CRYPTO ACADEMY SEASON 2 WEEK 2 HOME WORK TASK FOR @levycore//Describe one popular project that uses NFT||HOMEWORK DONE BY @phenomenal1052

phenomenal1052 (59)Beginner[2,5,6]in SteemitCryptoAcademy • 3 years ago (edited)

Hello steemians, How are you all? This is my homework for @levycore for steem crypto academy season 2 week 2. I want to say congratulations to @levycore for your appointment as a professor.

images (3).jpeg
Source/https://Fortune.com
To begin with :
What is NFT?
Firstly NFT stands for - NON-FUNGIBLE TOKENS.
With that NFT simply means unique tokens, like a digital assets that holds high value in form of crypto currency, but unlike other crpyto coins like BTC, NFT is unique and can't be exchanged like-for-like or replaced.
Before I move forward I will like to cite an example of Jock Dorsey the co-founder of Twitter, who auctioned his first tweet, and it was bought by a Malaysian business man for $2.9 million, the money which he later donated for charity.
In addition NFT can come in form of digital item – image, sound file or text. Like the example I cited above.
I will like to move forward to the main concept of this assignment, which is popular projects that uses NFT.
There are lots of projects that uses NFT, big names like:
Cryptopunks
Super rare
Sandbox
Sorare.
There are lots of projects out there, but the one I find interesting being a football fan, and I will be talking about is "Sorare" .

images (4).jpeg
Source/https://blockchaingamer.net
WHAT IS SORARE?

Sorare was released in 2019, is a worldwide fantasy soccer game allowing users to buy, sell and exchange digital player cards, to set up virtual soccer teams, to build up collection. Each digital card in Sorare is a non-fungible token. Players use this cards to enter tournament which with other players, and they get to win prizes, like new card or ETHEREUM.
Sorare is powered by block chain technology on ETHEREUM, sorare card owner gets to verify the ownership of their cards. Sorare has a market cap of $168,560,285.51(this is subject to change).
Here is a chart of SORARE in the market
Screenshot_20210419-184106~2.png
Source/https://coinmarketcap.com

  HOW TO JOIN SORARE

Joining sorare is easy, you don't need to pay for anything or deposit money, all you have to do is to just sign up on their site, with your Email and pick a username, after signing up you will get to pick 10 common cards that you will use to enter competition and tournament where you get to earn points. The 10 free cards are only for you to enter tournament, you can not buy or sell it. In the picture below you can see the type of cards and know them buy the background colour. White background are the common cards, while red background are rare and blue background are super rare, while brown is unique. The scarcity of the card determine the monetary value. "The higher the scarcity the higher the value".

Source/https://sorareguide.com

Source/https://sorareguide.com
HOW TO PLAY

After signing up and getting your 10 common cards you get to use them to enter tournament like, rookie tournament where you select 5 players, the performance of the players in real life earns you point, which you will use to buy rare card to be able to participate in bigger tournaments because rookie tournament is only opened to new players for just 8 game weeks to earn points.
While selecting your rare cards, make sure to put in mind that there are no subtitution in sorare, so make sure the players you are picking are regular starters in order to get good points.

    HOW TO BUY CARD

After the first 8 game weeks are over, you will need to buy rare cards like I said earlier. To buy rare card, you will need to fund your account with ETHEREUM (it's is the only acceptable currency) you will have to have a separate ETH wallet where you can use to fund your account, or you can use your debit card and it will be converted to ETH.
After funding your account you will have to buy cards, to buy cards you can buy either by going to the transfer market or making a bid to other managers. Here is a practical steps In the picture below

Source/https://sorareguide.com

     HOW TO MAKE MONEY ON SORARE

For those whose interest is in making profit, here is how to make profit.
When you buy the rare cards, you can place it for sale with a higher price than your bought it. It's just like buying and selling with the aim of making profit.