[NFT Markets] - Crypto Academy / S4W3- Homework Post for @imagen
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Hello everyone. This is my submission to Professor @imagen's assignment on the NFT markets. The assignment was given as below:
1.) Describe in depth the Nifty Gateway platform Who are its founders? What market or target is it aimed at?
2.) What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?
3.) Login to Etherscan. Please indicate the number of ERC-1155 tokens in existence at the time of writing your assignment. Indicate the first 5 tokens by volume of transactions in the last 24 hours. Indicate the Hash of the last transaction carried out and the identification of the token as well as its smart contract. Show Screenshots.
4.) Enter the Enjin wallet. Describe the functions that it presents in its user interface. Enter the Marketplace: indicate the number of items for sale, indicate the first 3 items on the list and their description. Show Screenshots.
5.) In your personal opinion, what is the future of the NFT Markets? Give reasons for your answer.
Describe in depth the Nifty Gateway platform Who are its founders? What market or target is it aimed at?
Founded by the twin siblings Griffin and Duncan Foster, Nifty Gateway is one of the most popular non-fungible tokens platforms that deals in the marketing of such digital assets. Nifty Gateways is currently owned by Gemini, a company started by the twin Winklevoss brothers. The Nifty Gateway platform has a team in place whose work is to curate Non-Fungible Tokens assets in the form of artwork and the music sector.
As a result, Nifty Gateway has flourished in attracting famous artists worldwide. Examples of such individuals include Beeple, an artist who sold his artwork for an amount close to 70 Million Dollars, American rapper Lil Yachty, Deadmau5, and many others. The Nifty Gateway platform operates on the Ethereum blockchain. Hence, it utilizes this particular blockchain in minting non-fungible tokens assets on the platform. The current target of the firm, according to its official website, is one billion NFTs collectors.
The Nifty Gateway website has a simple and user-friendly interface. It has three main navigation buttons. The first button is the Drop button. When clicked, it shows impending NFT assets that will be made available on the platform. Per the screenshot above, it is apparent that on 20th September at 6:30 PM, an NFT from Bill Elis will be dropped on the platform. Also, an NFT from Xsullo will be dropped on the 21st of September at 6: 30 PM.
The Marketplace tab highlights digital assets by various sellers that are readily available for purchase. As mentioned earlier, these virtual assets are exclusively curated by the Nifty team. Once curated, its announcement and drop scheduled are brought to the awareness of consumers, and then made available in the Marketplace for sale. Assets can also be categorized by respective artist by using the Search Artist bar at the top.
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The last button is the Activity tab. This section fully displays all the marketing activities of the Nifty Gateway platform in one place. As of the time of the screenshot, the “Dance or Die” NFT was made available for sale about 3 minutes 30 seconds ago for $440. To purchase the item, Click on the View Item button.
It can be seen from the image above that this artwork was created by Justin Rolland, and it is currently owned by a user called sobertrip, at the time of writing. It was released on March 17, 2021, and was originally listed for a price of $444. To purchase this item, click on the Buy Now button.
The accepted method of payment includes Ethereum, Gemini Account Balance, Nifty Gateway Account Balance, and Credit Cards. Once the preferred method of payment is selected, and the corresponding details are submitted, users will be able to purchase the asset.
Registered users of the platform can also authorize their accounts as NFT sellers on the Nifty Gateway platform. However, users must connect their account to the Stripe account first. The downside to this is that countries where Stripe is not supported will not be able to activate this feature on the Nifty Gateway platform.
I am located in Ghana, and the picture above shows that I cannot proceed with the process. This is because Ghana is not among the list of supported Stripe countries.
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Another demerit of this platform is that Bank withdrawals of earnings on the Nifty Gateway platform are restricted to the USA Banks only. However, other forms of withdrawal are made available such as Ethereum, Gemini, and Credit Cards.
What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?
ERC-1155 token is a digital asset whose operational blockchain is Ethereum and is able to serve as a non-fungible token as well as a fungible token. Thus on structural grounds, it can perform as the fungible ERC-20 token and the non-fungible ERC-721 token concurrently. This extension came about as the result of the initiative to combat the compatibility constraint that was common with the usages of the ERC-20 tokens and the ERC-721 tokens. For instance, if a user sent a number of ERC-20 tokens to a wrong receiver address, these funds would be locked up forever without a chance of retrieval.
