Steemit Crypto Academy Season 2: An Introduction to Non-Fungible Tokens (NFTs)

in SteemitCryptoAcademy2 months ago (edited)

Hello Steemian ...

Introduce myself, I am @levycore from Indonesia as new appointed Steemit Crypto Academy professor.

This is my first class in the second week of Steemit Crypto Academy Season 2

My class topic this week is about NFT.

Let's start this class

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An Introduction to Non-Fungible Tokens (NFTs)

The uniqueness of NFTs has been storming the crypto world in such a fashion. The escalating of the non-fungible market specified on its capability to owning scarcity, only but, digitally. However, the hype hasn't only been perceived in digital phenomenon since it also might use in physical property.

But for real, what are NFTs, and why it's matter in today's crypto/blockchain realm?

What is an NFT?

In a simple horizon, NFTs are tokens that depicted only one official owner. A non-fungible token (NFT) is a by-product of a particular type of cryptographic token that isn't interchangeable. They are specified and secured by the Ethereum blockchain, which hinders the multiplication of ownership. Unlike other crypto assets, NFTs commonly apply to create verifiable digital scarcity and have known in the crypto market, such as digital art, digital collectibles, and game items.

NFTs are a kind of powerful token that provides non-fungible assets on the blockchain. They contain information code that describes the unique coded information as every NFTs have their owner. Moreover, each transaction of NFT has well-recorded on the chain, verifiably authentic, and not spurious. That's why NFTs are traceable and preferred by owners and prospective markets.

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Meanwhile, in the more hanging scene, NFTs can't be bought nor split into fraction products of its essential. That's why it holds as the authenticity of coded information implied and the owner have their proof of ownership guaranteed. Yes, it can be anything digital as NFTs solve some problems and distinguishing its capability on the internet usability. As digital assets on the internet regulated by centralized entities. Otherwise, NFTs enables possibilities to maintain and control your own NFT.

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How do NFTs work?

NFTs are part of its fundamental essence as Ethereum blockchain. While somehow, they are Ethereum blockchain with extra coded information injected. That coded pieces of information (Art & Collectibles, Gaming, and 3D animated collectibles that incorporate VR & AR), in the form of digital format (mp3, JPGs, videos, GIF, etc.), will likely narrate its value from the marketplace. Thus, the Ethereum blockchain supports the ERG-721 Token Standard that enables NFT creators to apprehend values to their digital artifacts and store them as tokens.

Similar to any other cryptocurrencies, NFTs exist with their distinctive properties and have their identifier. It wouldn't work like ETH while 1 ETH is worth another ETH, but it isn't the case with NFT. However, that doesn't claim that there would be one original version of the NFT asset in the marketplace. As much as art prints, copies of NFT in the digital market are still valid but won't be as valuable as the original.
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Even if NFT's getting hacked or downloaded, it wouldn't roll the same information that makes it part of the Ethereum blockchain. Consequently, stealing original NFT doesn't make you a billionaire because it can only be bought and sold on any Ethereum-based NFT market that existed.

Besides, NFTs creators can decide the scarcity by its limitation of assets. In case, multiplication or mint of the assets can still determine by its unique identifier. For example, a concert event that will issue 600 tickets and sometimes the creator may create an NFT from each ticket, but only one devised as a unique, rare collectible.

The uses of the NFT

The hype over NFTs hasn't just a bland phenomenon. In the digital content realm, the uses of NFTs have peaked because it's providing powerful tools for content creators. They can secure their value from getting corrupted by digital platforms. It brings light to the mistreatment of digital artists momentarily. According to today's digital platform, artists should transmit the ownership of their art in return for exposure, engagement, or viewership.

On the contrary, NFTs empower their creators to bake their ownership on each content their sell. Therefore, they don't need to hand over their ownership of the platform. It means that every sale of their content will directly transfer to their account. Even when they manage to sell the NFT, they will always receive royalties automatically as the original creators.

