantasma — to the point where you can’t control your imagination coming to life?

YOU create — YOU control!

The Writer’s Lounge

Image for post

PhantasticPhantasma

Blockchain for Next Generation Content Distribution

The Writer's Lounge

Written by

A happy collective of blockchain aficionados — dedicated to educating the masses, one article at a time

PhantasticPhantasma

Blockchain for Next Generation Content Distribution

The Writer's Lounge

Written by

A happy collective of blockchain aficionados — dedicated to educating the masses, one article at a time

PhantasticPhantasma

Blockchain for Next Generation Content Distribution

Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more

Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. Explore

If you have a story to tell, knowledge to share, or a perspective to offer — welcome home. It’s easy and free to post your thinking on any topic. Write on Medium

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store