The ERC-721 tokens, on the other hand, made the process of transactions cumbersome, especially when users send multiple numbers of virtual assets to a single address. The multiple virtual assets will be sent individually and charged fees on an individual basis. This operation, apparently, has a significant impact on the resources need to carry out such transactions. Also, taking into consideration the environmental impact of the Ethereum blockchain means that such transactions contribute appreciable environmental repercussions. Also, ERC-721 is widely regarded for its inefficiency.
Therefore, the creation of the ERC-1155 tokens was targeted at resolving the discrepancies between ERC-20 and ERC-721 tokens. With the ERC-1121 tokens, multiple transfers involving both non-fungible tokens and fungible are made possible with just a single transaction. This makes the ERC-1155 very efficient as it resolves the compatibility problem that was existent with these two previous forms of the Ethereum tokens.
Another important feature of the TRC-1155 token that distinguishes it from the ERC-20 and ERC-721 tokens is its capacity to reverse and return transferred tokens back to the sender in the event that the transaction was not verified. This system in place helps combat the event of wrong transfers that get locked up and other malicious activities like double-spending.
Additionally, the integration of the 1155 ERC-tokens has led to a massive reduction in gas prices, thereby making it a more economical option for minting digital assets than the ERC-20 tokens and ERC-721 tokens.
Login to Etherscan. Please indicate the number of ERC-1155 tokens in existence at the time of writing your assignment. Indicate the first 5 tokens by volume of transactions in the last 24 hours. Indicate the Hash of the last transaction carried out and the identification of the token as well as its smart contract.
- From the image above, the red highlight box shows that I have logged in at the Etherscan website. Now, to navigate to the section of this platform that indicates the top ERC-1155 tokens, first hover the mouse pointer over the Token button on the top navigation bar of the website. Click on the ERC 1155 Top Tokens option from the drop-list, as indicated with a green highlight box.
- At the time of visit, there were a total of 18073 ERC-1155 tokens, as highlighted in red. And the top five tokens based on their 24-hours transfer volumes, at the time of writing, are as below:
OpenSea Shared Storefront – total transfers of 26894
0x715565baf69afcbbe88f56d46f1c9fe2df828705 - total transfers of 4712
0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5 - total transfers of 2652
Rarible (RARI) - total transfers of 1174
0x7a44228e46cdd37a85c0b07c4043b86c11e8c315 - total transfers of 862
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- To navigate to the transaction section, select View ERC-1155 Transfers options from the dropdown list of the Tokens tab on the navigation bar, as shown in red.
- At the time of writing, the recent transaction has been highlighted in red. It took place 56 seconds ago, as at the time of writing. Clicking on the Hash of the transaction will take you to the page that shows the details of this transaction.
- According to the transaction details, the information of this transfers is as below:
Hash
0xd393260ae257b64f7151659beadac4a05167f769b66afc9f11e29b7cb9a0b555
Contract:
0x7be8076f4ea4a4ad08075c2508e481d6c946d12b (OpenSea)
Transaction Action:
Traded 1 NFT for 0.022 Ether on OpenSea
Type of Tokens transferred:
ERC-1155
Gas Price:
45.866157856 Gwei
Enter the Enjin wallet. Describe the functions that it presents in its user interface. Enter the Marketplace: indicate the number of items for sale, indicate the first 3 items on the list and their description.
Enjin is a wallet that supports diverse blockchain, and it is primarily utilized for the marketing of video game-based non-fungible tokens. The Enjin wallet supports cryptocurrencies coins and tokens such as Dogecoin, Binance Coin, ERC-20, ERC-1155, ERC-721, Lite Coin, and many others. It also has its native token called the Enjin Coin, which is an ERC-2O token, that is used in the operations of the Enjin platform. The Enjin developer team is regarded as the key developer of the standard for the ERC-1155 token. A mobile application of the platform is available on the Google Play Store and Apple App Store for download.
The Enjin wallet has various functions that are presented to the user in a simple user interface. The main options are the Wallet, Asset, Scan QR code, Exchange, Marketplace, DAPP Browser, Linked Projects, Contact Support, and the Application Settings.
