• Overwhelming support, gratitude and encouragement

• Naysayers, critique or anything else, telling us that this is not possible

A third eventuality occurred, which I did not expect: Small support from the gang, however more silence than anything else. I started wondering: Why is that the case? There is a large NFT community by now, shilling their NFTs to sell within different discord channels - being a tedious and time-intensive task. A community which was awaiting marketplaces for long by various players, which however was always being postponed. I’ve expected a lot, but not restraint.

A process in my subconscious started to evaluate, why this was the case. The process ended up with two possibilities:

1. We do not have enough reach

2. People do not trust in our abilities

There could not be more. We might have not enough reach to communicate the message to the whole Hedera NFT community. Possible. However, which is even worse: People might not trust us. However, if this would be the case, and even naysayers are not stepping in and start talking us down, we need to get that right. This is another level of mistrust, however, based on nothing. On a second thought, I started recognizing a reasoning for that, which explains it quite well for me. If every core player within the ecosystem is postponing, saying it is not possible, postponing launches, doing token launches to finance development or taking other funding in etc., I would not trust any developer team - stating that they do it within max. 10 days - neither. I’d think this is some form of another BS. This is not the case, thus, I’ve decided to write down our approach and outline, why and how we make it work.

The Marketplace Race

Before I am explaining our planning, let’s dive into what is holding back marketplace development currently. This analysis is somewhat technical and somewhat opinionated. Read with caution and discuss it with me. Very happy to dive into it.

On January 9th, there were almost 199.82 million USD transacted via OpenSea, the largest NFT marketplace out there. OpenSea takes a transaction fee of 2.5% per sale, leading to 4.9955 million USD revenue - on one single day, January 9th 2022. This was a spike in transactions that specific day, but even if you take the smallest transacted USD of 120.47 million in that time period, this still leaves OpenSea with 3.01 million USD on a single day. Plotted onto the year (without factoring NFT growth in there), this leaves OpenSea with a 1,098.65 million USD (yes, this is more than a billion) revenue forecast for the year 2022. You can blame this as an easy calculation and I could surely better (holding an economics degree), but this should only underpin one statement: Within the marketplace business model, there is a lot of money involved.

The Hedera NFT market is not transacting millions of USD a day (yet?), however the transaction fee on any sale leads to a pretty large amount pretty quickly. You see, there is a lot of money involved. Thus, there is a large race, to build that marketplace - to reach those crazy numbers. It does not always hold true that the first player wins - in fact, history shows that this is not at all an indicator of success, take Google for example. However, it might be a scenario within the ecosystem operating where we are in, that the first player can secure a lot of market share. Thus, there is a rush of making this work.

Why no marketplace has appeared yet, may have many-fold reasons. However, one of the main reason I am seeing, is the possibility to realize transaction fees.

How can transactions fees be realized?

This question can be answered more easily by describing how a marketplace works. Interestingly, I’ve written back then my bachelor theses about success factors for platforms and marketplaces, thus, this is an easy take for me.

Let’s have a look at the upper graphic: A marketplace helps, in its main form, facilitate trade. It acts as a trusted intermediary, pooling Sellers on one side and Buyers on one side. There are different forms of Marketplaces, however this is the main form.

In most markets, mostly digital, however, there is a lot of mistrust of both parties. A Buyer wants to receive their bought item, a Seller wants to receive the amount an item was sold for. Having an independent third party in between ensures trust and allows that the trade is facilitated.

Furthermore, marketplaces can provide more visibility for Sellers and more comparisons and information for Buyers - so, helping both sides.

Coming Back - How is the transaction fee realized?

Marketplaces are businesses and want to earn money - thus, they are putting a fee on top of the transactions. To earn money, to finance staff, marketing activities, development and so forth. There are other possibilities to earn money, however is that provisional one of the most used - e.g. by Amazon, Ebay, Airbnb, you name it.

To ensure that the transaction fee is landing at the middle-man, which is the marketplace, needs to receive the payment and redistribute it. This is not the only reason why the middle-man needs to receive it: To ensure safety, the payment is escrowed by the middle-man and released after a buyer confirmation was received. Thus, safe trade can happen.

Marketplaces within Hedera

Why this build up, you may ask. In my opinion, it is important to understand the underlying principles, to understand what is going on. Within Hedera, this middle-man-account is troublesome. We are early, and the infrastructure is not there to handle that kind of transaction efficiently. It might be done not, or semi-automatically, however not fully-automated from my perspective. This is the reason, why development has slowed down and marketplaces. These circumstances are being worked on and are expected to change in Q2 2022. With the NFT space heating up, new projects coming in and more attention being raised by existing projects, the missing marketplace is however a large canyon in the ecosystem.

A marketplace is beneficial in various terms, which I probably do not have to outline here. However, we hold the opinion, that any form of marketplace helps in this current stage.

Why are you not waiting for the potential profits?

If you understood the upper, this question should arise, and I do not want to leave it unanswered. A missing intermediary, the third party (the middle-man), leads to not receiving and forwarding the transactions - and are thus not being able to realize transactions fees to finance further development, financing the team and earning profits. So, why are we not waiting for new standards to gain a share of the profits appearing?

This can be answered coming from various cardinal directions:

Necessity of funds

The team of the Guilty Panda Prison Gang is familiar with developing web applications, efficiently and fast. As a side-business, we have been running a web-development agency for some time now and developed many applications for a variety of clients. Drawing back to those experiences and a trained skill set to build applications fast, reduces our expenditures by a lot. We are efficient and fast, thus, not depended on any external functions.