A short history of NFT

Although NFTs' popularity escalates in 2017 with a game called CryptoKitties, surprisingly, NFT isn't a new hot but it has been around since 2012. Colored Coins is known as a predecessor of a non-fungible token. These were fragment units of Bitcoin that colored with specific attributes, coded into metadata using the Bitcoin scripting language. In this way, units as small as one satoshi (0.00000001 BTC) could represent any asset in mind, be it a dollar, shares in a company, a house, or digital collectibles
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Counterparty.io also expanded the idea of Colored Coins in 2014. Counterparty understood that Bitcoin did not support the features that allow for robust asset creation and trading platforms. In 2015, they issued the first in-game assets onto any blockchain and achieved its success. The mobile game Spells of Genesis had its moment and pumped another gain in 2016 through the trading card game Force of Will by issued cards on Counterparty.

Besides gaming, NFTs are knowingly used to sell a wide range of virtual collectibles, such as NBA virtual trading cards, music, digital images, video clips, and even virtual real estate in Decentraland, a virtual world. The NFT market is likely to expand further because any piece of digital information can be coded into an NFT-- a highly efficient way to managing and securing digital assets.

Homework task:

- Describe one popular project that uses NFT

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RULES

  • All homework posts should be posted in the community Steemit Crypto Academy .
  • Post Require a minimum of 300 words
  • Plagiarism is forbidden in Steemit Crypto Academy, Any attempt of plagiarism you will be reported.
  • For indonesian, the homework can be written in Bahasa
  • For Homework Task, add tag #nft, #levycore-s2week2, and #cryptoacademy.
  • Submit Homework Task from 19th April To 25th April 2021.

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Bahasa Indonesia

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Halo Steemian..

Perkenalkan saya @levycore dari Indonesia saya merupakan professor yang baru di tunjuk di Steemit Crypto Academy.

Ini adalah kelas pertama saya pada minggu kedua Steemit Crypto Academy Season 2

Topic kelas saya pada minggu ini adalah tentang NFT.

Ayo kita mulai kelas ini
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Berkenalan dengan "Non-Fungible Token"

Keunikan NFT (Non-fungible token) di jagat dunia kripto sedang hanga tdibicarakan. Merebaknya pasar NFT disebabkan karena kemampuannya untukmengasetkan properti dan menjadikannya sebagai alat transaksi secara digital. Bukanhanya di ranah digital, NFT juga digadang-gadang mampu mengasetkan property fisik yang memiliki wujud ke dalam manufaktur Etherum blockchain.

Lantas, apa sebenarnya NFT dan mengapa ia menjadi penting di dunia kripto atau blockchain saat ini?

Apaitu NFT (Non-Fungible Token)

Sederhananya, NFT merupakan suatu instrumen token atau aset digital yang hanya mewakili satu pemilik. NFT menjadi salah satu produk turunan dari jenis token kriptografi yang sejatinya tidak dapat dipertukarkan sepertihalnya produk cryptocurrency lainnya.

Secara esensial, NFT berisi kode unik yang disematkan dan diamankan melalui Ethereum blockchain. NFThanya akan memiliki satu pemilik resmi dari setiap aset NFT yang diterbitkan. Oleh sebab itu, NFT mustahildireplikasi dan verifikasi kepemilikan aslinya sangat mudah dilakukan. Ini merupakan salah satufungsi NFT, yaitu menciptakan suatu kelangkaan digital melalui proses pengasetan property seperti digital art, koleksi digital atau perangkat-perangkat gim.

NFT menjadi jenis token yang superior sebab ia menyediakan aset yang tidak dapat dipertukarkan dalam blockchain. NFT memiliki kodeunik yang identik dengan satu-satunya pemilik yang dapat dengan mudah ditelusuri. Kemudian, setiap transaksinya telah terotentifikasi dalam rantai blockchain secara transparan. Jadi tak heran apabila permintaan NFT dalam pasar digital berangsur-angsur tinggi karena keamanan dan transparansi yang ditawarkannya.
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Sementara itu, dimana masih banyak penjualan aset digital yang palsu, NFT tidak dapat dibeli dalam bentuk-bentuk pecahan kecil. Sebab, NFT memiliki otentifikasi yang utuh dan hanya satu pemilik per satuaset NFT. Dengan demikian, kodeunik yang ada di dalam NFT terjamin keasliannya. Alasan inilah yang menjadikan NFT berbeda dengan aset internet lainnya, sebab, ia tidak perlu orang ketiga yang melakukan regulasi dalams etiap proses transaksinya. Sebaliknya, NFT memberikan kesempatan untuk menerbitkan dan mengontrol NFT Anda sendiri.

