Crypto Academy Week 12 | Homework Post for @levycore | Buying and Selling NFT

fredquantum (76)memberProfessorin SteemitCryptoAcademy • 3 years ago

Introduction

I've enjoyed another privilege to learn at the academy this week and it's been going on smoothly. This time, I've attended the lecture by professor @levycore which covers buying and selling NFT and of course, it was a great lecture. I'm presenting the solution to task given by the professor with this article.

Overview of NFTs

NFTs simply stands for the phrase Non Fungible tokens which means tokens that represents digital assets like artworks, music, games, collectibles... that has their identity traceable to a unique owner or creator. These digital assets undergoes verification on the Ethereum blockchain to have their unique identity to the rightful owner.

Source

The digital assets in the process of undergoing verification process on the Ethereum blockchain makes use of the ERC-721 token to get the assets tokenized on the blockchain and have the assets unique to the owner alone. NFTs has eliminated the wrong use of other peoples original invention, protect the invention for the owner, add value to it and makes it more durable as it last longer for so many years.

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NFTs Market

Non Fungible Tokens market can be termed as a platform/marketplace that offers trading of Non Fungible tokens through buying and selling, as such users can have their unique asset uploaded/created on the marketplace having being verified on the Ethereum blockchain and also offers other users to buy such collectibles on the platform. NFTs marketplace allow users to add value to their unique asset and monetize the tokenized digital asset. There are many NFTs market available at the moment and some are, Cryptokitties, Rarible, SuperRare, OpenSea, AtomicMarket, Foundation, BakerySwap and many more. In this article, I will be exploring CryptoKitties marketplace.

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CryptoKitties Marketplace

CryptoKitties is a decentralized NFTs marketplace which came in, in the year 2017 by Dapper developers, and an Ethereum blockchain-based platform which is a gaming platform that deals with virtual cats (kitties), and as such allow game players to have their unique virtual cats, add value to it and monetize the assets (Kitties). CryptoKitties has opened the door for game players to make money even while playing mere game unlike the traditional practice that users only play games for fun without any monetary value attached to the time spent on playing games, with this, CryptoKitties allow users to create own virtual cats, raise and sell, also user can buy virtual cats from other users for the purpose of breeding and monetize it later. The point to note here, each virtual cats have their identity traceable to a unique owner which could not be taken by another person or duplicate it in any way.

How does CryptoKitties work?

Knowing that CryptoKitties is a gaming platform based on trading virtual cats NFTs, users have options to breed, buy and sell virtual cats.

Breeding of Kitties: Breeding of virtual cats on CryptoKitties involves the process whereby users are allowed to start breeding virtual cats from the scratch. And the process of breeding, users can choose different features that they want the virtual cats to exhibit and some are; genes, cooldown speed, cattributes and so on, as users can select the physical features that they want to see in the virtual cat, genetics features also to desirable and later monetize the virtual cats when the assets have been fully bred. The assets remain unique to the original breeder of the Kitties and can't be duplicated.

Buying Kitties: Buying Kitties on Cryptokitties is another form of acquiring virtual kitties on the gaming platform whereby users can buy the assets from other player on cryptokitties and that makes the bought virtual cat theirs. The newly bought virtual cats can be modified and be resold at will thereby enabling users to make money while playing game. You can buy the virtual cats using "Ether" which is a native cryptocurrency of the Ethereum blockchain.

Selling Kitties: Kitties that belongs to a unique player can be sold to earn money through "Ether" on Cryptokitties gaming platform. Virtual cats placed for sale can be the ones bred by the user, or the ones bought and modified by a user and decides to monetize the virtual cats to make money while playing the virtual cat game on Cryptokitties.

Why I choose Cryptokitties?

As a game player and lover of cats, I see cryptokitties gaming platform as a great place for me to create unique virtual cats and monetize the digital assets. And for the fact that the assets remain a unique asset with the identity traceable to me alone, have fun while playing game and make money even in the process.

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How to Buy Cryptokitty (Virtual cat NFTs) on Cryptokitties

For this purpose, I will be exploring cryptokitties.co official page through the Metamask wallet which is an Ethereum blockchain-based wallet. This will start by launching the Metamask wallet.

Opened the Metamask wallet on my mobile.
Select Browser from the options available on the wallet to gain access to the DApp.
Then, visit cryptokitties.co/.
On the landing page of cryptokitties, select Get your own Kitties.
Connect wallet.

You are In. Click on my kitties, scroll down the page and click on Get your first furry friend to access the market place.

At the marketplace, I found a brownee with the name Susi Meanmoo owned by Malfoy Mats.
I loved it and decide to purchase it. It's worth 0.0144 ETH at the moment.

Now, I will click on Buy with ETH to complete the process. I couldn't finish the transaction because of insufficient ETH balance.

How to Sell Cryptokitty (Virtual cat NFTs) on Cryptokitties

Having covered how to buy cryptokitty above, you must have at least a virtual cat in your collections to be able to sell such asset. Now in this case, I decided to move to a tutorial of how to breed virtual cats.

Breed the virtual cats with different characteristics according to your preference.

_{Breed a kitty}

If the process of breeding was successful, then you must have virtual cats under your collections available for sale as shown below.

_{Bred Kitty}

Then, move to cryptokitty to the cryptokitties marketplace to list it for sale and add the price tag in ETH.
That completes the process of sale.
(Note that: I couldn't give the proper screenshots of the selling procedure because I was unable to own a virtual cat to myself).
The screenshot below shows what virtual collections looks like.

_{Collections- screenshot from cryptokitties.co}

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Advantages of Cryptokitties

Cryptokitties gives the benefit of P2P (peer to peer) trading since it's an open source gaming platform that enable users to transact with each other.
Collectibles (cryptokitty) on the platform can be monetized as users can have fun playing game and at the same time make money.
It offer users the ability to create virtual cats that has their unique origination to the original owner which cannot be duplicated.
Cryptokitties corrected the traditional practice whereby only game developers earn and make it better as players earn through their cryptokitty digital assets.

Disadvantages of Cryptokitties

Transactions on Cryptokitties are costly which sometimes lead to failed transactions. (Case Study: I later funded my wallet with Ethereum worth 36 USD and yet a purchase of 16 USD failed.)
Scalability is another demerit of Cryptokitties as the gaming platform transaction speed is very slow which often lead to failed transactions as stated earlier.

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In conclusion, Cryptokitties is a great blockchain-based gaming platform that allow users to breed virtual cats and sell at will to make money on the Ethereum blockchain. All cryptokitty collectives have their identity traceable to a unique player and as such, they cannot be duplicated. Thanks to professor @levycore for this awesome lecture. Thank you all.

Cc: @levycore

Written by; @fredquantum

#levycore-s2week4 #cryptoacademy #steemexclusive #steemit #nft #steem