Crypto academy week 10| an introduction to non-fungible tokens-homework post for professor [@levycore]

Hello steemians, I'd begin by sending my regards to professor @levycore for his clear presentation on Non-fungible Tokens (NFTs) this week. I learnt about projects that use the technology of Non-fungible Tokens. I am going to describe how it is used as my presentation which was assigned to us by professor @levycore.

I will start by explaining what non-fungible tokens are.

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Non-fungible tokens(NFTs)
Non-fungible tokens are unique digital assets built on the blockchain. It is incapable of performing any other token of its kind.It has attracted the attention of many artists, especially in the art world. NFT also contains ownership information. Cryptopunks, decentralan, rarible, cryptokities, and other projects that use NFTs are examples. I'm going to put my presentation on rarible now.

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Rarible is a piece of software that enables creators and digital artists to sell cryptoassets that represent ownership of their digital work. Rarible is a distributed network at the same time a marketplace for those assets.

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The distributed network is build on ethereum, hence, supports their trade without other source between. Non-fungible tokens (NFTs) are the tokens generated by rarible. Unlike bitcoins, each NFT has unique properties. They can not change for each other. That property is regarded as fungibility. As a result, tokens on rarible are non-fungible. Parcels of virtual land, memes, and digital artworks are some of the rare NFTs available in the marketplace. RARI, the rarible cryptocurrency, has made its way to the platform's heart. Users can vote on proposals which affect the platform, artwork and creators.

How does rarible works?
Rarible is a market place that connects sellers and buyers to select pieces they want to buy.
To convert their work to NFT, creators will first mint a token with Raribles software. Before they do that, they have to fill in a form, by adding their images, and other data on the website.

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The rarible platform creates a new token on the Ethereum blockchain. The NFT, like other ethereum tokens, can be transferred from wallet to wallet using rarible's software. Raribles employs the Ethereum blockchain within NFT's code to display the complete history of transactions and their owners.

NB: Transaction fees must be paid by both the seller and the buyer after the transaction is submitted to the rarible network.
Rarible creators can set a percentage of future sales and automatically receive them by issuing token.

conclusion
Rarible is an excellent piece of software that facilitates trading without the use of a middleman. NFT can also be transferred from wallet to wallet using raribles. Hence, make it a great software for which one should make an effort to learn.

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This is the little knowledge I have on how rarible uses NFT in its marketplace.

I can't forget to express my heartfelt gratitude to professor @levycore for the valuable knowledge he imparted on us about non-fungible tokens during his lecture. I really appreciate and waiting patiently to take part again in your next lecture.

Cc: @levycore