Steemit Crypto Academy Season 2 - Homework Task @levycore (An Introduction to Non-Fungible Tokens (NFTs)) Submitted by @silencewan

INTRODUCTION

Hello Everyone!!!
It pleases me today to participate in professor @levycore wonderful lecture, and I must say and commend him so much for the wonderful lecture and resource given to us. It really helped build my knowledge in Non Fungible Tokens (NFTs) today.
From my personal research about this wonderful topic, I have chosen WAX as one of the popular projects that uses NFT to write on. But before I start with, I will want to take you through the bases of NFTs so you could understand what it is before we go into the matter of the day.

Non-Fungible Tokens (NFTs)

source

Non-Fungible Tokens (NFTs) Brief

In a simple sentence, we can explain NFTs as a unit of data kept or stored within a digital ledger, these ledgers are called blockchains which proves a digital asset is unique and can therefore not be interchangeable. As a result of its uniqueness, it cannot be replicated since they involve cryptographic tokens on a blockchain. These NFTs can be stand in place of videos, audios, photos, and some type of digital files.

The other word of Non-Fungible Token is a Fungible Token whereby in Fungible Tokens whose value defines them other than their unique properties, they can be exchanged between each other.
Since we know a little about what Non-Fungible Tokens are, let's come to look at how they work.

How NFTs Works

Non-Fungible Tokens try to prove the ownership of this digital asset we see like images, files, or text and sounds, this is done to equalize the fact that people own crypto coins but the difference comes in when we say that crypto coins are identical and can worth sam but in NFTs, they are very unique.
NFTs involve a lot, some of this is the smart contracts they used. An example can be an artist given a percentage of a future sale of an asset available.

Giving you a little about how the NFTs works, I will like to talk about the purpose of this homework task, which is describing a popular project that uses NFTs, and today I will be talking about WAX which goes with the slogan "THE KING OF NFTs"

WAX

source

WAX (Worldwide Asset eXchange) is said to be the leading decentralized system for video game and entertainment networks.
It said to be the safest, and convenient way to create or perform all the necessary transactions and trade virtual items (NFTs) - to anyone, anywhere in the world.
This WAX Blockchain is the safest and more convenient way to create and trade NFTs to people anywhere in this world. WAX has been able to create full Blockchain-based tools, which allows people to trade NFTs instantly and safely anywhere.

LEADERSHIP

---

source

---

The above pictures are the two gentlemen behind the success of WAX. William E. Quigley, Co-Founder, WAX, and also Jonathan Yantis, another Co-Founder, WAX. These are the two brains behind the Worldwide Asset eXchange.

Let us look at the ROADMAP of WAX.
We can explain a roadmap as a strategic plan used by companies to define their goals and desires, which includes the necessary steps to follow to reach it. These roadmaps also serve as communication tools, a high-level file that helps to articulate the strategic thoughts behind their goals and plan for getting where they want to get to. Having explained what a roadmap is, let's look at the WAX roadmap, that defined their goals and strategies.

Screenshot of the WAX ROADMAP FROM OFFICIAL SITE

source

Let's Look at the process involved in creating NFTs on WAX. I will take you through all the necessary process in creating NFTs on the WAX Blockchain platform.

GUIDELINE

1. First of all start with the simplest way that is to create your first NFT on wax using AtomicHub's, which is a convenient NFT creator. You will have to log in using your WAX Cloud Wallet or other options you will find at wax.atomic site

Screenshot from official Wax site

1. Click the Create New Collection button at the right bottom corner

2. Add a collection photo. Here it is advisable to use an image that has a transparent background, it looks more appealing and nicer.

3. Name your Collection. ( A name that gives a meaningful description of your collection best. And it should be exactly 12 characters)

4. Give your collection a display name. (You have the liberty to pick anything that is creative and can best describe your collection)

5. Fill out your Twitter profile or anything that is related to your collection in the website URL

6. You will have to Enter a collection description. ( Allowing collectors to know what your collections are all about)

7. The next part is, you have to set a market fee. You will earn every time your NFTs in your collection are sold on any WAX-powered market based on the percentage you entered.

8. Click on the create collection once you are done and also confirm the transaction that will pops-up in the next window that appears.

The above steps are the ways you can follow to create an NFT on WAX.

To further explain WAX. They released a new DeFi model which will share the revenue earned from NFT sales. This was on January 13, 2021, at 09:00 ET.

"GRAND CAYMAN, Cayman Islands, Jan. 13, 2021 (GLOBE NEWSWIRE) -- via CryptoCurrencyWire -- Worldwide Asset eXchange™ (WAX), the “King of NFTs,” today announces it has launched a new tokenomic model that allows WAX Token holders to directly benefit from WAX’s success in the NFT market".
source

The Strong NFT Market Performance

The WAX Blockchain derived its name "King of NFTs" based on the fact that the primary sale on the WAX Blockchain will be sold out in a couple of hours whereas in other cases just within few minutes it will be sold. Considering the secondary trading volume of WAX NFTs, the trading averages 5 times more than the primary sales volume on an annualized basis.

CONCLUSION

I will like to conclude by saying that, NFTs per my research is in use and it's really a promising way of making sale since it is much safer and unique. I know in few years most it will become a popular way of transition since is in development. But WAX "The King of NFTs" are really the Hotcakes as now cause of their performance.
I also want to thank professor @levycore for his wonderful lecture and wonderful resource. I did not know anything about this but this has enlightened my thoughts and made me research more into this and I think NTFs have a future.

Thank you for the time.