Steemit Crypto Academy Season 2: An Introduction to Non-Fungible Tokens (NFTs)

DESCRIBE ONE POPULAR PROJECT THAT USES NFT?

INTRODUCTION

Before explaining a project that uses NFT let know what NFT is all about.

NFT is an abbreviation that stands for Non fungible token. NFT means a digital token that is unique and can't be easily interchanged. It is a rising type of tehnology that gained ground among
cryptocurrency in 2020, after the Defi boom.Although 2020 gave a solid foundation for NFTs, 2021 has seen as a mainstream with major partnerships from sectors including sports and digital art. from the whole of 2019 In the first half of the year, an amount of US dollars was transferred into NFT system which is about $232 million up to 50percent.

NFT is a digital asset that includes musics, videos, drawings and Gifs and other digital “items” with a blockchain-based certificate of authenticity. Ownership of NFT by a person doesn't mean the person own the copyright because it can be shared and posted online but the joy around is using the technology to sell digital art.

Meanwhile NFT are now used by great men, musicians, artist to monetize digital goods that have formerly been free or cheap. NFTs are often touted for their ability to radically change gaming, collectibles, digital art and other sectors, although their satisfaction is still being researched. Having known what NFT is about, the next is to give a description on a popular project that uses NFT. There are many project that uses NFT, but among them all we talk about one of the major projects that uses NFT which is CRYPTOPUNKS.

CRYPTO PUNKS A PROJECT THAT USES NON-FUNGIBLE TOKEN( NFT)
CRYPTO PUNKS is considered to be one of the oldest and one of the first non-fungible token (NFT) project. It has only 10,000 unique CryptoPunks 6039 males and 3840 females and this puck is owned by one person, generated uniquely by the use of Proof-of Ownership kept on the Erthereum blockchain.

Cypto punks project was created by American studio Larva Labs, a team of two persons consisting of Matt Hall and John Watkinson 2 software developers both from Canada. At first these punks were made available during its first release, however all of them were claimed very fast and are now traded on marketplace.

The project is a decentralized digital art market. This project was inspired for ERC-721standard and modern crypto art movement.Crypto punks is characterized with certain rarity on basis of its types, attributes and accessories For example most of the 10000 Punks are human but the are also three(3) special types which are Zombie, Ape and Alien. Each punk has a distinct accessories which includes glasses, hats etc. and the worth of each punk is determined by the number of accessories it has.

Cryptopunks are considered as NFT,s pop art, digital blue chip art investment, by investors and collectors.Those interested in punk can install meta mask to connect their Ethereum wallet and then purchase and sell their punk on a marketplace like OPEN SEA

The sudden increase in the NFT market was as a result of the explosive growth of sales and prices which was seen by Crypto Punks.

According to NFT data provider Cryptoslam It disclose that Crypto punks indicates the highest Crypto collectibles sale to date with a price of 4200 ETH at the time of purchase.

Thanks prof@levycore for your lecture i really appreciate it