Creating a species isn't the easiest thing to do, and I know. I've made multiple species before. You may not know it, but design isn't the only thing that matters in creating a species. Just like humans, and fairies, and dragons: there's a lot more to a them than what they look like. What they eat, and maybe even what they believe in plays a big role on the species' life style. This guide/tutorial here is for fantasy creatures, but I guess this guide/tutorial can help you out anyway. I hope this guide/tutorial can help you out on creating a species!
Making the species.
Now, I have to say, this is the hardest part of creating a species. I'm not going to get too much in detail with this, but it's rare that I use random letters, or well, to an extent at least. It's nice to have a name that "rolls off the tongue", or sounds nice when one says it. Which means that it wouldn't be good to have somethi