Crypto Academy Week 10 - Homework post for professor @levycore- An Introduction to Non-fungible Tokens (NFTs).

Before I proceed into answering the question I will like to thank Prof. @levycore for this beautiful lectures, it was just apt and very Educating...

Now to the assignment proper.

QUESTION
DESCRIBE ONE POPULAR PROJECT THAT USES NFT.

MY ANSWER

What is NFT
Before we proceed to discussing on a project that uses NFT, let's first of all discribe what it is.

NFT- Non-fungible Tokens.

Non-fungible Tokens(NFT) can be discribed as those tokens that exist basically on the ethereum blockchains with each token possessing it's unique characteristics and functions helping in the improvement of the functionality of the blockchain on which they exist..

It's possesses the name Non-fungible because it is not easily interchangeable with other commodities, unlike the blockchain's asset on which they exist on.. In other words they are not easily divisible as means of exchange like the US dollars, Bitcoin, Ethereum, Tron and other cryto assets.

It is also known by the fact that they have only one owner, which automatically makes it Centralized commodity, though some are Decentralized, but then it gains it protection security from a Decentralized blockchain such as the Ethereum.

They are used in the creation of digital assets such as artwork, music, games, digital collectible etc.

The idea of NFT was first conceived back in 2015, with the first NFT(Non-fungible token) project established in 2017. Some of the such project include; Cryptokitties, WAX(Worldwide exchange), Enjin, Decentraland, NBA Top Shot, Rarible, Codex Protocol, Ethereum Name Services, Oxcert, Open Sea and a couple of lots more.. even some still in the development processes..

As an artist, as I skimmed through some of the project that identifies with NFT I picked kin interest in the Codex Protocol(one of the NFT's project) because of it affiliations with art collectibles. So to this end, I'll be discussing on Codex protocol. So seat back and enjoy..

What is Codex Protocol

As I had already hinted that the codex protocol deals with art collectibles. They are projects of the NFT that specializes with the collection, storage and auctioning of art collectibles under a secured and monitored environment.

Codex Protocol is a Decentralized block chain and this fact gives artists, appraisers, art collectors etc alot of boost to partner with the project..

The codex platform sets record for each art piece which is called the Codex Record. This record contains basic information you need on a particular piece you are interested in purchasing. Information such as stated below are found on codex;

-Provenance of the item..
Provenance meaning where the piece came from, it's origin and background.

-History of the owner of the asset is well documented for easy tracing.

-The piece is properly documented.. i.e every information you might need is well provided.

-With Codex the exact location of the collectible can be traced.

The aforementioned are what makes the codex platform very appetizing to Artist and art collectors.

THE PROS AND CONS OF CODEX PROTOCOL

Below are some of the pros and cons of Codex Protocol.

PROS

1. Codex makes it very easy for artist to store and market their product at a very secured environment.

2. Users of the Codex Protocol block chain have the privilege of collecting and owning codex coin.

3. Codex Protocol serve as middle men between artist and art collectors thereby evacuating cases of fraudulent act during art collection.

4. Codex makes piece immutable thereby discouraging cases of plagiarized work. Giving Artist and collectors the leverage of storing and collecting giniune and original asset or collectibles.

CONS
In as much as Codex has much benefits, Codex protocol still has some set backs, though Codex was actually built to eliminate these set backs but I think I still have one..

1. An artist existing on the Codex blockchain are not at the center of things. Codex won't allow you hyke your price to an amount you would love if it was a personal sales, this is codex providing a market price control which might actually be an advantage to the collectors though.

CODEX ADMINISTRATION

Codex was founded back in 2017. By this great founders; Joss Houlgrave, Andrew Moss and Mark Lurie. Other employees such as: Sebastian Tory-Pratt (Codex Designer), Colin Wood (Senior Software Engineer), Corinne Moshy (Business Developer), Jess Houlgrave (Advisor and Spokeswoman), John Forrest (Advisor), Abe Othman (Advisor) and a host of other advisers. The location of the Codex industry is traced to London and the company is basically for profit making.

The industry is currently working on an application called Biddable, were collectors will be able to bid for auction price very easily.

CODEX TOKEN

Codex protocol block chain offers codex coin as it token of exchange for the various collectibles purchased. So every transaction that takes place on Codex block chain, whether by collectors, appraisers, auction houses, mosuem, curators etc, they do this with the Codex coin.

The current price of Codex coin in the market is $0.0001522, It has a ranking of 3944 in the market ranking, and a trade volume of $554.40. It has a total supply of 60billion CDEX produced into the market.

HOW TO GET STARTED.

With very simple steps I'll explain to us how you can enroll on the Codex Protocol block chain.

First log onto the site https://codexprotocol.com/ and the site Below will come up.

Then you scroll down the page to were you have create codex record.

Then this page will come up, then you click sign up since you don't have an account already.

Then immediately you click the sign up button, the page below shows up. But then you are left with the two options Below:

For the first option:

I was told to create an external wallet called METAMASK since it's the free opening option, I proceeded.

Successfully created my account.

But there was a problem of Linking since it kept telling me to download the wallet. So I opted for the second option, which requires $100.

This page comes up and then I proceeded to registering.

Then I clicked this button for the payment actually.

So this comes up, proceeding meant I would have to send out $100 so I had to purse there.

But then after the payment the registration process will be complete.

IN CONCLUSION
Successfully setting a Codex Protocol account will entitle the user access to either sale or buy art original, authentic, properly documented art collectibles.

Thank you.