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Bagaimana cara kerja NFT

Secara fundamental, Ethereum blockchain merupakan salah satu standar token di balik NFT. Ada dua standar token Ethereum yang bias digunakan developer, yaitu ERC-721 dan ERC-1155. Selain Ethereum, ada blockchainl ainnya yang bisadigunakan developer untuk merilis token NFT, misalnya Eos, Neo, dan Tron. Selain itu, NFT bias disimpan di dalam dompet digital seperti MyEtherWallet atau Ledger Hardware.

Persis seperti cryptocurrency lainnya, NFT memiliki bentuk identifikasi nilai dan properti yang diwakilkannya. Hanya saja, NFT tidak berfungsi seperti fungible token yang dapat ditukar layaknya 1 ETH dengan nilai 1 ETH lain. Walaupu ndemikian, tidak menutup kemungkinan apabila ada versi lain dari NFT yang dimiliki. Misalnya, seseorang di luar sana memiliki versi lain dari aset digital yang Anda miliki. Namun, tentu saja itu tidak lebih bernilai dari NFT asli yang Anda punya.
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Bahkan, ketika ada seseorang yang mencoba meretas atau mengunduh NFT Anda, pelaku tersebut tidak akan pernah memiliki kode unik yang menjadikannya bagian dari Ethereum blockchain. Alih-alih mendapat keuntungan, sipencuri tidak akan memiliki keuntungan sedikit pun sebab ia hanya bias menjualnya di pasar NFT berbasis Ethereum.

Uniknya, pembuat NFT dapat menenutukan sendiri kelangkaan melalui keterbatasan asetnya. Misalnya dalam acara konsery ang akan mengeluarkan 600tiket, penyelenggara acara ingin membuat NFT dari setiap penerbitan tiketnya. Akan tetapi, ia hanya merancang beberapa tiket yang dijadikan NFT yang unik dan langka untuk dikoleksi. Melalui kelangkaan tersebut, berapa pun cetakan NFT palsu yang beredar, hanya penyelenggaralah yang mampu menyematkan kode unik di dalam tiket.

Penggunaan NFT pada umumnya

Tentu tren NFT dalam pasar digital bukan sesuatu hal yang sekejap mata. Sebaliknya, NFT membawa angin segar bagi para pembuat konten digital saa tini. Kenyataannya, NFT memberikan fasilitas kepada pembuat konten untuk terlindung darimekanisme digital platform yang merugikan mereka. Pasalnya, pembuat konten harus rela menyerahkan kepemilikan karyanya kepada digital platform dan hanya mendapat pengunjung dan sorotan maya sebagai imbalan. Sedangkan pada kenyataannya, banyak pembuat konten yang menggantungka n penghasilan hariannya melalui karya yang dihasilkannya secara digital.

Sebaliknya, NFT memberikan keleluasaan bagi pembuat konten untuk menyebar luaskan karya mereka tanpa harus khawatir kehilangan status kepemilikan.Dengan adanya NFT, di mana pun konten mereka dijual, pemilik konten akan mendapatkan keuntungan dari royalti NFT secara otomatis.

Sejarah singkat NFT

Meskipun tercatat NFT mulai popular sekitar tahun 2017 melalui game CryptoKitties,kenyataannya NFT telah ada sejak tahun 2012. Colored Coins dikenal sebagai pendahulu dari non-fungible token yang telah ada pada awal tahun 2012. Sederhananya, Colored Coins merupakan bagian dari Bitcoin yang diberi warna unik dan dienkripsi menjadi meta-data menggunakan Bitcoin. Dengan proses ini, unit sekecil satu satoshi (0,00000001 BTC) dapat mewakili asset apa pun, baik itu dolar, saham di perusahaan, rumah, atau barang koleksi digital.

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Ada juga Counterparty.io yang mengembangkan ide Colored Coins sekitartahun 2014. Pada waktu itu, Counterparty memahami bahwa Bitcoin belum mendukung fitur dalam membuat fitur pembuatan aset dan instrument perdagangan yang kuat. Hingga pada tahun 2015, mereka mengeluarkan game seluler bernama Spells of Genesis yang menjadi game pertama berbasis blockchain. Game tersebut menemui titik kesuksesannya dan mereka mencoba keuntungan lain dengan melalui game Force of Will pada tahun 2016.

