Steemit Crypto Academy Season 2: An Introduction to Non-Fungible Tokens (NFTs) for prof @levycore by @deeni1

Hi everyone,
It's a pleasure being a part of the Crypto Academy. My regards to @levycore for the wonderful lecture on Non-Fungible Token (NFTs). This is my presentation on the homework task

QUESTION

DESCRIBE ONE POPULAR PROJECT THAT USES NFT
NFT is an abbreviation of Non-Fungible Token. The Non-Fungible Tokens (NFTs) are generally units of data stored on a blockchain that is responsible for testing and certifying the uniqueness of a digital asset that is not interchangeable.

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NFTs are used to represent materials such as audio, photos, videos, and other kinds of digital assets. The NFTs are usually tracked on blockchains in order to provide owners with a statement of ownership that differs from copyright. In supporting and sponsoring NFTs, the Tezos and Ethereum blockchains have their unique standards, but each works to ensure that the represented digital item genuinely like no other. NFTs in recent times are used to commodify digital assets in music, arts, and sports among others.
There are a number of famous projects that make use of NFTs. Among these are CryptoPunks, Dapper Labs, Sorare, SuperRare, etc. But I would like to elaborate more on the SuperRare project.

WHAT IS SUPERRARE?

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SuperRare can be described as a Non-Fungible Token (NFT) trading avenue and also a decentralized social platform that sells unique digital artworks. It was created and built on the Ethereum blockchain. It provides a peer-to-peer marketplace for trading ERC-721 NFT tokens because it has the power and security of Ethereum. SuperRare only allows the selling of single edition items in contrast to other NFT marketplaces. It adds tools of a social network to the NFT art platform model thereby allowing users to follow, like, and communicate with their favorite NFT collectors or creators. It was founded by John Crain and Jonathan Perkins in 2018. John Crain is its CEO

HOW DOES SUPERRARE WORK?
SuperRare is a decentralized social network. The NFT art platform is characterized by common social media features that provide a user experience that is simple to navigate. In addition, the ‘Largest Collections’, ‘Top Artists’, and ‘Top Collectors’ feed are displayed by the landing page feed, including the most occurring activity from the website.

SUPERRARE AS A DECENTRALIZED SOCIAL NETWORK
Alongside being an NFT marketplace, SuperRare is accepted and known to be a pioneering decentralized social network. This is because it provides a chic and basic graphical user interface (GUI) featuring a number of alternatives on the platform. These alternatives include the following;
Features – This is an interesting page for artists, collaboratives as well as communities to organize exhibitions, projects among others. Because the platform started not long ago and is still developing, it has only four main features so far. But of course, it initiated with thousands of artists. And each feature gives the artist an opportunity to exhibit his work. This involves presenting videos, images, reference text, and context for potential NFT art investors.

Market – The majority of SuperRare activities take place on the market. All the unique NFT art available on the platform can be discovered on the market. Users are able to filter their searches by creator and know if the item has a reserve or list price, or an open offer on the market. The users can as well sort their searches in preference of price, auction end date, and age of the NFT.

Community – On the ‘community’ tab list of SuperRare’s social media platforms is displayed, together with its Medium blog and ‘SuperRare Editorial’. SuperRare weekly news updates for readers and an occasional announcement is hosted on the Medium blog. But the SuperRare Editorial includes daily activities and updates about several NFT artists on SuperRare. The best platform for SuperRare art inspiration and information on both current and upcoming art sales is the SuperRare Editorial.

SUPERRARE FOR ARTISTS
SuperRare has just a few chosen artists selling on the platform because it is in the early phase of its growth. It is currently taking applications from artists and encourages new users to submit their artist profiles ahead of its full launch next year. All interested artists who are thrilled with this should take notice of the following; make sure that all artworks are an original creation, should also be the best work of the particular artist. Moreover, such artwork can not be tokenized or available to buy on the internet. If an artist goes against any of these rules, the platform can eliminate him.

THE SUPERRARE ART FOR INVESTORS
SuperRare is making itself the marketplace of NFT on Ethereum offering only unique digital artwork. Investors of digital art can be assured by SuperRare’s underlying technology, hosted by the second-largest blockchain in the crypto industry. On the Ethereum blockchain, the price paid, a full history of ownership, and commission can all be viewed. Interested and potential investors willing to get their hands on a piece of SuperRare artwork need to pay the price for non-fungible tokens and any other fees with Ethereum (ETH).

SUPERRARE ARTWORK
The SuperRare NFT platform has released ‘The METEJACKET’ with the help of artists on the platform, RTFTK Studios, and ‘next-gen’ sneaker artist designing footwear for the metaverse. It is an NFT that was created to function within the Decentraland game metaverse, alongside ‘DRESS X’ the largest digital clothing store. Some non-fungible tokens especially with digital art work, are valued on how much a person is desiring to buy it for. This makes it difficult to understand why a particular NFT art work sells more than another.

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WHERE TO FIND SUPERRARE ARTWORK
The SuperRare application is a simple platform which makes buying SuperRare artwork an easy experience. The art works can also be purchased through Opensea which is the biggest NFT space. It allows other market places to sell items on its platform as well as the individual artists’ sales. On the Opensea platform, SuperRare has over 21,000 listed on it with over 34,000ETH trading volumes. An artist receives an equal commission whether his work is sold on Opensea or SuperRare. Also, during a future sale of an artist’s NFT artwork, he again receives a commission.

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CONCLUSION
SuperRare is an exciting non-fungible token (NFT) marketplace and could also be seen as a decentralized social network, which aims to bring artists and investors together. It is a platform that enables artists to directly communicate with enthusiasts. Although SuperRare is a young and developing project, it has caught the attention of a very large online community and crypto media. In addition, there is the provision of daily insights into the activities of artists on SuperRare through the SuperRare Editorial. With the provision of these features, SuperRare aims to be a top contender for one of the top NFT art platforms.