Describe one popular project that uses NFT - Cryptopunks

Thanks to @levycore for taking the time to explain Non-Fungible Tokens and how they work in his class, I will love to be a part of your class in the future. At the end of the class, we were required to "Describe one popular project that uses NFT" but before then, I will have to explain NFT.

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Non-Fungible Tokens

Non-Fungible Tokens (NFTs) are tokens used to represent either a physical asset or a digital asset on the blockchain and can't be replaced. Fungibility is often associated with currencies as they can be changed since they all look alike, but in other to make it non-fungible, it has to be a one of its kind, making it very unique. NFT represents singular value for arts, collectibles, items and so on. NFTs are often built on the Ethereum blockchain so as to create an immutable distributed ledger of it although, other blockchains are already having NFTs and do not forget that NTFs are tokens (cryptocurrencies.).

Cryptopunks

Cryptopunks is one of the earliest NFT projects. Founded in 2017,it is a project with 10000 unique characters created by an algorithm and stored in an ethereum smart contract. Each image is made of codes built on the ethereum blockchain. This pictures can be owned and every detail about the image is in the code including the ownership of the images. The images are a 24 by 24 Pixel.

Cryptopunks Images

Founded by Matt Hall, and John Watkinson of Larva Labs in 2017, as an experiement and when they were done, they rolled out the first for free to be claimed by sending $0.11 as transaction fee.

How Cryptopunks Work

To use Cryptopunks, you need an Ethereum address after which you log into https://www.larvalabs.com/cryptopunks with MetaMask or any other Ethereum Web 3.0 wallet. After logging in, you click on a punk you like after which all details of the coin will be showed. If the punk is something you like, you make a bid after which the owner of the punk recieves and counter bid or accept the price.

Cryptopunks pixels are now sold for millions of dollars as the arts are scarce and can only be owned by one person. The arts cannot be hanged anywhere physically but cryptopunks have created a digital art scene. To verify that the Punk purchased is original, the buyer would compare the SHA256 hash on the cryptopunks image to the hash stored in the contract.

Conclusion

Cryptopunks pixels would someday become the Mona Lisa image of the future, the images are currently selling at a high value compared to when it launched and was given out for free. Cryptopunks also holds the title of being one of the earliest NFT projects.