The Greater Goal

We are allocating our time and efforts to support the Gang. We've come up with a planning to help and empower our NFT holders through different ways: One of that is advancing the Hedera ecosystem, which is leading us to being an established player within the ecosystem. Furthermore, we expect by that to increase value of our NFTs and thus, increasing the value for our holders. This is one of the key principles we have committed to and serves as our polar star, where we are navigating to.

The not-so-missing Middle-Man

The build of the former passages might lead to the thought, that the Middle-Man is missing - which would lead to missing safety. This is however not the case by a walk-around we are planning to use: HashPacks Secure Trade.

The team of HashPack has introduced a secured trading feature with their latest release. While we want to stay independent of any wallets, it is the only player within the ecosystem to have such a feature (which we are aware of). This allows to split the middle-man.

Splitting the Middle-Man?

As explained earlier, the Middle-Man has two main functions to fulfil:

1. Secure trade

2. Facilitate trade

While the technical boundaries do not allow us to secure trade at this point of time, we outsource that to e.g. HashPack. The marketplace we develop is focussing on the second point, facilitating trade.

The Gang Marketplace

The Gang Marketplace (name not final yet) is mainly facilitating trade. I explain this high-level concept directly and get concrete - what are we offering?

• We allow for sellers to list their NFTs through a secure method

• We allow buyers to search for the NFTs they are willing to buy

• We enable communication between both parties to enable price discussions etc.

• We provide structured data to see collection data and NFT data easily

• We take care of reports, selling prices, portfolio overviews etc.

• We allow for confirmed secondary sales, leading the marketplace to confirm floor prices, price development and other collection related metrics

More features are to be followed and are dependent on the community using the marketplace, proposing features and supporting future development.

Wrapping Up

If there is one takeaway you should take away from that post and to answer the entrance question:

Yes, we are serious. Yes, we are capable of doing this. Yes, this will happen.

LFG.

If you haven't checked out on the Guilty Panda Prison Gang yet, please feel free to go to complete guiltypanda.art or to gang.guiltypanda.art. If you like the guide or if you have any questions, happy to see your with our Discord, our Twitter and maybe you'd get your own Panda NFT - then we’ll welcome to the Gang.

As I have to technical lead within the gang, I found it quite hard to build a miting engine because there weren’t too much resources available. We are early at this.

So I thought, why not throw a few things out there? What I found was first of all, a video, how to mint on a Xact wallet, however, this is not working anymore due to different issues / improvements they are doing right now. The second video I found was regarding how to mint with gomint, however they are not supporting serials.

Due to upcoming marketplaces and new NFTs standards, it is very important to mint collection on serials. Thus, the guides I’ve found did not help at all and why other formats (e.g. Hashaxis) did not work for us.

So yeah, that's the main purpose of this video and I'll feel free to have a look at our code and how we've done it, and certainly how you can mint and build your collection on Hedera - let's hop right into it.

How to Mint NFTs on Hedera (Testnet & Mainnet) - Full Walktrough - Part 1

How to Mint NFTs on Hedera (Testnet & Mainnet) - Full Walktrough - Part 2

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Below - A failed attempt to transcribe the video

In pursuit of accessibility as well as to make those two videos easier to find (I wished so bad to have a ressource like this), I tried to transcribe the video - automatically with Descript and then go over it and remove transcription errors. It showed to me that are too many errors, which takes too much time - which I cannot spend currently. There is a marketplace to build and a startup (as the normal job) to run. I left it to still make this post more discoverable, however feel free to ignore it.

If I have some time soon, I will go back and correct this. However, this will not be my number one priority.

The Transcript

Hey guys and girls,

I am datproto Guilty Panda Prison Gang and I am showing you how to mint NFTs within the Hedera ecosystem. Reason for that: I’ve found different videos regarding “how to mint”, however none helped me and I found it rather harsh to build a minting engine (we are early) - so, I’ve decided to share our learnings and development progress.

If you haven't checked out on the Guilty Panda Prison Gang yet, please feel free to go to complete guiltypanda.art or to gang.guiltypanda.art. If you like the guide or if you have any questions, happy to see your with our Discord, our Twitter and maybe you'd get your own Panda NFT - then we’ll welcome to the Gang.

And as I have to technical lead within the game, I found it quite hard to build a miting engine because there weren’t too much resources available. We are early at this.

And so I thought, why not throw a few things out there? What I found was first of all, a video, how to mint on a Xact wallet, however, this is not working anymore due to different issues / improvements they are doing right now. The second video I found was regarding how to mint with gomint, however they are not supporting serials.

Due to upcoming marketplaces and new NFTs standards, it is very important to mint collection on serials. Thus, the guides I’ve found did not help at all and why other formats (e.g. Hashaxis) did not work for us.

So yeah, that's the main purpose of this video and I'll feel free to have a look at our code and how we've done it, and certainly how you can mint and build your collection on Hedera - let's hop right into it.

This is actually our miting engine a bit reduced slash only thrown in. Environment as lateral variables out and our, you need optical the Pampers and gang collection It's like the rest of the coat is to exact same. You can even see that I didn't delete love. Like I'm importing different stuff here from a high-profile CK, which is needed and whatever.

I didn't care too much to, to have it in there. How about for cleanness? You could throw it out. However, am I, in my case that didn't matter to me. Well, if you will do, and this video is fenced create an account on iTero Testnet Dan I'll guide you through how it's gonna go, like how you mint your own NFTE or your entity collection on the directory system and on a Testnet first of all, and then I'll show you how to optimize for the mean, and then we're actually.

