CRYPTO ACADEMY WEEK 1 HOMEWORK POST FOR @levycore: Describe One Popular Project Uses NFTs. || Homework done by @Damzxyno

Hello fellow Steemians, I present to you my homework given by Professor @levycore. In this post, I’ll write on a popular project that uses NFTs.

What is NFTs?

Almost everyone alive is aware of the Mona Lisa painting by Leonardo da Vinci which of immense value- in fact, it is the most valuable painting in the world. Other numerous valuable objects such as baseball cards, rare coins, jewelries, gems, stamps, artefacts, action figures and movie collectibles which have only one original copy.
Similar digital items of value exist in the blockchain, they are known as Nonfungible tokens. These Nonfungible Tokens (NFTs) can images, audio files, or texts which contain unique information that makes it officially owned by one person. There may be several copies of it existing, but there can on be one original. One copy of a NFTs is not of the same value with another copy, hence the name non-fungal.
NFTs are very secure, it can only be traded on Ethereum based market. It is a powerful tool for content creators to secure and place value on their digital content. Example is the founders of Twitter, auctioning the first tweet which has been transformed into a Nonfungible token. The NTFs is well recorded on the blockchain, protected by cryptography. When NTFS is acquired or paid for, what is being gotten is the right to transfer the token to one’s wallet.
### Numerous project has being created since the inception of NTFs in 2012. Today, I would be drafting down extensively on a Decentraland which is a platform basedon Ethereum Blockchain.

Decentraland

Decentraland is a virtual reality game in which players can acquire pieces of spaces and other NTFs such as pictures/images, music, collectibles and even the popular **cryptokitties**. MANA is the official cryptocurrency for enacting these transactions such as acquisition of spaces, NTFs and playing casino games. MANA as at the time of writing this post is valued at the exchange rate of $1.28. The cryptocurrency is available for exchange on Coinbase, Binance and other trading app.
Spaces in Decentraland are known as Land which is 16 meter by 16 meter depicted by a NTF image. Anything can be achievable on a piece of land, things like casinos, art galleries or display. There are a total of 90,000 land parcel in Decentraland with the developers owning all the common spaces, plazas and road. Other land can be owned and developed by the players. Land parcels are acquired on market places within the game or third-party such as OpenSea.
CryptoKitties and other NFTs are showcased and sold in art galleries, and casinos also exist where players can play games to win MANA. Many developments are present within the virtual game making it one of the most popular decentralized virtual game.
The developers of Decetraland started the platform to assign ownership of digital lands to people. These digital real estate were implemented on a 2-dimensional grid. Soon, the platform metamorphosized to be a 3 dimensional metaverse. Today, Decentraland has grown to accommodate so much more than it had.

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Image Source:

- NFTs Image
- Decentraland