Crypto Academy Week 10 - Homework Post for @levycore | Non-Fungible Tokens (NFTs)
Thank you for your lecture, @levycore, and best wishes on your new position as crypto professor on the steem block chain.
I'm here to turn in my homework, which will be a blog post about Bakeryswap NFT. To begin, I'd like to define non-fungible tokens (NFTs). In anticipation of your audience, I would like to express my gratitude.
Introduction
FT. 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:
By scrolling through the NFT market place on Bakeryswap, you can see the various NFT categories. CoralCoro, Doric, Celestial Vault, ETH pending 3, Crypto Art Coin Generation, and others are among the tokens currently available for purchase. Take a look at the images below to get a better idea of what we're talking about
Bakeryswap gives you the option of creating NFT combinations as a developer. Not only are these collectibles, but they can also be used to mine Bake (the Bakeryswap native token). Bake is mined for the staker when these combinations are staked. Although some do not have a lot of aesthetic appeal, their true worth can be seen in the financial benefits they provide.
On Bakeryswap, you can play NFT games.
Gaming is one of the most common applications of NFT in Bakeryswap. Since the early days of cryptokitties, NFT adoption for gaming has been on the rise. Pet battles on Bakeryswap are conducted using NFT, which is a radical departure from the standard trading method.
final thoughts
NFT is here to stay, and as its popularity grows, it is clear that the crypto world is becoming more creative and unique. Bakeryswap is a major player in the NFT market, with more exchanges adopting the technology every day.
Regards
@hamidsab