Selain melalui game, NFT juga dikenal atas kegunaannya dalam menjual berbagai produk koleksi virtual, seperti misalnya kartu permainan NBA, musik, gambar digital, atau bahkan komplek perumahaan dalam dunia virtual seperti Decentraland. Pasar NFT diprediksiakan terus berkembang karena kemampuannya dalam mengasetkan dan mengamankan berbagai macam informasi digital.

Tugas Homework :

- Jelaskan satu proyek populer yang menggunakan NFT

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PERATURAN

  • Tugas Homework harus diposting di komunitas Steemit Crypto Academy. Steemit Crypto Academy .
  • Postingan minimal 300 kata
  • Plagiarisme dilarang di Steemit Crypto Academy.
  • Postingan Tugas Homework bisa di tulis dalam bahasa Indonesia (Hanya untuk Steemian Indonesia)
  • Untuk Tugas Homework, tambahkan tag #nft, # levycore-s2week2, dan #cryptoacademy.
  • Kirimkan Tugas Homework dari 19 April Hingga 25 April 2021.

Jangan Lupa Bahagia

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Sort:  

Dear Professor @levycore, I respectfully remind you that although I did my homework the day before yesterday, it has not yet been reviewed by you. Please review it. Thanks in advance!

Hello,
and thank you for this lesson. I have written my homework about StrongBLock. It might not be very famous, but this is a project running more than 50% of all Ethereum nodes in the world, and they have implemented NFT-s :)

https://steemit.com/hive-108451/@unbiasedwriter/a-popular-cryptoproject-using-nfts-strongblock-homework-for-levycore

Greeting to you professor i have finish my assignment
Thanks.

Please professor @levycore, my homework task has skipped.

Sir @levycore it's been 24 hr but still no response from your side,,,
Please sir give a look to my hard work

Dear @levycore please evaluate my work it's been almost 3 days still unchecked

Profesor @levycore, ini adalah tugas Pekerjaan Rumah saya pada "Steemit Crypto Academy Season 2: An Introduction to Non-Fungible Tokens (NFTs)". tentang "Mejelaskan satu proyek populer yang menggunakan NFT".

https://steemit.com/hive-108451/@sayaalan/steemit-crypto-academy-season-2-an-introduction-to-non-fungible-tokens-nfts-or-or-lecture-by-levycore-or-or-homework-done-by

Hello @levycore, my name is @allbert and this is my first homework in your class.

I really enjoyed this assignment and it took me back to my childhood and my collecting days.

https://steemit.com/hive-108451/@allbert/crypto-academy-week-10-homework-post-for-levycore-introduction-to-non-fungible-tokens

Hello professor @levycore is up to 2days now that I submitted my homework task and up till now it hasn't been reviewed. Below is the link:

https://steemit.com/hive-108451/@josepha/crypto-academy-week-10-homework-post-for-levycore

Hello sir @levycore thank you for your first lecture here in the Steemit Crypto Academy and I have attended your ;ecture and done the homework task. Please have a look and check my homework task when you are available.

I did it yesterday.
Steemit Crypto Academy Season 2, Week 2 Homework Post For [@levycore] || Non-Fungible Tokens (NFTs) - All About CryptoKitties a NFT Project

Thank you very much for this opportunity to learn about NFTs. I made and submitted my homework, thank you so much Professor @levycore!

https://steemit.com/hive-108451/@jeseemei/crypto-academy-season-2-week-2-homework-for-levycore-an-introduction-to-non-fungible-tokens

Buen día Profesor aquí le dejo mi investigación espero sea de su agrado, muchísimas gracias por su atención.
https://steemit.com/hive-108451/@mayepariata/steemit-crypto-academy-season-2-introduction-to-non-fungible-tokens-levycore

Prof. @levycore, it’s been 3 days since I did my homework and i posted the link two times but you still haven’t checked my homework.

Please evaluate.

Wow! A wonderful class

This is my homework link here.

@levycore, my Prof, this is 4 days now that this my work have not been evaluated and verified. Please check it out