Crypto Academy Season 2: Week 2 || homework post for @levycore || An Introduction to Non-Fungible Tokens (NFTs)
It's my pleasure to write in this community for the first time, thanks to the community leaders for this initiative, In fact, you guys are really wonderful.
Thanks to our lecturers for their efforts as well, Here is my submission for the second week assignment by professor @levycore.
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DESCRIBE ONE POPULAR PROJECT THAT USES NFTs
What NFTs is According to the lecture
NFTs is abbreviated from the word “Non-fungible Tokens”.
These tokens are cryptographical assets that possesses individual codes and metadata, these tokens (NFTs) can be drawing, crafting, audio files, or texts. The main purpose of NFTs projects is to prevent copying another people works because they depicted only one official owner, these tokens can not be traded in equivalency
| S/N | NFTs | CRYPTOCURRENCIES |
|---|---|---|
| 1 | They are used in representing real word items, peoples identity, properties etc | Cryptocurrencies don't represent all these |
| 2 | NFTs can't be bought nor split into fraction products of its essential | They can be bought and traded for each other e.g Bitcoin to bitcoin |
| 3 | Examples include Cryptokitties, cryptopunks, raribles etc. | example includes; etherium, Bitcoin, Litecoin etc. |
The project I will be discussing here is Rarible
RARIBLE
Introduction:
Rarible is a project of a community-owned NFT marketplace, they use it in creating, selling, or collecting digital items which are secured with blockchain. Rarible is one of the marketplaces that allows users to trade liquid intellectual properties and any digital content with licensing via NFT tokens that enable ethereum users to create and sell digital collectibles secured with blockchain, this platform was launched in the beginning of 2020
How to sell on Rarible
To turn a work/creativity into an NFTs, creators must first “mint” a token using Rarible's software, so, one needs to first of all download and connect the MetaMask browser extension to Rarible. Once the wallet is connected, you can then interact in the Rarible market by buying or selling digital art.
Image sourceAfter the download and the connection, you can navigate to ‘Create collectible, which will give you the option to either sell either single or multiple editions of your art piece.
Image sourceAfter which you will have the choice to upload any file in the format of jpgs, pngs or gifs. In case you are having another type/format of file that the site didn't allow, you can easily use an online image converter to convert to an acceptable file type.
Image sourceNext, you will be told to enter details of your artwork and set a price. Also, you can set percentage royalties of future sales and add unlockable content.
Image sourceLastly you will have to follow the wallet instructions, you will pay a gas fee to verify the transaction on the Ethereum blockchain. Once the transaction is verified you can mint the token and sign the order sell.
Write-up Guide:
Link here
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