The Wallet shows the balance of the user. As stated earlier, the Enjin wallet supports multiple cryptocurrencies and tokens.
The Asset area allows users to send multiple digital assets and also receive virtual assets.
The QR Code option enables users to scan QR codes with their device cameras or directly from their gallery.
The Exchange function allows users to swap one cryptocurrency asset for another. The list of supported cryptocurrencies is shown in the dropdown list.
The DAPP browser exposes users to decentralized applications like Defi, Games, Exchanges, and many others.
The Linked Projects option help users to link their created projects on the Enjin platform.
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The Marketplace can be accessed on the Enjin website. Even accessed on the Enjin wallet, the user will be re-directed to the main website. For users surfing the website using browsers, select the Market place from the Products tab.
Click on the Explore the Marketplace button to access the marketplace of Enjin.
A the time of writing, there were 17490 items place on sale on the platform, and the first three applications were the TGCW Platinum pack, The Crystal Rosin, and The Sirion’s Thunder.
The Crystal Rosin is a battle item that enables its possessors to close the wooden surface. This act gives a smoother surface to various wooden objects. It was created by 0x7d510f661F490482fbFF45275b00A82F5F69f784 on 28th November, 2019. It is of an ERC-1155 standard. It is being sold for $572.70.
This TGCW Platinum pack asset is being sold for $207.00, it offers a pack of rare elements such as clothes, weapons, characters, and many others. Its creator is 0x5D11c60c0590572B1bD59EC7e08C7aa171D4CDb8. It is also of an ERC-1155 standard.
The Sirion’s Thunder is being sold for $1368.63. It was created by 0x2BeBd094D8D17078EFCf4E142536633b556aC1B1 and has a ERC-1155 standard. Only 500 of the Sirion’s Thunder were created.
In your personal opinion, what is the future of the NFT Markets?
NFT is slowly gaining worldwide adoption. This growth is not that surprising because a lot of people around the world share an avid interest in the arts. NFT can create a great platform for artists from respective backgrounds to monetize their artwork without the need for intermediaries. Sellers are directly connected to buyers on secure and transparent platforms. Even amidst the pandemic whereby lockdowns were in place, NFT provided the space and opportunity for an artist to place their artworks for sale without physical contact, and the buyers were also able to acquire digital artwork with monetary value.
Furthermore, it has provided the space for gamers, artists, musicians, and professionals of diverse fields to market unique digital assets. Gamers, for instance, could not market their digital in-game rewards, but the integration of NFT into games has now changed the status quo. The absence of manipulations from centralized authorities like governments grants on the NFT markets is also huge merit. Data stored on the underlying decentralized blockchain technology of these NFT markets ensure high security and integrity of the data and transactions.
Even in its infancy, the NFT market is thriving well. In the future, Its adoption and integration will experience an enormous scale. Multiple fields like Sports, Religion, Education and many others will adapt and integrate NFT into their operations, similarly to how these organizations now utilize the internet to advance their procedures. NFT is an instrumental addition to the cryptocurrency field and will aid individuals and firms to make profits from their virtual assets.
Conclusion
The NFT markets are platforms for marketing non-fungible tokens. There are several forms of NFT markets, of which the Nifty Gateway is an instance. The main target of the Nifty Gateway platform is digital artwork. These virtual assets are individually handpicked by the specialized curation team at Nifty Gateway. It has recorded major successes in sales of these digital entities. Also, the development of the ERC-1155 tokens, in which Nifty Gateway played a major role, resolves the compatibility problem between ERC-20 and ERC_21 tokens.
I have also learned how to navigate the Etherscan platform to identify hashes and smart contracts of various Ethereum based tokens. Additionally, the Enjin wallet is a wonderful platform for marketing digital game assets, and also has other functionalities like cryptocurrency exchange aside from its purpose as a wallet.
I thank Professor @imagen for this mind-opening lesson. I believe I now have a deeper understanding of NFT and its markets.
Gracias por participar en la Cuarta Temporada de la Steemit Crypto Academy.
Felicitaciones, espero seguir corrigiendo tus asignaciones.