Steemit Crypto Academy Season 2: An Introduction to Non-Fungible Tokens (NFTs) by @levycore.

NFT is getting more popular and the use cases of NFT has increased since its association with blockchain started, NFT has retained the power to give strength to content creators and allow more creators have value for the produced content. From the class attended by the professor, I learnt so many important lessons from the class but one lesson that made me very happy and interested in the course is the fact that even after creators sell their products, they still retain the right to those items.

In a normal global setting, once an artist sells his product the only thing he has to benefit is the money for the item which has been sold but in the case of an NFT even if the piece of work has been sold at a highly expensive rate, the creator still has the right to the art work which means that anywhere the art work is mentioned, reference will be given to the creator of that work.

There are different platforms that support NFT tokens but the professor that gave out this task asked us to describe one popular project that uses NFT and I will be analysing CryptoPunks in this post, I hope that you enjoy reading.

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The History of CryptoPunks.

CryptoPunks was created by two software developers named Matt Hall and John Wakinson, this development attracted a lot of controversies at the beginning but today CryptoPunks boasts of being the force behind the movement of CryptoArt. During the early days of the blockchain movement, Matt Hall and John Wakinson wanted the vibe at that moment to reflect in their punks and so they went ahead with it.

There are 10,000 pixel art images on CryptoPunks and each of these pixel art images have clearly distinctive characteristics and features there is a particular pixel art work that has seven attributs combined and also eight other available pixel punks that have no distinctive feature of their own.

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The CryptoPunks are very much available to be viewed by anyone interested, each of the piece of art is given its own specific page making it very easy for viewers to differentiate clearly between each of them without mixing them up but after viewing these images, the right to ownership can only be for a single person (that is a major rule on which NFT must stand for), every single detail of ownership transfer is also clearly documented on the blockchain.

The CryptoPunks cannot just be found anywhere anyhow because the idea is to ensure that they are scarce and just one person at a time has access to own it. These art works are made visible on the blockchain and cannot be altered or tampered with at any time since its security is backed on the blockchain.

There is an option for auctions where the highest bidder will own the pixel art.

Transactions on CryptoPunks- How it can be Sold and Bought.

CryptoPunks happens to be the first Non-Fungible token built on the Ethereum blockchain and when the project started, it was possible for users to claim these digital art items for free and now all the produced 10,000 pieces of digital arts have been claimed, anyone who wants to get these piece of art now must be ready to pay for them.

The current lowest price punk available goes for 19.25 ETH ($45,589.01 USD)
Number of sales (Last 12 Months) 8,885

To purchase punk just follow these procedures.

Get an installed chrome browser plugin known as MetaMask, this will give room for the authorized websites to have access to the Ethereum account. Once the plugin has been installed on your browser, the website will quickly recognize it and install an automatic button that will allow the purchase and the sale of Punks.

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