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Introduction to NFT's(Non Fungible Tokens

Fungible in english means anything that can be switched or substituted with something of equal value and non fungible means that thing cannot be replaced or substituted.

Nft is a special proof of ownership over digital asset you don't possess physically but digitally, such as digital drawing, digital video, or song, with code which proves the owner of the digital asset.

These codes makes it difficult for it to be duplicated and even if duplicated cannot be like the original one the owner possess. Non Fungible tokens are not like cryptocurrencies that can be traded for each other because they have code which differ from each other.

Nfts are built on blockchain like ethereum,binance and are kept in digital wallets.

A typical example of NFT is when Paris Hilton sold a picture of a cat for over 17,000 dollars worth of eth.

Describe any popular projects that uses Nft.

SRC.

The project i want to describe here is called sorare.Sorare started with major league soccer players association in the United States of America and today embraced bigger teams like real madrid, Juventus, bayernmunich among others.
Sorare is a sports platform that makes use of nft, sorare moved to ethereum blockchain from thier previous host loom in 2019. Sorare is a fantasy soccer game which uses ethereum blockchain and was developed by Nicolas Julia and Adrien Montfort.

The Player acts as a manager makes management decisions of a virtual team such as managing the squad of players,transfer of players, and selecting your initial squad, all the players in the virtual team posesses digital player cards.

Sorare uses ethereum blockchain to protect each player card and distribution of the card,these cards are few in number and cannot be copied for another player.This is where the non fungible token comes to play because every player card represents a non fungible token on the ethereum blockchain and makes use of the ERC- 721 token, every player card here is unique and coded which enables it to be verified on the ethereum blockchain network,two players here cannot have the same code but differs from one player to another.It is only the person handling the virtual team has access to all these players cards.

Sorare has signed licensing partnership with teams such as real Madrid, Bayern munich, Paris st germain and many others,which enabled the sorare cards to have the current season of licensed teams players photo or names.

By 16 of january 2021 130 plus clubs were present in the game total. Sorare are also backed by Ubisoft,E-ventures,partech,consensys.
Sorare enables managers or users to use their cards to compete each week for reward and prizes,when a user performs well against other users in the game or competition the user wins a prizes worth of 0.01eth around 9 dollars, also when players perform well in real life points are attached to the players cards any user is in possession of.
Sorare unique card represents the football player and the season in which that footballer played.

In July 2019 sorare announced a 3,500,000 euro seed funding round led by e- ventures and joined by German footballer Andre Schurlle which made them more global and in December Spaniard footballer Gerard Pique joined sorare team as thier strategic advisor.

How sorare is been played

Create your first team by collecting your favourite players from www.sorare.com and sign up then you will receive your ten free cards.

Proceed to building your first five man team then register your team for the upcoming competition in which if your team perform well you will win player cards.

Before the user can enter the transfer market the user need to connect an ethereum wallet and fund the account using eth or credit card, you can now sell player cards you have won while competing on the transfer market.

Transfer of players

You click the secondary market tab to get more players whose card are valuable.

After clicking the market tab, there you find all collectible cards that are on the sales transfer, then you bid the price where you can also be outbid by another user.

Cards found here are rare, Super rare and unique, the player becomes expensive as the card becomes rarer.

For example a unique card of Cristiano Aveiro Ronaldo Dos Santos 2020/2021 was sold for 84,409.08 euros(52.885eth).

Sorare users are almost 45,000 and counting,in October sorare users spent over 1,000 ,000 euros on football collectible cards.

How users benefit using sorare for fantasy football game.

Based on the cards won, the cards have worth and can be used to win prizes of 0.01 eth of tradable cards on weekly tournament competition.

There are some tools created by the sorare community that makes it special such as the community World cup,sorare data that enable users track best valuable players, and players performance of the past seasons.

Users are able to participate in other website such as the sorare tournament, which enables users to come together to compete in different tournament this is made possible because of the cards the users own.

Conclusion

The main motive of sorare is to bring together 20 major leagues in the world and they are heading towards that dream by bringing k league and j league in Asia to join sorare in 2020.
Sorare wants to make its fantasy football game be used by football fans from all corners of the world.

Thankyou
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