Crypto Academy Week 10 - Homework Post for @levycore|| The Bakeryswap NFT

in SteemitCryptoAcademy3 years ago

Thank you @levycore, for your lecture and congratulations on your new appointment as crypto professor on the steem block chain.

I’m here to submit my homework and I will be writing on Bakeryswap NFT. First I will like to look at what non-fungible tokens (NFTs) means, as a way of introduction. Thank you in anticipation for your audience.

image.png
Image

Introduction
Non-fungible tokens (NFTs) are unique digital assets built on the block chain. It is unique in that no two of a particular asset is produced. For example, on Bakereyswap exchange, we have Owl NFT. The Owl NFT is one of its kind and does not have a duplicate.

That means, you can’t sell off the particular NFT and buy back again from an exchange, except you buy back from the person you sold to.

One may ask how does NFT work? Well, NFTs are built on block chains. There are some built on Ethereum block chain, Binance smart chain, among others. Since we are looking at Bakeryswap NFT project and Bakeryswap is a bInance smart project, our NFT project on discussion today is built on Binance smart chain.

The Bakeryswap: Collectible NFTs
Bakeryswap, just like other exchanges like Pancakeswap and Julswap offers a market platform for trading of NFT collectibles. If you have your NFT stored in a compatible wallet like Trust wallet, you can easily trade it on Bakeryswap under DAPPs.

When it comes to NFT, Bakeryswap offers some unique features, ranging from normal art features like bake patterns to furry monsters in their design. The platform offers developers the opportunity to design anything unique within the NFT market place.

The NFT collectibles are placed for sale and their value depends on potential utility and collectability. A powerful monster design will sell faster than a less powerful one and a rare or in-demand NFT will fetch a higher price than others. An example of Bakeryswap NFT is the Owl NFT shown on the picture below:

image.png
Image

The different NFT categories can be seen on Bakeryswap by browsing through the NFT market place. Among the available on sale as we speak are CoralCoro, Doric, Celestial Vault, ETH pending 3, Crypto Art Coin Generation, among others. Check out the screenshots below:

Screenshot_20210419-115228_1.png


Screenshot_20210419-113213_1.png


Screenshot_20210419-113200_1.png

Screenshot_20210419-113146_1.png

As a developer, Bakeryswap also offers you the opportunity to create NFT combos. These are not only collectibles but can be used in mining Bake (the Bakeryswap native token). When these combos are staked, it mines Bake for the staker. Although some do not have great aesthetic pictural attraction, their real value is seen in the financial benefits.

Gaming NFT s on Bakeryswap
One of the major use case of NFT in Bakeryswap is gaming. In general, NFT adoption for gaming has been on from the time of cryptokitties. On Bakeryswap, Pet battles are done with NFT, a complete deviation from the well known normal trading.

Conclusion
NFT has come to stay and with the increasing popularity, it is obvious that the crypto world is going creative and unique. More exchanges are adopting the use of NFT by the day and Bakeryswap is a major player in the NFT market.

Thank you for stopping by.

Cc:
@levycore
@steemitblog
@steemcurator01
@steemcurator02

Sort:  

Hi @greatness96, thank for submitting your homework.

Feedback

You have done good job in explaining the Bakeryswap with some unique features that ease developer in managing the assets.

Rating : 8

Thank you.

Coin Marketplace

STEEM 0.35
TRX 0.12
JST 0.040
BTC 70733.96
ETH 3563.16
USDT 1.00
SBD 4.76