Steemit Crypto Academy Season 2: An Introduction to Non-Fungible Tokens for @levycore

Describe one popular project that uses NFT

So what is a Non Fungible Token? It is simply a unit of data stored on a blockchain that certifies that a digital asset is unique and not interchangeable. once you own a NFT you are the only person that owns that digital asset, no two of which are the same, be they audios, photos or other types of digital files.

For this weeks homework we have been asked to talk about one popular project that uses NFT. I have decided to talk about CryptoKitties, which I think is one of the best known. I, like always missed out on these cats because I never pay close attention to what is bound to explode on the internet. Cryptokitties is based on the Ethereum Blockchain.

What is Cryptokitties? Simply this is a game where you collect and breed cats. As anNFT each Cryptokittie is unique and there is no other exactly like it. Now to get a Cryptokittie you have to have two grown cats to have kittens, you do pay a fee for this process. Once the Dame and the Sire have been together you will get an egg.

This egg will produce your own Cryptokittie, each kittie has its own Cattributes, and if you are lucky you might get a Cryptokittie with some unique Cattribute that makes it more valuable. Remember this kittie is a NFT and therefore unique and only you own this specific Kittie.

Are Cryptokitties valuable? Well the highest price paid for one is about $300,000.00, so they are actually quite expensive cats. Can you get to make this kind of money in this game? Probably not, but still luck holds out for some people and this game is still very active so you could hit a jackpot.

So, NFT in this instance are actually a fun way to invest some money and time and might make you rich. Personally I think Non Fungible Tokens are something that was bound to happen, mainly because everyone wants to own a piece of the internet and what better way than owning a digital asset that is unique and based on a blockchain.

Tagging:

@levycore