Adding I've called different supporting stuff, our collection. I can show you quickly and one of them there, and maybe at some point I would go a bit deeper at that. And I'm a for now, this is mainly about minting and how you can Mindy on collection on either, but just go ahead and create an account on the Darryl portal.

And what do you need to go to is portal.hedera.com . If you go to portal.hedera.com, they will direct you directly to /register. And now you can create a developer account. I am taking a mail from temp-mail.org to make things quicker here.

All right, we’ve set up a developer account. So right now we are in a testnet. We then need the account ID and the private key - copy paste that and go back to your IDE, go to the ENV variables there.

And say this operator ID it's this long and 20 week ID as well. I want to explain a few seconds. We'll be doing, we will take the private key as well. Can we paste take care of that. You don't take the private team of course, with you, and don't take the interpretation monitor with you. You don't need death, and we say it operated private to use this one and treasury public project to use this one.

I'm not even sure. I don't think we need to pop the key here. Well, let's just put it in. Maybe there was a reason for that amputate Desmos. There were no it towards Richie with the public key and a operator ID, which has yeah, tidy, maybe a few hints for that. You could use Joe to, for example, when your hashtag wallet, whatever you're using and say, Hey, I want to restore my wallet with my private key within the Testnet.

And you could use that private key and have access to your wallet. So would you normally do. Don't show it as a test and I don't really count on nobody. You can't, if you need a copy, does one and then take the barber team, do whatever you want with that. However, normally, if this is a main account on the, on the main net, you don't want to show this to anyone because they can just take the BBQ and steal all your funds.

Only women don't do that because we have to have quick, your safe. And though we go to the nice jazz and normally explain what we are doing. Directly, first of all, first-line and between their console, if any, anything is less than leftover wheel beard and they will try the.in V dot config. This one is required on this file and slash just want us to, we can have access to it, the.in V function below.

However, this will require that we didn't use this don't envy farm. Why are we using this study in V it was, we want to have the Yeah, the private, we want to keep it private and we don't want anyone to see it. As I said, don't mind too much on a test mat. However you don't in general, don't want to do it and probably is the best breakfast to you to have it on test at the same directors on the maintenance.

So you don't have like your attempt to, to, to do it in the main as well and show anyone your private team. Alright. Then we do end up on different stuff here. As you can see, we, we have some, some factions here, which we don't need to. They can't can be used, but we don't use them right here. We don't need that, but we would cry at everything which was mark, when, but brought a queen, this is used, the restaurant should be, you thought all propels, narrow, we would just keep it.

And what are we doing right here is where actually important different functions from the hash craft, STK, which we back then yeah, and install by Yeah. We know what we are. I'll pick a treasure and you didn't do young as well. And mama will be a note. Alright, that's against you. That's a lot of stuff here, which is not needed anyways.

Would you come to the art? And as I said is actually the domain phone we use fermenting because on a Tesla, but the maintenance function find looks very, very similarly. So you can, yeah, it, no, everything would just come down to you. Highway, which is not coming to OD is we, we take the upright operate ID from a processing operator.

Like we said to operate in the, to our account and the, from our operator ID, which are starting to be a little bit complex right now, if not taking insurance. So what basically, what are we doing? We've imported as an account or the function uh, from the Ashraf set, our prompt ID. And now we'd say from string.

So we want to take it from the process in. Like from the post and we found, which was just one does in refund. And then we wanted them to say, we want after operate ID. So this operator team, if we have that, we're fine. For example, if your face troubles here, please check if you, for some, a long time for white space here, and this might throw some troubles, for example.

And normally do you should be correct? Like copy paste them don't have any quotation marks or whatever. Just leave them, like paste them directly, as you can see, you see here as well. So you have a clean in Veeva because if these Prudentials aren't right, it might throw a different problems.

Right. And you're doing your same with the operator key with the treasury ID with treasury T all of them are getting, are we getting from all the day before? And then we are setting up the TuneIn and reassigning the client for the test that we said, operators operated, you know, And you have something that's applied to the net, but you, you don't need to set the supply to your equity.

However, for example, there are different users where you need those and the different, different possibilities of how you can set them. I just said that some flexibility and equity to the operate, a private key. Why is that done? Or why did I do that? Because if you know that the private. As if just find you as a private key, you're normally do to go and you shouldn't show your priority to anyone.

However, keep in mind, if you lose your private key, they don't only have access to your wallet and can still in FTS, you know, your funds, your age by and so on and so forth. But if you set a supply to you to operate a private team there's not a problem because the supply key. So for example, you saying you want them to collection for, with 200 and fifties and.

And he said to, to an FTE. So wherever you're not sure how to haunt demand will be. So you decided to hang. I just want to mint 100 and fifties from the get go. And then later on, I will add to the segment 100 when after funds, when people made identities. When I did some HBR, whatever blue, because keep in mind admitting admitting the Ft is constant.

Some HR, a lot, a lot, but. Biotech relation because you don't want to have in process aborting or admitting aborting because you're running out of funds because you can't minty collection. Keep that in mind. Alright. So back to the example you decide, Hey, I want a mint 100 now, and without a supply key, just 100 will be fixed.

And you does no way for you to increase the supply from 100 to 200. There's only possible if you said supply to you. And if you know that supply chain, which probably. So supply can be used to issue new tokens on new series rider on a token. That's what supply T is used for that repeat can be used for first of all, recovering the supply.

