Steemit Crypto Academy Season 2: An Introduction to Non-Fungible Tokens (NFTs) & homework post for professor @levycore

Hello Steemians!
I hope you are all doing great.This is my homework submission to professor @levycore. I have read the whole lecture and I’ve tried to realise all the points very well. So, now I am doing this homework task on Non-Fungible Tokens (NFTs) topic. So, I’m starting my homework without any wastage of time.

Non-Fungible Tokens (NFTs)

Source

So first and foremost, I am going to give a description about what NFTs are. The full meaning of NFTs is Non-Fungible Tokens. The word Fungible defines something that can be exchanged or replaced and this will hold the same value. It is interchangeable like the USD, gold and in the cyber world Ethereum or Bitcoin. If I lend someone 20 cash euros and he returns me two 10 euro banknotes I’ll be fine with that even though they are dissimilar but those notes hold the same net value,because they are fungible.

While on the flip side, non-fungible clearly means that it is an asset that cannot be replaced. This has distinctive credits that build this differently from anything else in the identical asset. So now, we can specify that NFTs are non-fungible tokens.

Few main and favoured cases of NFTs are:

• Gaming
• Digital Art
• Virtual Land
• Collectibles
• Finance Collectibles & a lot more.

For this task I am going to describe a well known and latest NFTs based platform called Decentraland. So let's have an investigation into this,

Decentraland (MANA) :

Source

What is Decentraland?

Decentraland is a program operating on Ethereum that looks to encourage a global network of users to utilize a shared virtual world. Decentraland users can trade digital real estate, while exploring, interconnecting and playing games inside this virtual world. Over the years, this platform has grown to implement bilateral apps, in-world payments and one to one communication for users. Two dissimilar types of tokens control operations in Decentraland.

Those are:-

• LAND – A non-fungible token (NFT) used to interpret the ownership of land parcels signifying digital real estate.

• MANA – A cryptocurrency that ease the purchasing process of LAND, in addition virtual goods and services used in Decentraland.

• Alterations to the Decentraland software are laid down through a collection of blockchain-based sharp contacts,
  which grant participants who retain MANA to vote on policy updates, land subsidies & auctions for new developments.

Decentraland Creation

The Decentraland Foundation, the institute in back of the development of Decentraland software, was established by Ariel Meilich & Esteban Ordano in 2015.

The Decentraland team grasped an early Coin Offering (ICO) in 2017 uprising 86,206 ether (about $26 million at the time) to fund its following operations. The Foundation, which keeps 20% of the primary token supply, grasps the intellectual property rights and sustains the Decentraland website.Earlier to starting its platform, Decentraland instigate a decentralized autonomous organization (DAO) to revolve the management of the project over to its users. Additionally, the founding team declares the private key that managed Decentraland’s smart contract has been demolished.

How does Decentraland work?

The Decentraland application is constructed to track real estate parcels interpreted by LAND tokens. The software grips the Ethereum blockchain to track ownership of this digital land, and it needs users to hold its MANA token inside an Ethereum wallet to catch up with its ecosystem.
Further, developers are free to innovate inside Decentraland’s platform by designing the interactions & animations experience on the basis of their virtual real estate.

Architecture

Decentraland has many coated components assembled using Ethereum smart contracts.
The accord coat maintains a ledger that tracks the ownership of land parcels. Each parcel of LAND has a singular coordinate in the virtual world, an owner and a reference to a description file signifying the content inside the parcel.

Content Files – mentioning all static visuals & audio.

Script Files – clarifying the behavior & placement of the referenced content.

Interaction Definition – peer-to-peer interlinkage such as voice chat,messaging & gesturing Finally, the real-time coating facilitates social interlink inside Decentraland through user messaging, including voice chat & avatars.

Marketplace and Builder

Screenshot is taken from Source

Outside of the gaming habitant, the Decentraland team has ransomed a marketplace across with a drag-and-drop editor users can access to build scenes.

Why use MANA?

Users may notice Decentraland and find it fascinating as a customizable or shared virtual reality space. The Decentraland ecosystem may be fascinating for gamers looking for earning in game currency that has fiscal worth, which could be substituted for real-life goods and services. Investors may look for adding MANA to their portfolio should they trust in the future of virtual reality and its capacity to attach users all over the world.

Market Trend of MANA

Screenshot is taken from Source

The live Decentraland price is $1.37 USD along with a 24-hour trading volume of $717,508,641 US Dollar. Decentraland has risen 12.96% in the last 24 hours. The present day Coin Market Cap ranking is #58, with a live market cap of $2,168,606,748 US Dollar. It has a flowing supply of 1,578,089,513 MANA coins and the maximum supply is not obtainable.

Screenshot is taken from Source

The top exchanges for trading in Decentraland are currently Upbit, OKEx, Binance, CoinTiger & Huobi Global. You can detect others listed on crypto exchanges pages.

Source of Information

Conclusion

So this is all about Decentraland (MANA). I hope you all understand my explanation. Thank you.

Special thanks to professor @levycore for his lecture.

Cc:

@levycore
@steemcurator02
@steemitblog