Crypto Academy Week 10 Homework Post for [@levycore]

Hello everyone and have a nice activity to all of us. Today I am back in the course at Steemit Crypto Academy 10th Week. This week I am trying to finish the homework tasks given by one of our new professors, professor @levycore. The topic that had to be disscussed is about the NFT project.

In this post I will explain about Decentraland, one project that uses NFT. Before we discuss Decentraland, we should first get to know what is NFT or Non Fungible Token.

NFT - Non Fungible Token

• What is NFT? And Why NFT is Unique?

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NFT is an innovation that is present in the world of crypto technology. NFT functions as a digital asset that is similar to a digital certificate to declare ownership of things such as paintings, photos, videos, songs, films, games, e-books and other virtual assets on the blockchain network.

Each NFT token has a unique code that is different so that it cannot be duplicated. Each NFT holder will get this unique code so that he/she gets ownership rights, access control, and other privileges to the asset.

NFTs have different values and are sold at different prices so that NFT assets cannot be exchanged or equated with other because the value of each NFT must be different. NFT tokens are also unique and rare because they are collectibles and make them a valuable asset for each owner.

• Example of using NFT and How to get NFT

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NFTs are assets that cannot be physically owned and cannot be touched, but have value. For example, such as copyright for the artist who makes the painting, the artist will get royalties from his work. Through smartcontract and blockchain technology, artists no longer use management as an intermediary to get royalties but get the royalties directly through blockchain technology. NFTs can also prevent piracy and copying.

NFT is very popular today, especially in the world of art, music and gaming. Many artists and musicians have participated in trading their digital works through the NFT market. Some of the most popular NFT markets today are SuperRare, Rarible and OpenSea. NFT assets can also be stored easily in an Ethereum wallet such as MetaMask. Next, I will discuss one of the gaming projects that use NFT, namely Decentraland.

DECENTRALAND

• What is Decentraland? And How to get Full Access on Decentraland?

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Decentraland is the first fully decentralized 3D virtual game on the Ethereum blockchain network and has a smartcontract. This is a game platform founded by Esteban Ordano's Metaverse Ltd company in 2017. Decentraland is regulated using DAO (Decentralized Autonomy Organization) which owns smartcontracts and Decentraland-forming assets such as LAND Contracts, Estates Contracts, Wearable, Content Servers, and Marketplace. .

You can access this game using the MetaMask, Chrome or Firefox browsers on your computer and you cannot access this game via mobile device. To enjoy the full experience on the platform and receive daily rewards, you need to connect your ETH wallet to the platform. As a reference, the ETH wallet most used by users on this platform is MetaMask.

• Decentraland Tokens, difference between MANA, LAND, and Estate

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MANA, LAND and Estate are three types of tokens to do transactions on Decentraland. MANA (ERC-20 Token) is a token that drives the economy on Decentraland. Currently the MANA price is around $ 1.10 - $ 1.24 and you can exchange these tokens on crypto exchanges like Binance and Coinbase, you can also store them in ethereum wallets such as TrustWallet and MetaMask.

While LAND (Token ERC-721) is an NFT token that cannot be duplicated or exchanged with others because each LAND token contains information on the coordinates X-Y of the land located in Decentraland. Meanwhile, Estate (Token ERC-721) is a collection of a number of LANDs in Decentraland. You can buy LAND and Estate in Decentraland using MANA.

• Decentraland Mechanisms

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By applying a virtual city that looks like real life, every user on Decentraland can make land buying and selling transactions using MANA. Initially you can create an avatar, buy accessories, and buy clothes using the MANA token. You can also buy various items that are being auctioned in the "All Assets" menu and you can buy various lands available in the "Land" menu. Each item has a different price and now you need to pay the price offered.

Then every user who already owns the land will be given full ownership and control over the land environment and you are free to develop it because you have become a "Builder" now. For example, after buying land you can build houses, build various services, and you can also sell these assets. There are three ages applied in Decentraland, starting from the stone age, then the bronze age and the iron age. The selling value of land has increased with the times, from the stone age to the iron age. In addition, in very strategic places, land has a higher selling value.

For information, developer only created 90,061 LANDs. For some, nowadays Decentraland has become a very promising investment platform and this platform has won the hearts of many. For additional information about Decentraland, you can visit their official website at https://decentraland.org and read the whitepaper at https://decentraland.org/whitepaper.pdf

MANA Overview based on Coinmarketcap.com

• MANA Stats and Chart

MANA currently has a market capitalization of $ 1,785,035,693 with a current transaction volume of $ 177,756,405 and is in rank 59. Circulating supply for now is 1,578,089,913 MANA out of a total supply of 2,194,460,527 MANA. Based on the graphic image, as a whole it can be concluded that the MANA price continues to increase until now and is in a positive trend. Fundamentally and technical analysis, I think MANA can be one of the profitable investment assets in the future.

• MANA Marketplaces and Wallets

It is not difficult for you to get MANA because currently MANA is traded on various crypto exchanges, such as Binance, Huobi, Coinbase Pro, Kraken, KuCoin, Uniswap, and many more. Apart from that, you can also store MANA easily in several types of wallets, such as MetaMask, Coinbase, Ledger, and Trust Wallet.

Conclusion

After reading the post made by professor @levycore and doing a little research, I realized that NFT assets will be a valuable asset in the future and have become an innovation that can realize blockchain-based digital certificates. Decentraland is a clear proof of the success of the NFT project. NFT projects have also been booming recently and have entered various sectors.

Thank you for reading my post.....