Kim, if you forgot to supply to you, or if you lost it or whatever, which can't happen, if you send it to the operator private to you, because then it's just a private team operated privately and not any. I know you could put in like 1, 2, 3, whatever, like any, any amount of number it would work as well. I don't advise that you, because it should be some key, no one can, can hack slash which will be kept private and not easily recognizable slash yeah.

Answerable and portable. All right. Back to that, when he would restart supply. First of all, second there are different, different functionalities attached to it. You can check to see Dera documents or documentation for that more the admin team can do. But for example, you can build your NFTs with that.

When he, for example, if you want to reduce later on the collection, it might be possible to it, to burn them. It might be possible with Appetit, you can borrow them. So it might be useful for you. For your staff or collection, if you, if you want to have more extended functionality. But as I said, basically today, actually remove both of these because if you decide, Hey, I want a collection for two and a half, two years.

And I don't wanna do anything with that. Then you don't need a supply to you and you don't need to add you don't. We need to importing the CID right here. Let me form it this quick to make it a bit nicer. Yep. Then we are importing the CRD from supporting lectionary. That's just one. We do it from Janice.

I've wrote a function to, to populate that RA. So for example, then you have your ID, for example, there's book matches and then flights on through to know . And then it doesn't narrow it down. You just go through it and you say, then we have the same CID, which was crashed because of missing battery or let's just continue.

What a was that that's where two entrepreneurs lay down in a short script for that, if you, if you're interested in that, just leave a comment. I told me they're not like another video just explaining the difficulty I would as video go along for a. So let's, let's give it to you and maybe, and we'll do it later on what we'll do.

How am I here is just put in five different CRDC, which I'm right now. Another, at least you had to use some Jason, which no Syria leave me alone. Which I just need you into to nothing right here. Normally they would live to, to a corresponding tracing, which was containing the metadata of your left.

So yeah, but for now, just putting five different I'm drinking some here, which was my dream, some vomiting. So you see what I'm, what I'm talking about. So we have these five different traces, which should be this one should be and you are dealing into a Jason and do any Jason. So yeah. Is that right now?

Yeah, . I don't see a DRA off five different languages lanes pointers to the corresponding, Jason, which is not okay. We're learning to just make sure we are using the, the right CDs, because at some point, and if you improve a collection and we had done different trial runs where we had different UIDs CLT errors.

So I just decided to, to lock them, to make sure we are making the right ones. Does it require the errand you just set up and now we go to the actual meeting. This meeting is all located in this main function. We can go below here and see that the main function is triggered. So how would we go about starting this one?

We just opened up. And then I'm right now in the main folder, but it would say, Hey, let's go protest, CB test net. And I would just say, no, we don't do would not what we'll do later on love because of, because we probably have dealt with you, this function, the main function, then it would run direct to the end.

It's only two minutes. Right? So we are checked in two things. First of all, when we check in, if the operator ID and operator key, Oh, it's an oil actually. Why we're checking that? We need both, for sure. It doesn't work in that it doesn't work and the meeting will abort anyways, if those environment vitals there or whatever, just put in a proxy, proxy, error, identifying to that, to see if we have both variables because we can't operate without them.

And certainly because we are doing. I was going to see different, different wallets. We are testing along with we just added the block two to see which which operator you are using right now with which we are using. So we could make sure directly in the console that we are using the right form.

If you, because we are constantly changing the view familiar, but if you don't have that, if it's a different process or just one main treasury monitor, you want to have

Now what do we do now? We, we just specify the NFT custom fee. The royalty fee, we said numerator and denominator, which is then evolving to being 5%. Shorter explanation. Why, if you have your typical division you have in this case, five divided by 100. So we ended up buying 0.05 for just five points.

That's the case then we have, and we set the feet, the account ID. Well, if he's actually doing they don't to treasury ID, maybe you can put any number here. We from guilty party present and decided to, to do a 5%, because we say 2% it onto your team. 2% are going to the treasury. And 1% like treasury to us, we are a CNF charitable and T project, which was helping prisoner of his treatment.

So to start to the treasury, which down funds different activities that gang is doing slash nonprofits are doing lawyers and so on. Mr prisoners, like standing up for across PC, where valuable point to have a teacher use anything there and the city, they go anyways to one ID and then I split later on.

And lastly, because right now there are no marketplace out yet. So you can set an unfolded fee to forward fee is done. If someone would like to send the NFTE tool to anyone and to make sure that. Maybe not a royalty fee paid out because the warranty wouldn't grow as if he wouldn't treat her doesn't fall but fee.

So if there's no royalty feed at the forward female trader and we decided to put 29 H burned down. But as I said to you as well, you can put anything you want with. I created the token there, short Houghton. I would try to think about is there's one main token, which contains to the main information.

And then if you've been to in collection with cereals the seers are pinned below that token. So you have that 0.0 0.1 2 3, 4 5, whatever. And then point on that at the cereal. So you have a serial, you have. Once you're number, which is like you have a parent information, but know that you would see a certain told us works out.

We will set a total name symbol. He's a total type to non fungible. You need. That's very important because right now with a lot of different projects around fungible tokens, which isn't making any sense because you don't have an NFT, then if you have fungibility. He just like NFTE stands for non fungible token.

So it doesn't make any sense. A lot of fungible tokens. It was your hands off, but like we are young. Everyone knows who we are, you know, we'll be able to leap. So maybe debts as its reasoning decimals, initial supply, and this is a supplier is not too important. We said by zero, but later on.

