Steemit Crypto Academy Season2: week2 Assignment: NFT and popular project on NFT
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NFT is a short form for non-fungible token "Non-fungible" means that the item is spectacular and can't be replaced with something else. This concept shows that it is possible to acquire digital assets such as videos, audio, photos and other digital items with a blockchain based certificate of authenticity. An NFT is a unique, sophisticated and digital file. It only exists in digital form. It implies that there is nothing like it exchange it for what makes it very unique says Deacon Hayes. It uses some form of cryptocurrency, it has its own authentication.
Owning the NFT implies that items can be shared and posted online.
For example: A token is issued on the right in an art ownership, the right to own a digital picture. I can make a cryptographic proof, issue a token on that and now everytime someone uses the track to view or save picture, I then have a smart contract that track those who uses it. The rights and royalties are tracked and get distributed to the artist.
Rob Vigilion as the team lead of the Zen blockchain foundation and co founder of Horizon says" NFT 's right now have 2 maim schools of thought; one that revolves around the collectable aspect like music nights or Gifs. Another emerging one is focusing on consumer based experiences.
WHY ARE NFTs IMPORTANT?
FOR INDIVIDUALS
It allows people to buy and sell digital assets like never before. It also have a unique identification codes stored on a blockchain that sets each one apart. Examples include; Digital art, music and digital sports.
FOR INVESTORS
It gives a new opportunity for you to purchase or invest in a new asset class. It can also serve as a memory avenue to sell in 10, 20 if the album becomes a hit.
Is NFT a good investment?
The value of an NFT is to a very large extent based on the willingness to pay for it. The higher the value, the higher the price for it and the love/ need for digital assets over physical assets.
It creates several ways to make money from sites like open sea and Rarribke allows to turn their work Into an NFT and sell it on the platform. One of the most popular market places for digital sport card is NBA top shot.
Verified by Rarrible
Platforms like Rarrible has a dimensional step process for buyers or sellers, who aims to be verified. This include to present a 2 social media profiles that shows you are sharing your work and are actively involved in the community.
NFT provided digital content only
It is dessigned for the transfer of digital content only, it saves the task of stressful physical market.
RARRIBLE
RARRIBLE can be described as the first owned market place by NFT. However, it has shown some innovative features enough to attract investors. It can be said to be a non fungible token platform for protecting digital collectibles protected by the block chain technology. It is excellent at sighting ownership of digital assets.
Little wonder why investors are trooping in to Rarrible Erc-20 governance token.
The platform was founded by Alex Salnikov and Alexie Falin back in early 2020. It represents a digital focus platform for art work and allows user's trade collectibles on NFT and open sea.
It is interesting to know that Rarrible is heavily shifting towards being an actual Decentralized autonomous Organization( DAO), but presently it offers the artist the avenue to showcase a small portion of the content before releasing full content after purchase. The goal of the (DAO) is that the user's will be sole decision makers of the platform implying that Rari tokens are very crucial.
RARRIBLE GOVERNMENT TOKEN
On the 15th July 2020, Raribles governtt token was published as " the first government token on the NFT " space. It related to the group or community where lead decisions,policies will be taken without external interference. It also implies the community will be able to decide it's own future. The Rarrible community is working towards being a decentralized autonomous Organization and it's working tirelessly to achieve these solutions.The total Rarri supply token is set at 25000000 . With the 10% marked for airdroo, 2% is meant for Rari user's and 8% is meant for NFT users, 30% goes to investors and Rarribke team and 60 % for market place mining.
User's can obtain token either by buying it selling on the Rarrible market platform. Every Sunday 75000 Rarriare distributed to users.
IMPLICATION OF RARRIBLE GOVERNANCE
It implies that the holders of the token will have a say in policy decisions or Rarribke strategies.
The active user's will have the advantage to vote for system upgrade.
RARRIBLE has been able to secure NY based blockchain in investment in investment company. Called CoinFund. This is to aid Rarrible in the non fungible blockchain market place platform.
Also team Rarribke has been working on the introduction of an NFT market index which could allow user's follow up on potential investment and most prices collectibles.
To crown it all, Rarrible is also working on so many other supports such as social media features, support for a mobile application, several other contents and also support for portions ownership.
HOW TO CREATE YOUR PERSONAL NFT ON RARRIBLE
Go to rarrible.com and connect your wallet.
Click the blue create button at the end of the page.
Select whether you want to mint a single NFT or multiple NFT.
Upload your image, video, music etc
Specify price, name and other descriptions
Click create item
You will then be required to pay for gas fees.
In summary
It is no doubt that Rarrible offers a lot of great potential. It has high prospects in maturing the NFT market and it also brings new and exciting features to the platform. RARRIBLE market place solutions are vital to the overall growth of the community governance and NFT market.
Nice wrk, not very detailed on the project, but good illustration.
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thanks for participating
Thank you for taking out time to read the post.