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What is NFT?
Nft is the short form for non -fungible token,non fungible token means something that is unique and cannot be changed or replaced with something else,the concept of these resources around the idea that one owns a digital asset such as photos,vidoes audio and other digital 'items' with a blockchain based certificate of authenticity so due to its authenticity code in nft it makes each token difficult to replicate,because of this there is low possibility of creating or generating a fake nft in the sense that every item that exist can be traced from the time it was released. and according to the coin desk page starting from 2017 to be precise in november around 170 million us dollars have been spent on nft.
Some characteristics of NFT.
1: verifiable:one key characteristics of it is that items like digital artwork can be traced to its original creator which allows pieces to be authenticated without the intervention of a third party.
2:indivisible: nfts cannot be divided into smaller particles like bitcoin satoshi that is to say that they exist as a whole team.
Why nfts are important.
Nfts have been massively popular with crypto users because of its revolutionized the gaming and its collectible spaces,since november 2017 there has been a total of $174 million spent on nfts.
Projects that uses nft.
One of the projects that uses nfts is cryptokitties
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What is cryptokitties?
Cryptokitties can be defined as a blockchain game on ethereum which was developed by a canadian studio dapper labs that allows players to purchase collect and sell virtual cats,cryptokitties is also one of the earliest attempt to deploy blockchain technology for recreation and leisure.
Sales of cryotokitties have been made through the roof and people have spent more than twelve million dollars buying these cryptokitties,each kitty has its own unique 256-bit unique genome code which is carried down to all its descendants via the use of genetic algorithm.
What is genetic algorithm?
Genetic algorithm can said to be the optimization technique used in solving non-linear optimization problems,these works tremendously the way biological gemetics works and it always start with an initial generation of candidate solution which has been tested against the objective functions. The algorithm generates solution using bio-inspired operations like selection,crossover and mutation.
1:selection:these basically means retaining the best performing parents from one generation to the next.
2:crossover:after the selection,we have a crossover and here in crossover we choose the common variables of the two parents and retain those in the child solution.
3:mutation:mutation takes place when a parent is been taken randomly and mutate some of their variables to create a child and it is done to make sure that the system can explore other possibilities for solutions.
Gas consumption of cryptokitties.
The amount of gas that cryptokitties consume is massive in the sense that it ranges to top 5 most gas hungry smart contract in ethereum.
How does cryptokitties economies play out in a typical business cycle.
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Stage 1: Growth: these is the first stage of the kitty economy which the average cost of a starter kitty was $4 and went to $8 whithin a week.
Stage 2:peak: this is the second stage economy whereby the demand exceeds its expectation and the dapp turns to mainstream,the demand was so high that it went up to ethereum blockchain.
Stage3: recession: after its rapid growth comes the inevictible recession.
Stage 4:depression: this is the last stage and one thing that is vivid here is that with its popularity it is difficult for one to say if the kitties will hit an absolute rock bottom before it recovers.
In conclusion it will not be an overstatement if one say that cryptokitties have taken the world by storm.
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Hi @teco, thank for submitting your homework
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