The, the supply will be added by adding cereals. So will not stay at zero. And if you look at second market supply, we're taking the length of OCD, which we just filled up with different imaginary CDs. So this will be B five. And we set a treasury account to the, to supply type, which is finite. We don't want to have every time the adults that are talking to supply to you.

And we're adding the NFT custom fuse years. We just, you know, what it above and for your customer, for USU and for sending the admin PNS supplied to you, which we talked about previously, and lastly, then we do free suppliant so we can sign it. Does it typically direction you typically freeze a client at first, so you can send it later on.

This helps and making sure that nothing changes and while you're signing the transaction.

We are starting of T trade function. This one with reiterate and submit it's secured on the client. There's this, you don't need to know that, to be honest. I, well, you did received any yet, and this made sure that you have assigned token . W two magic shot. And then we did a total 90 bag and a lot of token ID.

So we know, Hey, if with NFT successfully, first of all, and certainly what's actually told Nadine so we can look it up in app training class, for example. Alright, we going to talking them into Macquarie does actually just for informational purposes, you will see in the sector, we'll eat. As you can see you alone in a table.

And then we are looking at our custom fee schedule on, or it has some few we said onto it, but this is only, you can leave that out because it's just informational purposes where it gets interesting now is adamant new beds of NFTs and with the token function. So what are we doing? We have an Eric MTG and right now we had to write in through.

And pushing our,

yeah. So we're typically an MTRR and then we're pushing into that. So what happens is where for four loop. So for I equals zero and I is below his length, which an is five. And then I plus plus what are we doing? We're setting oh, area right now to our total mental function with the CID of. Sort of the first, for example, if I have zero, every staff have a zero, so this will be the first, have you just checked back genomic?

So this will be the first CID CID with Krone records controlled. I'll just say names. Well brokers with zeros, or this will be the first one, which will be printed on that if and a team, if we add back now to. What we can see what will happen. And this for function always calls for every, for every loop.

So in our case five, because I always say, do you link for is five, five times just talk Minter function can every, and every loop, just talking about differential that we called the city below you add is an async function. So this one will surely wait for the mentor, come into furnishing to fix. What happens now, we submit a new utopian maintenance action.

Serotonin ID 90 is specified here for three dot from winter, your token, the metadata. And now it's very important because now we are going to to see ID like to the, to the, to the URI, which is the CID and some part of sense and are getting adjacent. And also they can make the data from the chase on our.

And last day, we were freezing with the client, which as I said, as a temporary direction to finish things up, and then we signed up for supply key and submitted back. This will be necessary. It wouldn't be necessary if you don't have supply chain, don't have equity release that loan. And now we've mended by like in the first loop with I equals zero.

We are and this is basically the creation. And then we are loading our grades and FTE with the cereal and we have, so see what local people want. Alright. Yeah. Does it actually, how we met and empties and about Stryker friendship can be left out, you know, No need for that. I was just testing playground.

Okay. And that's how we can make an NFTs. And what we will do right now is just, we don't, we are already in our fuller Testnet and now we don't know what index and now everything should work fine. Let's see. As we see, and we are loading our CRDs, which are actually not CAD's, but we just use them. We are loading our Oh the dog.

Then if you test them of the table alerting that. And as you can see, we tried it now and NFT, the totality stays the same with, for several one to five. Why is it five? Because we only have five

Alright, so this is how we meant NFTs. We've meant it now and FTS on either a Testament and you could put this into, for example. Let's just do it. See you on NFT.

See you in an F T there does a spelling mistake. Yeah. I need you to see if you don't do the Testament cross.

No, it doesn't make too much sense because right now, without plugging into the wallet, nevermind. Now we're going to only put a. It's a totally correct. Testnet ah, there we go. And now we have to defend at a different

the different information regarding that. Alright. So just the one possibility. So now the main question, how would we go about doing it or may not actually is very good. Similar, not much to it. And if you look at Maynard for the year right here, you can see it's actually the same structure where you have an EMV and index and restart.

When function reset mint is if you're, for example, mint, what our FTE is to stick with our previous example about, do you want them in 200 yet? So what you can do is just mint more and then you have to restart with, because then you're starting with 0 101 to two. For example, if you just go to a next stress, we can easily go here because we have our secret data and no adult envy.

I won't show you this one because it's a private team would show it to you and you do it still our funds, which we don't want to have. But as you can see, there's actually one single difference. And this is client dot for maintenance. We go back into our Testament, go away. And assist you as a client for test net.

In this case, there's actually the one signal difference, which is happening, how we tend to rate from Medina, for tests and meeting for demeanor, or what you should take care of is of course, this is now data of the Testnet. You need atrial meaning data to perform. So would you go, what do you do you go to eight side wallet to your hashtag wallet, to any word you're using and would be copying, does operate ID as well as private key.

Same here as well. To, to, to up this main net, the.in we found, and then you a bigger, alright. I think we're done for now. Does this, how you meant, if any questions please feel free to, to ask me in August. I want to go deep on the person getting distraught. First of all, or just comment on the video or article wherever this will be published.

And yeah, if this was fun, please feel free to join again and feel free to ask. I was very yeah. Willing to help and wish you a good day. See you soon. Bye-bye.

This Mint documentation furthermore has the intention to show other projects, what can happen and should lead them to be prepared. We are early, but we are paving the way.

Adding, as mentioned in e.g. a former post published, we embrace the discussion and critique. I’d love answering every question and remark.

What has happened over the last two weeks?

