NFTs Come to Tezos
NFTs have been around for years, yet it is 2021 when they truly blossomed. Tezos is no stranger to that trend.
High fees on Ethereum force NFT projects and artists to seek alternatives and Tezos has become one of them. Let’s take a look at the development of the NFT ecosystem on Tezos: the solutions for NFT creation, games, domain names, a pilot project for municipal art platform in Reno, and NFT marketplaces.
Solutions for NFT creation
OpenMinter, a dApp framework by TQ Tezos, is among the fundamental units of the NFT ecosystem on Tezos. It is designed to create NFTs on the Tezos blockchain, upload digital entities tokenized with NFT in IPFS, and browse said NFTs in the wallet. One can use the framework to create various NFT products such as NFT marketplaces.
After the approval of Edo, the Tezos offers one more way to create NFTs, which is tickets. The tickets are advantageous as there is no need for the holder to interact with a centralized smart contract. The technology in question is yet to receive widespread use, yet the guidelines for launching a Dutch auction for NFTs based on tickets are in the public domain.
Aside from creating native Tezos NFTs, one can also transfer NFTs from other blockchains to Tezos. This is obviously an important feature for NFTs originally issued on Ethereum that became too expensive to freely circulate in said network. Such a bridge between Ethereum and Tezos is being developed by Bender Labs as part of their Wrap Protocol project.
We already mentioned the CriсTez project, a sports game where the players can collect tokenized characters, make teams out of them, and participate in competitions as well as trade the characters at the in-game marketplace.
Botwars is about the battles between trading bots at different cryptocurrency markets. One can build entire bot armies, equip them, and send them to the battle against other players’ armies to get real money as a reward. Objects and characters are tokenized as NFTs on the Tezos blockchain.
The Tezos Domains project allows one to use addresses like tezos-ukraine.tez instead of regular public addresses unreadable to humans. Those names are actually FA2-compatible NFTs so the property rights for such a name are protected by a private key. If you have a project on the Tezos network, you can get a Tezos domain free of charge until March 31.
Arguably the most prominent project in digital arts on Tezos is the municipal art platform allowing town residents and collectors to have a new way of interacting with the town’s art collections and local cultural history.
The pilot project will be launched by the American town of Reno, Nevada, that will feature Homebase to create Reno DAO. The DAO is expected to enhance the operational transparency of municipal authorities and to tackle the issues of local economic efficiency. Aside from that, Reno will tokenize the famous art objects of the town, including Space Whale from the Burning Man festival.
Independent artists also have their news. An artist known as Alchememist has successfully held an auction where he got over 12,000 tez for 16 works. Another artist, David Boller of Marvel and DC fame, is going to issue an NFT on Tezos as part of a transmedia project Sky Godz.
The artist Mario Klingemann has created 7 NFTs on Tezos on his own and sold them at an OTC market within 24 hours. In his tweet, he noted that there probably wasn’t an NFT marketplace on Tezos so he decided to build one. This ended up in the creation of hicetnunc.xyz where one can create an NFT and put it up for sale.
Indeed, NFT marketplaces on Tezos have only begun to appear. The launch of Kalamint with the investment from Draper Goern Holm was scheduled to happen on February 18 but still has not happened due to the need to improve UI. Another marketplace, TezAuction, was announced but not launched as well. When operational, it will focus on auctions as the name suggests.
The first NFT auction on Tezos, however, has already happened thanks to tzcolors. Their NFTs are tokenized colors as described in Encycolorpedia. The project proved successful with customers paying over 20,000 tez for the NFTs. Now those NFTs are being auctioned on the secondary market with other NFTs banned from selling on the tzcolors website.
Native Tezos NFTs will be available outside native marketplaces, too. OpenSea has recently announced the integration of Tezos NFTs: first, the users will be able to see their FA2 NFTs on OpenSea, then trade them in p2p fashion, and then embed them on their website or blog, or directly share them on Instagram.
At our recent #TezosDeFiHackathon, the NFT marketplace challenge was but one of fifteen others. Nonetheless, 8 out of 22 projects at the hackathon chose to work with NFTs in some way or another. Eventually, three out of six winning teams (Dich, The Buttonists, and PlugTruck) got their awards for NFT-related projects.
We will keep on supporting projects working on tokenizing non-fungible and unique assets on Tezos. In the meantime, keep your finger on all things Tezos using our social media channels and don’t miss anything: