Crypto Academy Season 2 Week 2 Homework Post for (@levycore ) - Non-Fungible Token (Decentraland)

Hello Steemit Crypto Academy Community,
We started the course for the new week. I chose my first course this week from professor @levycore. In this course, the professor gave very detailed information about one of the most popular topics of the last days, NFTs. He gave details about what NFT is, how NFT works, the usage areas of NFT and the history of NFT. He asked us to do research on a popular NFT project.

P

Like the professor, I will first talk about some details about NFT. Then I will give information about the popular NFT project Decentraland.

What is NFT?

P

The world of crypto money is in constant development and change. We learn new projects every day. There are a wide variety of token types available for use in different areas. One of them is NFT or Non-Fungible Token. We hear its name frequently in 2021 and it started to take its place in trends.

NFT is a very special type of cryptographic token. What makes it so special is that there is no other instance of it. Thus, it cannot be exchanged for another token of its kind. To put it briefly, we can call unique digital assets NFT. It has attracted the attention of many artists, especially in the art world.

NFT History

Although many people say that NFTs are formed together with Ethereum, this is actually not true. Because it is known that the first studies in NFTs took place in the bitcoin network. Rare Pepes, illustrations of the character of Pepe the Frog, are among the first examples of NFT.

How NFT Works

It is possible to create and store real-life tangible objects (for example a painting or video) in an abstract digital environment, then sell them through auction. There are platforms developed for this. You do not have to have a software developer knowledge to create NFT. All you have to do is discover quality, functional, economical and popular NFT platforms. Decentraland, Rarible, Enjin, Theta, Chiliz, DigiByte, Flow are among the popular NFT projects.

NFT Usage Areas

Today, the works of many artists are copied and reproduced without the permission of the artist. Therefore, the artist cannot gain enough income from his products. The main purpose of NFT is to prevent piracy and copying. NFT usage areas are wide. Collections (stamps, tickets), Artworks, Real Estate, Game Industry, Digital Identity are among the most popular usage areas.

Now I would like to explain to you one of the popular NFT projects, Decentraland.

What is Decentraland?

P

It is a blockchain project founded in 2017 by Ari Meilich and Esteban Ordano. The project's cryptocurrency is Mana. Adequate funding was provided as a result of the ICO initiative. Mana tokens were sold through the initiative of Ico in a very short time. Although it was created in 2017, the project was completed in 2015.

It is a decentralized application developed that runs on the Ethereum network. It is one of the decentralized virtual reality projects. Thanks to this platform, users experience many things in real life in the digital environment and win awards according to their performances. Through the Decentraland platform, users can create their own content and applications.

I told you that the project's token is Mana. Users can purchase land, services (items for the game) in the virtual world. Uses Mana during the purchase process. One of the terms that should be known in this project is LAND. They are real life lands created through smart contracts. Coordinate information etc. belonging to the land belongs to the virtual world. Through the Decentraland project, users will be able to buy and sell real estate in virtual reality in the virtual world.

How does it work
There are various stages or eras in the Decentraland project. The first stage is the Stone Age, which also expresses primitiveness. The next stage is the Bronze Age. The next stage is the Iron age. Each age has its own unique characteristics. The value of the land increases as the stages are passed. Landowners continue their work without any central authority.

Genesis City
Users set up their own place here. There are commercial, industrial and residential areas. LAND parcels close to the center in the city of Genesis are more expensive than other regions. It is already like this in the real world.

There are parts where the Decentraland project is advantageous and disadvantageous. Now I want to talk about these.

Strengths

Having a computer running Chrome or Firefox browsers is enough to play the game and win prizes as a result. In fact, the advantageous aspect here is to be able to play Decentraland via the browser.
Earning income by owning land or working as a real estate agent
Users can play their games in high resolution and 3D dimensions

Weaknesses

Not to be used on mobile devices. The most used devices today are mobile devices. Developers should focus on this issue.
To play Decentraland, you must have your wallet. To receive daily rewards, you must have a wallet.
The implementation is quite complicated. This is why many people quickly get bored with the platform.

You can login to Metamask and Fortmatic or open a new account. For more information about Decentralnd
After talking about the strengths and weaknesses of Decentraland, I would like to talk a little bit about its market value.

Mana Binance, the crypto currency of the Decentraland project, is listed on exchanges such as Coinbase, Huobi Global, Kraken, Gemini, Kucoin and Bittrex.
1 Mana= $1.30
It is one of the top 50-100 coins.
Mana reached its highest value 2 days ago ($ 1.63)

Conclusion

NFT is one of the most popular topics of the last period. It is still in development. It will be much more popular in the following years.
I reached all the details about NFT by reading the course article of Professor @levycore and doing research. I think the Decentraland project is a promising project.

Cc:
@steemitblog
@levycore
@alphafx