Repost: Steemit Crypto Academy Week 10: Homework Post for Crypto Professor @levycore | An Introduction to Non-Fungible Tokens (NFTs)

Hello, Steemians. I am happy to come back to the Steemit Crypto Academy to learn and of course, I've learnt from professor @levycore in a lecture where the professor spoke on NFTs and I will be attending to the task associated with the lecture.

Non-Fungible Tokens sounds like a new name in the crypto space but it's not, it has been around for quite some time but as of the moment, it's trending. NFTs made a credible wave in the year 2014 when a P2P financial platform which was originally built on the Bitcoin blockchain later created an avenue for users to trade card games and other cultural elements. NFTs can be referred to as digital assets which could be painting, images, videos or any other digital assets you could think of and they have a verifiable ownership. Also, NFTs is utilized to tokenize a piece of digital asset to make it scarce thereby preserving value for it just like the top cryptocurrencies in the crypto space.

In short, the data of these digital assets are saved on the blockchain, remember that blockchain is the ledger employed in the crypto space, NFTs utilizes blockchain to save the data of the digital assets owned by any individual and the ownership is verifiable, and this is customized to the person alone. It is important to know that most NFTs are built on the Ethereum blockchain, which is a great blockchain that has allowed developers to create tokens and DApps on it. And this new innovation (NFTs) has made transactions and identification of owner's work easier on the blockchain making the ownership of a digital asset authentic/unique.

It's important to know the uses of NFTs in different industries and I will create a small space to run through a few of them. The industries are listed below;

NFTs is very useful in the gaming industry whereby users can be in control of certain features in a particular game. For instance in an adventure game, a user can be in total control of sales of ammunition which could have been in charge by the game developer, ordinarily.

Another industry is the music's where a musician can choose to tokenize a piece of his/her work as this gives them the sales of original contents to the public, so that general public, people I regard as audience can buy directly from the verifiable source, created by the owner of the song alone.

There are unending list of NFTs uses in the industries but I choose to keep it little so I can dive into the task proper. It is useful in movie industry, sports industry and so on.

SuperRare is a project that uses NFTs which came into existence in the year 2018 and built on the Ethereum blockchain utilizing the ERC-721 token. SuperRare is an online marketplace for digital arts whereby users can place individual artworks displayed for sale with a verifiable and traceable to the unique user who originally owns the digital asset. With this, other users can't steal away your original work as it has its origination traceable to you alone.

In addition, users are required to upload their original digital art works on the platform whereby such piece of work would be certified on the Ethereum blockchain and the artwork would be accustomed as your unique piece of work, and it would be traceable to you, with this, it will eliminate the existence infringement of rights on your unique work, and eliminate the act of forgery.

SuperRare opens an avenue for original art creators to list their piece of work for certification and tokenization on the Ethereum blockchain using the ERC-721 token. Completing the certification makes the piece of work tokenized and unique to the original creator and this eradicate duplicating of such artwork. After which, Users can visit the platform and choose any artwork of choice and buy from the verifiable source (original creator of the art).

CryptoArt on SuperRare is referred to the items that are collectives which has been certified on the Ethereum blockchain, having their unique tracing to the original creator and already has value placed on it. The CryptoArt is the piece of artworks that original creators has placed on the platform (SuperRare) having value attached to it and a unique identity of the owner.

As an artist that places verifiable artworks on SuperRare, for every direct sales of your works you will get 85% of it and the remaining 15% commission goes to SuperRare, for example, your artwork was sold for $200, as a creator you get 85% of it which is $170 while the remaining 15% which is $30 is taken as sales commission by SuperRare. As a buyer, you are paying a transaction fee of 3% for every purchase made on SuperRare. Take for instance, you are buying an artwork worth $200, 3% of the worth which is $6 is what you pay as the transaction fee, and I think that is quite cool. As a secondary seller in an artwork sale, which means you have shares in the particular artwork, you are getting 10% on the sales of such artwork and take for instance, if the asset is sold for $200 then you get 10% of the sales which is $20.

Purchase on SuperRare is made using cryptocurrency and the crypto used is Ether, and this makes purchase on SuperRare achievable using Ether which is the Ethereum blockchain native token. To start collection of assets on SuperRare, you are required to connect your Ethereum based wallet like Metamask and Fortmatic wallets, basically, you are signing in to SuperRare for collection using the aforementioned wallets.

The aim of SuperRare is to create a platform whereby the works of an artist are preserved by utilizing the Ethereum blockchain smart contracts to give the piece of work of the artist value and its availability for a long period of time. And this would ensure the works of the artist retain its originality and value for many years to come, I call this a great innovation. And this has created a great platform for artists to preserve their original invention and place value on it, and it gives users the opportunity to buy artworks from certified source (the unique owner source).

NFTs importance to making assets unique to the original owner is with no doubt a great innovation on the blockchain preventing duplication of other's digital work and allowing value to be attached to such asset for a long period of time. SuperRare is a great project that utilizes NFTs that opens a platform for artists to tokenize their digital assets and offer users to buy from the verifiable source. I appreciate crypto professor @levycore for this great lecture.

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