Steemit Crypto Academy Season 2 Week 2 Homework Task By @nav1; NFTs

Hello to everyone, I first want use this opportunity to thank professor @levycore for delivering such great lecture. Without getting time wasted lets get into it.

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What is NFT?

NFT, or Non-fundable tokens are a form of cryptocurrency that are developed on a platform called Ethereum blockchain precisely on a smart contract platform. This blockchain platform makes use of a chain of computer systems to make a note of transactions and gives verify to buyers its ownership and authenticity. NFTs are special electronic items that can be pleasing to have or even much profitable to sell them.

Let’s look at it as a digital collectible cards perspective. They usually begin out as a thing that only enthusiasts look after, but finding an uncommon one, its value will be worth more money someday. An designer can design a digital piece of art like a picture, and will be able to trade it on a finite supply of number on NFT trading centers. NFT market centers are not available anymore once the limited number of trading center runs out.

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How do NFTs work?

How NFTs work really depends on the platform but with the wide number of NFTs are created on the Ethereum platform, I will be throwing more light on that. The creation of NFTs on the Ethereum’s blockchain makes it immutable; meaning it cannot be changed from their original state. Once you take possession of an NFT, no one on the platform can undo that and no one can also bring into existence the same one as yours. In addition, no permission is needed in order to create, buy, or sell an NFT. It can also be viewed by anyone at all.

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What are the Features of NFTs?

1. Uniqueness; All NFTs are unique and the smart contracts play the role as a certificate of authenticity.

2. Rarity; NFTs are really scarce assets. The rarer the NFT, the more worth it has.

3. Interoperability; It can be sold, bought, or traded over a decentralize Blockchain network without any difficulty.

There are a couple of projects that makes use of NFTs. One of these known projects I will be talking about is SupreRare

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What is SuperRare?

John Crain developed SuperRare in the year 2017. SuperRare is a trading place to purchase and sell unique and also single-edition digital fine arts. Every artwork is genuinely brought into existence by an existing artist in the network, and badged as a crypto digital gem that can be owned and traded by anyone. Every art found on SuperRare platform is interpreted by an ERC-721 token. There is a 3% fee on all purchases, paid by the buyers.

The technology behind SuperRare is a peer-to-peer trading platform for NFTs built on Ethereum.

Buying and Selling of Digital Artworks on SuperRare

Buy an artwork at the required price or you can submit an offer by placing a bid. Once you take full ownership of the art, you can sell it again in the secondary market to other collection agents. You can only buy artworks on SuperRare using crytpcurrencies like ether. Fiat currency is not accepted at this time, but might come to pass in the nearly future. Who knows?

How does SuperRare work for creators?

It is clear that SuperRare is still in its early development stages enrolling on a couple of specially selected artists. You can submit your artist profile so you can be on SuperRare's radar when it is launched fully next year.
Here is the link to submit your profile

What currency do I need to be able to buy items on SuperRare?

Artworks bought on SuperRare are paid with cryptocurriencies, ‘ethe’ to be precise because it is developed on an ethereum platform. At coinbase, it is much easier to buy ether using a credit or visa card if you are not familiar with crytocurrencies. After purchasing ether, you can now purchase arts on SuperRare using the ether you bought.

What is the future of SuperRare?

Even though NFTs are new and people are a busy developing virtual societies. SuperRare happens to be one of them. SuperRare went ahead and made a deal with popular museums and talented artists. It appears that many collectors are now moving from the real society to the virtual society. These collectors and also many investors are gradually considering this tokenized arts as future investment options.

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So it is clear that SuperRare has a better future by just looking at the statistic above.

Where to find SuperRare?

All SuperRare apps are much easier to use, which makes buying and selling of artworks much easier to do. Artworks from SuperRare can be bought through the largest NFT trading center, that is the OpenSea. OpenSea gives chance to companies and independent artist to sell their items through it. SuperRare has sold over 25,500 artworks through OpenSea.
You can visit OpenSea here

Conclusion

People who are so good in arts should probably give this platform a try, who knows? They might be successful there. But before they do so I will advise they make the required research about that and also try reading their terms and conditions.

Thank you!