While Guilty Panda Prison Gang gained traction, mainly by holding the chain-voting, we decided to take on the mint. We see the mint as an important event, as it creates hype and a rush in the project - which is needed to distribute a substantial amount of NFTs, which evolves in more hype. Hype is leading to an influx of new people, which is then leading to surging prices. We had a discussion at the End of December regarding the mint date - discussing the 11th or the 22th of January for the first tier drop. To ride on the momentum gained, we decided to mint on the 11th - knowing that it will be stressful, but expecting to be manageable.

Shortly after, we have seen the amount of work which needs to be done to prepare the mint in a professional manner. While we have been working for 3 months on GPPG, we focused in that time on building the community - not on the infrastructure of the mint. Adding, planning e.g. the technical infrastructure was not possible with certainty, as the chain voting ended on the 6th of January - 5 days prior to the mint. The technical checks however proved to be manageable. We were finishing the collection, building out the rarity structure, and hyping our community as well. Times were good: We had good activity within our socials, had Big Herc as an influencer (ex-prisoner and running the YouTube show ‘Fresh Out’) and strong support from the Hedera community. Adding, we jumped full-time in the project (as we are running a startup, we are flexible on that).

We thought it was feasible to sell out.

What has happened over the last five days before mint?

We got traction, people were joining, we were doing huge marketing efforts. We were full of joy as our hard work paid off. Our designer on the team, Yan, looked through 8000 different artworks - randomly generated - and ensured that the quality is high. Marcel went all-in on outreach on various channels (mainly Twitter and Discord), planned activities and ensured new people are coming in. I've built the technical infrastructure to hold a professional mint on Hedera. Preparations were going well - we were working tough times, but it was manageable. This changed a few days prior, however: We discovered different construction sites we needed to fix and due to our ambitious planning, this led to us running into no sleep and lots of stress - sacrificing most of our mental capabilities to think things through.

**Why didn’t we postpone?**We had different campaigns running for the 11th (whitelist) and 12th (public). Big Hercs videos were coming up, where we expected a lot of traction from, plus the 11th was communicated on every other medium/site/ wherever GPPG was somehow mentioned. Weighting potential losses in building the hype (by postponing and thus getting time to improve that) versus launching on the planned date and reaching the traction we’ve expected (and not postponing). Thinking both through led us to not postponing.

How did the launch go?

We run different analyses regarding the rarity distribution. A lot of our thoughts went into designing this - as frarity will lead to potential gains. Typical collections are doing this by throwing every layer into a (programmatic) “mixer” while stating the approximate occurrence probability of that layer. We also did that, however, this was not the end of our art creation process:

1. We’ve created a several hundred layers

To have a collection of 974 NFTs, which is truly unique, you approximately need 3 different variations of 6 layers. We did it differently - and created on average 25 variations per layer. Without doing the math, this leads us to more than a million possibilities - making GPPG pandaz truly unique but increasing efforts. We decided doing that to ensure high quality.

2. Stripping down non-fitting NFTs manually

We then generated about 8000 artworks, which were then manually checked and sorted out. There are a few things coming up when doing that: Every task, no matter which, takes any amount of time X. Taking the amount of time X, multiplied by 8000, is suddenly a lot of time needed to spend. Adding, time is not only needed in the sorting process - but in sorting the Metadata to it as well. The Metadata contains every information there is - and this needs to be right. I’ve written different scripts to make sure that no Metadata is to be confused, changed or deleted. Comparing different, randomly chosen, Metadata prior to merging and after merging led to the thought that everything turned out well. It actually went well, but we still had Metadata troubles from another source, which is covered in the latter.

3. Finalizing the Rarity Structure

The Rarity of a NFT is calculated by taking the total supply (974) and dividing it by the total occurrences of the one specific variation. Summing this up for every layer leads to the total “Rarity Score”. Due to the long time spent on the first two steps, this finalization was getting close to the mint. Things began getting hectic, but we were still running smooth - lost however our buffer if things go wrong. I’ve written a script calculating the rarity score for every NFT and plotted it - the rarity structure was not good enough. We had some very high ranking NFTs (approx. 5), which were outliers - and the rest were rather slightly different. This is a result of step 1 and 2 - due to having many layers and manually filtering/ curating the collection - which makes it harder to create a good rarity structure. We decided to add the rarity borders to the rarest NFTs - which is showing a) the rarity and b) increases the rarity score. Adding borders manually and scripting the automatic adding of the border data to the metadata allowed us to finalize the rarity structure.

We lost time in the process, however we were still on time.

Mint Launch Issues

Expecting potential problems occurring and situations getting hectic, things were prepared early on. We've created team-internally guides to ensure that we are running good - even on little sleep and little food. We were ready to launch.

Marcel and I were checking at 10pm Berlin Time (3:14 hours before whitelist launch) the border-image-to-code correctness one last time, and I’ve decided to do some trial checks - for the metadata - during that process. This was done during the process of step 2 (see above) probably a hundred times - however, I was never checking the metadata-for-image correctness. An error here leads to the art engine script being buggy, which is however used by almost every NFT collection - on every chain. I never doubted that but was checking it at that time, rather playfully than seriously. I’ve checked a random panda - this was fine. Checked another random panda - this was fine as well. I checked the third (and last) panda - the Metadata was wrong. By that time, we were 2 hours before the whitelist launch. We checked more pandaz to reproduce this error - unfortunately we could.

