Homework

Hello steemian's how are you all,,hope you all are doing good. Myself @waseen1255. Second week of crypto academy season 2. This is my first homework for @levycore and also my first homework post for ever.
**I have been taking all lectures since week one, but couldn't give my lecture because i want to get as much as better as a i can before giving my own lecture. So today i decided to give it all. So lets get into it without any further dew. **

What is NFT:

As i go through all the lecture 3 time carefully and understand almost everything given by professor @levycore , NFT are a type of tokens and only one persom can depict them. nft is The abbreviation of "non-fungible tokens" which is not interchangeable. For example, a bitcoin is fungible trade one for another bitcoin, and you’ll have exactly the same thing, in short they have no physical appearance. They are very powerful token on the blockchain.

How do it (NFTs) works:

I will just give my understanding from the lecture. Let’s just put it like this
As we explain befer it has no physical appearance so, Nonfungible tokens prove ownership of a digital item – image, sound file or text, like we have BTC.
The first NFTs were made using the cryptographic technology underlying the Ethereum

source
The market would most likely narrate the importance of those coded pieces of information in digital format.
Now digital formats can easily be repeated/duplicated. But in NFTs Artwork can be "tokenized" to establish a digital ownership certificate that can be purchased and sold.

blockchain keeps all the record of the owner that who owns what” that cannot be copied because blockchain maintain all the world accounts.

When a single collectible is sold with authenticity, by a non-fungible token, it's value jumps to peak levels. They (digital assets) might drop to zero very quickly.

Trends in the NFT industry:

I will just give my understanding from the lecture. Let’s just put it like this
The cryptocurrency boom has created new millionaires looking for other digital assets that hold value to invest their gains.
The total traded volume for NFTs in December 2020 was around $12m. The figure soared to well over $500m in March 2021, according to data from NFT blockchain developers.

Given above in the picture are some of the projects using NFTs. And We are specifically going to talk about #sorare

Sorare:

' It is Ethereum-powered fantasy soccer collectibles'

• Released in 2019, is a global fantasy soccer game allowing users to buy, sell and manage a virtual soccer team with digital player cards. Each digital card in Sorare is a nonfungible token based on the #ERC-721 standard.

• As it is monitoring by the blockchain technology so that sorere cards owners can check scarcity and ownership of there cards, and transfer it free of cost.

• Each player card displays several attributes, such as #rarity, #average #score and #experience points. There are three types of player card scarcities in Sorare:

• Rare

• Super Rare

• Unique

Each player card has one Unique version, 10 Super Rare copies and 100 Rare copies.

• To become a soccer manager in Sorare, users first register their teams and claim 10 common player cards. They can then form a starting squad of five and earn points for players' performances in actual soccer matches. Users can also in various tournaments and get ETH in rewards.

source

Now, where to buy Sorare?

Sorare ia a digital card type currency, Every card is an official digital collectible, certified by a club or league. Sorare’s are non-fungible tokens, based on the Ethereum blockchain.

• Every card has its level of scarcity and uniqueness; the three levels are Rare, Super Rare and Unique. Each season the Superare team defines the level of supply of each player card so that everyone knows how scarce your card is, relative to the total supply of cards in circulation.

• Players can collect the football cards, trade them on the market, and participate in different gaming activities. Every Sorare card can be used to play in fantasy football tournaments on the platform. There are currently five-a-side games available. Sorare sells the player cards in packs, or you can purchase individual cards on the market with Ethereum or cash. In the tournaments, Sorare also rewards winners with additional cards and Ethereum payouts.
  source

That is all what i get from the given lecture, thank you.

**This Homework is plagiarism free. I wrote what I understood from the lecture and about Sorare, I do some research on the internet and wrote my own understanding. Anything that i use from internet, i mentioned the link of that.