Hello my friends who are fans of cryptocurrencies, I am pleased to return to you with a new task, this time from professor @levycore. Which I am new with you teacher but eager to learn.
I give input saying that it was a very interesting topic and that I did not have any knowledge about these tokens, I hope they learn like me!
But before we get into the subject to understand it better, I will explain what a Non-Fungible Token is.
But before we get into the subject to understand it better, I will explain what a Non-Fungible Token is.
Token: It is an element similar to digital currencies and made by certain groups of people to offer beneficial interests to their users.
Not Fungible: it is something exclusive, that which cannot be replaced, changed or supplanted by another.
The non-fungible token (NFT) is the latest cryptocurrency innovation that has become the essential current one. After the first sale of the NFT artwork for the amount of $ 69 million, NFT unexpectedly captured the public's attention. In the simplest terms NFT transforms digital art and other collectibles into unique, verifiable assets that are easy to redeem on the blockchain.
Added to this, NFT cryptocurrencies are exclusive, that is, they cannot be exchanged with each other, which would mean that no two NFTs are the same, they are like our fingerprint. By 2020, this important NFT market had increased in size three times what it had in 2019.
Characteristics of NFTs
• They cannot be destroyed since the NFT information is stored in the blockchain through Smart Contract, this means that they cannot be destroyed or deleted.
• If you buy one of these NFTs, its ownership is completely yours, unlike the movies or songs. You would not require to buy a license to have to watch movies or listen to songs, but these digital tokens are completely yours and nobody can take them away from you, that is, they are personal.
• The blockChain can authenticate more complicated items for viewing or verification using themes such as art collections. That is, the blockchain keeps an authentic record of the user who bought or sold some NFT, even including the original creator of the digital image.
• In its interworking, the user who acquires it cannot use cryptokitties cards or some avatars in games similar to it and a clear example would be cryptopunk.
• Another outstanding point in their favor is that they are not separable, this means that unlike cryptocurrencies, NFTs cannot be divided into smaller parts, they have a full value and cannot be exchanged.
• Another important feature is that they are encrypted.
How to buy them
First of all, inexperienced beginners should take a few things into account when purchasing one, but basically any digital image can be purchased as NFT. You just have to think or know how to decide in which market to buy them, what virtual wallet is required to accumulate or save them and what cryptocurrency you need to buy to make said purchase. If you are inexperienced, seek help from someone who really knows. And these tokens do not have a stable price.
An important piece of information for anyone interested is that Ethereum is the currency most commonly used to buy NFTs.
What is Decentraland?
It is a decentralized virtual context organization supported by Ethereum. Founded by the Argentine Esteban Ordano and in this virtual universe each person or user can acquire or buy land and after obtaining them they can build on them, experiment and collect them, it has the advantage that users do not have a limit to what they want to do inside of each plot. As I said in the concept, if they buy an asset it is owned by the buyer user instead of being the company or creator.
They are easily non-palpable virtual assets that anyone can acquire in the video game. The user, when he already has a piece of land in his possession, has the freedom to create games if he wishes, has benefits of creating applications or even some dynamic events in three dimensions, that is, he can let his imagination fly for what he wants or wants. Amazing isn't it?
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Decentraland apart from being a virtual platform, it has two Mana and Land tokens.
Mana: is the cryptocurrency in charge of facilitating the purchase of Land and in turn digital services and goods used in Decentraland.
Land: they are the non-fungible tokens of Decentraland and they are those that symbolize a digital land parcel where the owners can change.
In short, MANA is money and LAND is land.
Interesting facts and characteristics of Decentraland
✔ Decentraland had at least 3 evolutions, in the first one we have the "Stone Age" in which the pixel planes were found to be in the second dimension. After that it had an evolution and we found the "Bronze Age" where it was basically the same format or design as the first one with the difference that the third dimension was already included in this one.
✔ Users of this virtual world can explore as they do with the most famous video games such as "Call of duty" with the only difference that in these you build your own environment and explore it but with real capital.
✔ A very pleasant benefit for users who use this platform is that some buildings recommended by Decentraland's programming staff include live music, riding in a car, visiting submerged resorts, going to casinos, shopping, having fun in a river, start business, among other things ...
✔ The owners have absolute control over all the content they own in the field of preserving and safeguarding the value they form for other consumers.
✔ MANA can be stored in ERC-20 compatible virtual wallets.
✔ NFTs can symbolize game elements such as weapons, power boosters, cars, characters, among others. The use of the object can stop the NFT or also block it through a cooldown timer until it can be used again.
Conclusion
As I have seen, Non-Fungible Tokens have been the talk of the cryptocurrency industry, because they have been a significant launch since some NFTs are valued between $ 100,000 in the market, that is, like cryptocurrencies popular and customary they are also used as a method of investment and savings. Coveted by collectors and traders for its great utility and has changed the perspective of cryptocurrencies. Thank you teacher @levycore for reading my post, I hope I have met your expectations and eager to continue learning from you. Many blessings!
Hi @mayralejandravt, thank for submitting your homework
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