NFTs & BlockDegree – Shapes the Future of Educational Degree
- summy Morphe
- May 15, 2021
- 0 Comments
Technological advancements have made counterfeiting educational documents extremely easy. At the same time, though, it is also enabling solutions to counter this problem. Blockchain technology, for instance, provides a means to immutable and tamper-proof creation, storage, and transfer of degrees or certificates. In this regard, BlockDegree—a cutting-edge edTech platform built on the XinFin (XDC) Network—leads the way, enabling users to leverage decentralized certification. It offers free online courses on blockchain technology for beginners and advanced learners. Certificates are issued upon course completion, which learners can store on XinFin’s public-private hybrid ledger. BlockDegree has almost 10,000 user registrations at the time of writing, with 1,700 certificates issued to successful candidates. BlockDegree has now decided to enter the non-fungible token (NFT) market to keep pace with the tides of time. The global blockchain-crypto community can no longer ignore the ongoing boom in the popularity and usability of NFTs. Against this backdrop, learners at BlockDegree can convert their certificates into NFTs; the platform shall also have an integrated marketplace to facilitate trades in these NFTs. We’ll discuss more of this new development, but let us first take a brief look at how BlockDegree works. A Sneak Peek into BlockDegree’s MachineryBlockDegree promotes educational inclusion, enabling anyone to educate themselves about diverse blockchain-related topics. The training material is free and given out at the beginning of the course. Only those who score 60% or more get a certificate, which they can store and share over the XDC network. These certificates have tremendous value since they are seamlessly verifiable; one can also produce them to external entities or institutions as and when required.Learners intending to store their certificates on XDC have to pay a minimal transaction and processing fee. The cost, however, is nowhere near alternative blockchains such as, say, Ethereum. The processing fees on XinFin are merely 0.00042% of the transaction amount, while the lifetime charge for storage is only $9.99. Learners can pay such fees in XinFin’s native XDC token, using XinPay. BlockDegree burns a portion of the XDCs it receives as fees, regulating the token’s price and preventing inflation. The XinFin network, as a whole, becomes cumulatively more substantial as a result of this policy; this is how BlockDegree is returning value to the community. Certificates as NFTs: BlockDegree’s Latest OfferingNFTs are a class of unique and non-interchangeable tokens capable of representing virtual and real-world assets on the blockchain. The domain has a wide range, covering almost anything from collectibles, digital art, memes, and in-game assets. The recent liquidity influx into the NFT market is mind-boggling, with collectibles selling for $7.5 million and artworks for $69 million. It is no wonder that BlockDegree has decided to capitalize on the NFT scene; this, after all, is the right time to get involved with NFTs.Through the facility of converting certificates into NFTs, BlockDegree is making the former more easily shareable, among other outcomes. Henceforth, newly issued certificates will come with the option to mint them as NFTs. In turn, learners can add their tokens to the integrated NFT Marketplace on BlockDegree. The XinFin Network powers the smart contracts facilitating the NFT creation, auctioning, and trading procedure. The BlockDegree NFT Marketplace is in the Alpha Stage presently, and therefore, has limited functionalities and user experience. However, through updates and implementations planned for the near future, the platform will soon achieve full throttle. Even in its nascent stage, BlockDegree’s innovation manifests immense potential for transforming our understanding and use of education documents; this is beyond all doubts. Lastly, in our journey to the future, we earnestly welcome suggestions and feedback from the community; together, we shall improve and prosper. Write to us, or follow us on social media for future updates.