Within the 2 hours it would have been possible to sort the collection once again (matching Metadata of the 8000 previous pandas with the 974 curated pandas) - the scripts were existing. Still, I wanted to check one more thing: Is the Metadata of the first 8000 pandaz correct? Done by the engine every project is using? It was not, and I was devastated. There was suddenly no other option than postponing, which we wanted to not do from early on.

I did a rough time estimation, and we decided to postpone by 24 hours - main reason: keeping the momentum. At 3am Berlin time, we’ve seen that we cannot cover it timewise with normal sleep (6 hours). We worked the night and realized at 7am, that we cannot cover it timewise with the resources of our team. Checking each file was a time intensive process, and it needed to be thoughtfully and with full concentration. Lack of sleep did not help and rather slowed down the process. We started to onboard four friends, which were relentlessly checking the files and enabled a peer-reviewal process to ensure everything is correct.

Adding, we’ve found some bugs in image files, which were removed as well. We delayed the mint opening by 34 minutes, resulting in not minting on January 14th, 7:14pm but on January 14th, 7:48pm. The collection started to mint on January 14th, 7:47pm.

It was stressful, but we managed it.

Public Sale Postponement

At approximately January 14th, 10pm (4-5am local time), suddenly Guilty Pandas didn’t show up in our wallet anymore - leading to us not being able to distribute them. While some gang members already got their NFTs, others were waiting for it. We clarified with the Hashpack team, which initially thought the error was on the side of IPFS - the InterPlanetary File System, where the NFTs Metadata is saved on. However, we needed to wait for their development team to wake up (which eventually smashed a bug on their side leading to that problem). While waiting for them to wake up, we postponed the public mint by 12 hours to have enough buffer for them to fix the bug and to send out NFTs shortly after. We got access to their staging and could distribute the remaining NFTs.

At this point of time, the team slept a total of 6 hours and worked 51 hours straight - from Tuesday, 8am local time until Thursday, 11pm local time. We were a mess.

What did we learn?

We will do an extensive analysis and put this on hold for another week. Sure there were mistakes on our side and there were encounters we’ve had, which we were not responsible for - most of them of least. However, we will never know if an initial postponement early would have helped the project, but we did in good faith - keeping the planning to ensure success. This section will be extended - publicly or privately. However, feel free to ask in the next couple days. At the end of the next week, this should be completed by us latest.

We are sharing our lessons learned publicly, to help other projects succeed. Adding, we are helping any project approaching us happily. Other formats helping the ecosystem are coming up as well.

Thanks for reading and being part of our mission! We love you and we love the Pandaz! 🐼 🚀

We are not new to answering that. Having founded two startups by now, these questions always appear: Talking to Venture Capitalists, talking to consumers, users or clients. People want to know if the investment is worth it and challenge the team in that regard. There are various ways of answering that, and what I’ve found out over the years, is communicating it - very honestly, very extensive and very rationale.

Over time, I’ve applied the Sender-Receiver-Model to that use case. Fundraising for a startup dulls you, and you learn how to handle many nos (probably 99.9% of startups pitching for Venture Capital are getting a no). My way of handling is: Doing your best and if it is a no, take the no and move on. This post is doing its best, however this is of course a) no financial advice and b) somewhat biased as I am the founder of the gang.

Let’s hop into it: Is Guilty Panda Prison Gang going to moon? If yes, when?

In short: Yes. Soon.

In long: From my experience, there are many factors attached to have a project succeeding. Within our Whitepaper we list them, however do not attach the Gang to it but the concept. This is done on purpose, as we see the global picture as more important than the project, and we want to stay humble here. However, of course, every point described there is what we base on. We create a flywheel of self-inforcing factors.

https://guiltypanda.art/whitepaper.pdf

The flywheel effect was originally coined by Jeff Bezos, most well-known due to his activities with Amazon. In principle, however, this effect can translate to any other industry, project, relationship etc. - It describes an interplay between different success factors increasing each other, which is leading to overall success. The Whitepaper describes this effect and translates it to the concept of cNFTs.

What do readers take away? cNFTs are a good thing. What do they not take away from reading it? Is Guilty Panda Prison Gang going to moon?

This is somewhat on purpose, however, Discord limits the forms of communication. Discord is rather designed for interaction and community, people do not want to read 15 pages of texts. This led us to creating different announcements, each of them answering different questions:

• What is the utility behind Guilty Panda Prison Gang?

• What does it bring to hold the whitelisted status?

• What are and what kind of role are Jailbucks playing?

These are very condensed and factful announcements, designed to be short. Let’s extend this here on a different medium.

Guilty Panda Prison Gang is a project founded by three man, which founded several gaming startups and work in software development, sales and design. We entered the crypto world early on and are seeing many great use cases, however a dark side as well: Especially in the NFT world, there are many unsophisticated projects, where you can only bang your head against every wall there is. And people are investing in those.

We decided a few things before starting:

• We are different

• We are putting only a low amount of capital into it

• We want to be honest

• We want to increase value for every party

• (and probably some more things I cannot remember)

We stick by that. We differentiate ourselves and are in there for the long run. Thus, we came up with different core factors which convinces us, that we are going to moon:

• We have tons of utility, in fact so much that it gets confusing at some point

• We help every stakeholder we have in the best way we can and we are interested in the gain of our investors

• We believe in the possibilities which Web3 give us

While staying very general until now, let’s have a deep dive:

• We have tons of utility, in fact so much that it gets confusing at some point

We are convinced that a project can only succeed, if its community is strong and self-reinforcing. If we see fellow pandaz shilling the project, equipping themselves with PFPs and our gang sign (Panda Emoji + GPPG ofc), this is sparking joy in our hearts. While enthusiasm is always large at the beginning of a project, it is set in stone that this will lower at some point. The adventure is always more interesting that the status quo (my take on why some marriages brake nowadays). We came up with a solution to keep the excitement: The Jailbucks. We roll out more and more utility to it to keep an excited community engaged. A happy marriage doesn’t brake (or at least rarer than unhappy marriages). Adding, we are deep diving into having a solution that users can stake their pandaz. We have our cause and our DAO-reforming. We have a distributed royalty, which actually pays out to holders. Between Tier 1 and Tier 2 release, utility is a) added and b) Tier 1 holders are rewarded for their trust and willigness to be early.

