Steemit Crypto Academy Season 2 Homework Task by @levycore, An Introduction to Non-Fungible Tokens

Nft tokens can be regarded as lifesaving tokens for a lot of artists, NFT tokens are secured by the Ethereum blockchain and this security makes it impossible for the ownership of item which lies on the token to be duplicated. Every transaction pertaining to NFT have their significant record on the blockchain which also includes an authentic code to every user involved, the strong backing of the blockchain on NFT tokens gives room for a great possibility of transparency.

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NFT can be anything as long as it is digital and people attach a strong meaning to it, since people attach significant meanings to a lot of various items then it means it can be anything at all, NFTs also makes it possible for every user to have the right to control each of its own NFT.

The bid deal about NFT contents is that it is simply distinguished to a particular product, as a proud owner of an NFT item you are the only one who has the right to use that item as you wish, even if fraudsters get to steal NFT products and sell them it will never make them millions because the product has a distinctive information to which it is backed on the Ethereum blockchain and it is so secured that only the owner has complete access to it.

Digital content creators have been mistreated and paid shortly for a very long time but gratefully NFT came to save the situation so it is an open platform for artists to have their works secure from irrelevant exposure and theft.

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RARIBLE.

Rarible is one of the platforms that gives room for the transactions of NFTs, it is a software system that permits digital artists to issue and sell crypto assets, and it is a platform that is established on the Ethereum blockchain and as expected makes complete transactions without depending on a middle man.

The early founders of Rariable are Alex Salnikov and Alexei Falin. The first funding that Rariable received was in 2020 which was received from the New-York based venture and this funding was done by a firm which has been very confident and outspoken about the growth of NFT projects, it is known as CoinFunds.

The basic functionality of Rarible is to connect content creators with buyers and content creators do not just drop their works as they please instead it is required that they first mint a token making use of Rarible’s software and after the minting is done the platform takes it upon itself to create a new token existing on the Etheruem blockchain, it is easy for the NFT to be transferred between wallets, the moment the transaction becomes successful, there is an attached transactional fee that is deducted from both the seller and buyer and this transactional fee belongs to Rarible network.

One of the uniqueness of NFT is that content creators continue to receive royalty even after the sale of the piece of art, but Rariible still offers a significant advantage of having content creators get the value for their art immediately there is a subsequent sale.

Thank you for the opportunity to participate in this week’s task, a big shout –out to professor @levycore for the educating task this week.

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