Steemit Crypto Academy Week 12 - Homework Post for @levycore | by @mandate

INRODUCTION TO NON FUNGIBLE TOKENS (NFT)

NFTs also known as non fungible tokens are tokens that are built on blockchains just like every other token but can't be replaced or exchange for other tokens such as Bitcoin and the rest.

NFTs are more like a digital assets such as art collections, videos, games and files which are taken to be assets. NFTs can only be used to get other NFTs entirely. The first set of NFTs were built on Ethereum block chain but due to the high transaction fee of the etheruem block chain it wasn't well known.

After sometime more blockchains such as binance has also allowed for NFt to be created on their block chain, which made NFT more popular.

NFT has made it easier for artists, and alot of people to have to opportunity to sell their creativity online and earn digital tokens. They are able to exhibit their works without shame or trepidation about having people to mock them because there is autonomous on the NFt exchange platforms.

##Types of NFTs marketplace

A platform where NFTs can be bought is reffered to as NFT market place, these are platforms that allows for the exchange of other cryptocurrencies for NFTs or other NFTs for NFTs. Listed below are a few of the available market place.

This market place are built on different blockchains making it possible for exhibition on various blockchains.

1. Rarible

2. Super rare

3. Foundation

4. Opensea

5. Bakeryswap etc

BAKERYSWAP

This is a decentralized exchange (DEX) and first automated market marker(AMM) built under the binance smart chain (BSC). It has its own basic token called bake which is used as transaction fee when buying and selling NFTs and also when exchanging on the platform.

This platform offers various defi services such as swapping, exchanging, staking, farming and as well have a NFT supermarket.

The interesting part of this platform is that if one acquired NFT from the bake NFT market one can earn the native token of the platform for free. The platform is also easy and stress free for use. Bakeryswap was launched September 2020 and has proved to be without any fraudulent activities ever since.

HOW TO BUY NFTS ON BAKERYSWAP

To Buy NFT on bakeryswap, you first need either metamask, a browser that has a metamask extension or trust wallet. In this tutorial I will be making use of trust wallet dapp because it is easier.

Step 1
Open your trust wallet app, then click on dapp, after that you type or paste the link to bakeryswap site. (https://www.bakeryswap.org/).

Step 2
Before you search the link, change the network of your trust wallet dapp to smartchain by clicking on the etheruem logo at the top right of the page there will be a drop downz then click on smart chain wait for it to load.

Step 3
After it loads it will connect your wallet automatically by showing your wallet address at the top of the page. Click on the 3 dash at the top left corner of the page and click on marketplace.

Step 4
After clicking the market place, surf the site and look for the art or any digital assets you wish to buy or interests you.

After that click on the one that interest you. You will see the amount to pay for the asset, then click on buy to get it. I have selected the asset I want and it is worth 753 bake if I want to buy the asset.

To view the artwork you bought, click on my art work and all your assets will be shown to you.

NOTE: you will be using bake token to pay for any assets you will be buying, so ensure to have bale tokens.

HOW TO SELL NFTS ON BAKERYSWAP

Step 1
To sell your NFT on BAKERYSWAP, you have to load the website on trust wallet. When it loads click on marketplace, scroll down and click on mint artwork.

Step 2
After clicking, it will take you to a new page where you are to input all the data corresponding to the artwork you want to upload.

After inputting the data click on mint and it will upload.

ADVANTAGES AND DISAVANTAGES OF BAKERYSWAP

Advantages

1. BAKERYSWAP is very easy to use and doesn't need you to register or provide any documents to make use of it.

1. It enables for one to stake his or her art work so as to earn another token.

1. Bakeryswap built on binance smart chain give access to low transaction fee for all transaction

2. Fast transaction.

3. It processes each art to ensure there is no plagiarism

Disadvantages

1. It doesn't give room for use of other token to buy the assets. If one doesn't have bake he isn't eligible to use the platform which isn't too good for investors without bake.

1. It is limited to only users with binance smart chain network.

1. Not all category of digital assets are made available on the bakeryswap platform.

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Best regards

@levycore

Written by @mandate

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THANK YOU!