• We help every stakeholder we have in the best way we can and we are interested in the gain of our investors

This one can be explained emotionally and rationally. In principle, we (think we) are good humans, and we want to give back. However, to answer the questions for mooning, this is more related to the financial aspect: As shortly explained in the team section, we have a complimentary team on the project which is leading to busting most limits they are. We help our stakeholders by e.g. developing and enabling infrastructure. We are thinking of developing a marketplace, which might be the first of its kind on Hedera (+ we are seeing a trend for proprietary marketplaces of projects on other chains). Having a team which is engaging and building up infrastructure, primarily for their holders, should result in strong price surges.

• We believe in the possibilities which Web3 give us

I’ve talked to many crypto teams here in Berlin. Someone might not know, but Berlin is a small but heavy crypto beacon (next to all the startups which are located there). Interestingly, most conversations regarding technology somewhat end up in sociology. DAOs are the best example, and I am pumped to see where this will lead society - to the good or to the bad. One thing is certain: Society will transform. DAOs are on the forefront, and we want to go DAO. Not only because it’s a possibility - but because we think Guilty Panda Prison Gang is the best use case for it.

When is Guilty Panda Prison Gang going to the moon?

Drawing from other chains (and this conclusion might be flawed), I expect a bull-run and a huge increase in prices to happen as soon as marketplaces open up. We might try to set up a Guilty Panda Prison Gang marketplace before, but this is not set in stone and no success factor. Rather, collections should generally do good. Right now, in the Hedera Ecosystem, some projects are live, however rarely collections. I am expecting them to surge latest, when marketplaces are opening up and the trading starts. This is the time, when real floor prices are calculable, and I am expecting Guilty Panda Prison Gang to do very, very well.

Closing Thoughts

We implemented every point and thought we had into the mission and the form of Guilty Panda Prison Gang. We are convinced that we are going to moon, however you can do convince yourself: Go through our Whitepaper and check the boxes and of course, feel free other points you use to evaluate projects.

Not only that, but we are not shying the conversation - rather embracing the discussion. Challenge us and we will deliver.

Stoked that you read that far. Feel free to hit me or the rest of the team in the jail chat. See you!

In principle, the two wallet supporting NFTs are:

1. Xact Wallet

2. Hashpack Wallet

Xact is older and more used, however is not supporting the newly proposed standard for metadata naming (HIP-20), however clarifying with them lead them to showcase their planning to integrate it soon. Thus, both wallets are good to use with a special use for NFTs.

At the point of writing, Xact is, however, not supporting the new standard. This being the case, this article focuses primarily on Hashpack and helps to set up a Hashpack wallet. This article is not associated nor sponsored by the Hashpack team.

How to set up a Hashpack Wallet?

Hashpack is at the point of writing a Chrome Extension (similar as Metamask is). The first step is therefore, if not already done, to install the Chrome Browser.

After installing the browser, head to hashpack.app and click on “Install on Chrome”.

https://www.hashpack.app/

Now press “Install on Chrome” and you are being redirected to the Chrome App Store - more specifically redirected to the extension by Hashpack. After pressing on the blue button on the top right (“Add to Chrome”), the extension is added to your Chrome Browser.

As soon as this is complete, head back to hashpack.app and click on “Launch Wallet”. This will lead you to another screen, asking you to set a password and to agree to the ToS. This set password will lock your Chrome Extension Wallet and should not be forgotten, however your wallet can be recovered later on by your private key, a connected ledger or your phrase.

The following screen will ask you for creating or import a wallet. As you are setting up your first wallet, press create.

The next screen then asks how you want to set up your wallet: Either with or without ledger. I suspect that, if you know what a Ledger is, this article is not read by you. Thus, press “Create New Wallet”, which will lead you to creating a wallet without using a Ledger.

The following steps are well-explained by the Hashpack Team, so we will only cover this briefly here. Creating/ saving your seed phrase is necessary to recover your wallet later on. As no third party is holding the keys to your wallet, you are the only one holding the keys: This results in you are the only one having access and the only one able to recover your wallet.

The seed phrase helps by that and consists of 24 random words. It is recommended to write them down securely. Remember: Anyone who has access to your keys, has access to your wallet.

Do not check the testnet checkbox (this is primarily for developers) and press next. Confirm that you have noted down your seed phrase with the next screen, and afterwards you are done: You have successfully set up your Hashpack Wallet.

One final remark: You have always access to your wallet by clicking on the “puzzle” icon on the top right of your browser, next to your user settings. Clicking the “puzzle” icon opens up your installed Chrome Extension. Choose Hashpack over there and a new window will pop up, allowing you to login.

Best!

This guide is mainly written for the minting procedure of Guilty Panda Prison Gang. If you have not heard of Guilty Panda Prison Gang however, feel free to check out the project. GPPG is a charitable NFT project on the Hedera ecosystem.