Hello wonderful people, how are you today? I hope you're having a fantastic week. I'm ecstatic to be a part of this unforgettable lecture. In this article, I'll share my experience with Non-Fungible Token Instructed by @levycore.

What is NFT

A non-fungible token (NFT) is an inviolable and one-of-a-kind cryptocurrency coin. Each NFT cannot be replaced by another, the whole cannot be disposed of and used separately. NFTs have a wide range of possibilities for designing and distributing assets, including original works and blockchain technology.

NFT's History:

NFTs first gained popularity in 2017 with the release of CryptoKitties, a game that allows players to purchase and "reproduce" limited-edition virtual cats. Following that, game developers supported NFTs in a major way, allowing players to earn in-game things like digital weapons, swords, and many other accessories. The ability to tokenize game assets is a game-changer.

NFTs are commonly also used to sell a variety of online accessories, such as NBA virtual trading cards, art, visual pictures, videos, and even digital property development in Decentraland.

As mentioned on the main post of sir it was mentioned to talk about a popular project Decentraland.

What is Decentraland?

Decentraland is an Ethereum-based platform that aims to encourage a worldwide network to operate a virtual digital world.

Users of Decentraland will explore, connect, and play online games in this virtual environment while buying and selling virtual commercial property. Users can now use interactive apps, in-world purchases, and peer-to-peer networking thanks to the system's evolution.

Decentraland is an Ethereum-based digital universe or gamespace, that is controlled by its participants and regulated by a decentralized autonomous body that was launched in January 2020. (DAO). It does have three local tokens: Property, an ERC-721 token that reflects virtual real estate; Estate, an ERC-721 token that describes combined digital land parcels; and MANA, an ERC-20 token that acts as a utility token.

Working of Decentraland

The Decentraland platform is developed to monitor LAND token-defined estate parcels. The app uses the Ethereum blockchain to monitor control of all this digital land, so consumers must keep their MANA token in an Ethereum wallet in order to interact with its environment. Programmers are also able to experiment with Decentraland's system by creating their own animations and experiences.

Features of Decentraland.

Decentraland, as you may have assumed, aims to use digital blockchain technology to establish a decentralized free market system in a digital world.

• You join Decentraland as a character, or a virtual image of you, which you can completely customize. You can select from dozens of online costumes or pay MANA to buy exclusive clothing pieces and build a character with your own style.

• You can be a creator in Decentraland when you own a piece of Property, introducing scenarios or whole worlds to the LAND. Decentraland comes with a huge collection of pre-built environments, so no programming is needed.

• If anyone can't do their own products and therefore don't get to use the cheap services, you can always buy something from the Decentraland market. You may also visit the store to buy a name or a variety of clothing products

some difficulties with this platform.

• If Decentraland failed to live up to its potential of Virtual reality, interest in the concept will shrink rapidly. As a result, their rivalry is in a battle to the highest.

• Since it is a person-to-person network, their digital financial system depends on multiple users. They'll immediately lose traction on the site if they can't get a good number of users.

• The cryptocurrency market has gone down recently, which is beyond Decentraland's reach. Mana's network will struggle if the cryptocurrency market suffers.

Mana Coin Value.

Mana Price Statistics

Mana Market Cap

Conclusion:

There's really no doubt that Decentraland is an interesting and one-of-a-kind blockchain initiative. This will undoubtedly set the standard for any potential online video games. I can only assume that if more people accept the gadgets, the costs will go down anyway because I don't think acceptance can last as much.

#cryptoacademy #nft #levycore-s2week2 #decentraland #pakistan