This is an exercise in chapter 1 of Fulton's book "Introduction to toric varieties".
Let $\Delta$ be the fan consisting of the cones $\sigma_1=\langle e_1, e_2\rangle$ and $\sigma_2=\langle -e_1,-e_2 \rangle$, where $e_1,e_2$ are the standard basis vectors of $\mathbb{R}^2$.
The problem is to identify the toric variety $X(\Delta)$.
I see that $X(\Delta)$ consists of two open affines, $U_{\sigma_1}=\text{Spec } k[x,y]$ and $U_{\sigma_2}=\text{Spec }k[x^{-1},y^{-1}]$, glued together on $U_{\sigma_1 \cap \sigma_2} = k[x,y,x^{-1},y^{-1}] = (\mathbb{C}^*)^2$ with the glueing defined by $x \mapsto x^{-1}$ and $y \mapsto y^{-1}$.
My initial naïve guess was that this would be $\mathbb{P}^2$ but that would imply that $\mathbb{P}^2$ was the union of two affines, which it's not. Also, maybe it is $\mathbb{C}^2$ blown up at (0,0), but I don't see how to see that either.
So my question is: Are my above thoughts on the problem correct? What is a good strategy to solve this kind of problem? (i.e. how to recognize known varieties from a simple fan). Would it be easier to go about constructing the homogeneous coordinate ring?