Crypto Academy Week 10 - Homework Post for Professor @levycore || NFTs

Hello Steemians, this is my homework task on Non-Fungible Tokens for Professor @levycore. Hope you enjoy it.

Describe one popular project that uses NFT

First I will begin with explaining what Non-Fungible Token is for better understanding.

Non-Fungible Token is a data or a unit of data stored in a blockchain (digital ledger), that certifies digital assets to be unique in a way that it cannot be interchanged.
Non-Fungible Tokens are usually used to represent digital files like audios, photos, videos, artworks etc.
The copies of these digital items are also available for anyone to access. They are tracked on the blockchain in order to provide the owner with proof of ownership that is separate from copyright.

Most Non-Fungible Tokens are part of Ethereum, which ensures that the digital item represented is authentically one of a kind.

SuperRare is one of the popular projects that uses Non-Fungible Token.

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SuperRare

In a simple term, is a smart contract based platform on Ethereum, where artist can create artwork that is paired with token as unique as the artwork itself.
In essence, SuperRare is a market place where you can collect and trade unique single edition digital artworks. Each and everyone of the artwork is authentically developed/created by the artist in the network and tokenized as one of the crypto-collectable digital art/item that you can own and trade.

About SuperRare
In the advent of blockchain tokenization, producers and collectors are creating new ways to assign and transfer value.
With years of experience in Ethereum, Charles Crain and co, created SuperRare in 2017 on the new non fungible token standard.

Mission
SuperRare aims to directly empower artist to gain a new revenue stream and collectors a place to keep or trade art assets for appreciated value in future, totally void of traditional middlemen like, art dealers, galleries and to also open the door for entirely new possibilities such as the ability for an artists to gain 10% royalty each time a work changes hand in future.

For some years now, the thoughtful architectural creation of SuperRare, has led to an impressive growth in bringing new digital art collectors into the ecosystem.
As represented in the graph below:

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How SuperRare Works

To get started, you sign up to create account and link it with Ethereum's wallet. Once done, checkout the activity feed and follow your favorite artist and start collecting.

Here, all the transactions are made with ether. You can also visit coinbase to buy ether with your bank account, that's if you have not used cryptocurrency before.

The buyer pays 3% transaction fee, for all the purchases.
The artist pays 15% commission for the primary sales while the creators receive 85%. However, the creators receiver's 10% commission for the secondary sales(Royalty) which is an extra revenue.

Conclusion

Digital collectables has ushered blockchain technology to a whole new level outside of the traditional financial applications.
By this representation of physical assets in the virtual/digital world NFTs have demonstrated it's potential to be a very important part of not just blockchain ecosystem, but to the wider economy.