NFT Markets - Crypto Academy S4W3 - Homework Post for @imagen by @salma78
Introduction
Question 1
1.) Describe in depth the Nifty Gateway platform Who are its founders? What market or target is it aimed at?
Nifty Gateway Platform
Nifty Gateway platform is one of the most outstanding platforms for auction which was founded in the year 2018 by Duncan and Griffin Cock Foster. It is a centralized platform that is harnessed by a central authority. Nifty Gateway after its existence was later controlled by the Winklevoss brothers or twins whereby they managed Nifty Gateway by their exchange platform known as Gemini LLC company. This Gemini LLC platform is a cryptocurrency exchange platform.
The Nifty Gateway platform is an online platform that deals with the trading of NFT tokens. It provides the platform for trading music and artifacts (NFTs). Many famous artists have ever traded their arts or projects on the Nifty Gateway before and they include Ozunz, Eminem, and also Beeple. For the maintenance of its popularity, the Nifty Gateway platform provides qualified team members to access all NFTs to be sold on their platform whether it's worth it or not.
The Nifty Gateway in doing this provides quality and best NFTs to their customers on the platform and also checks the authenticity of the products before it is being sold out on the platform. The Nifty Gateway has the aim of providing the best and safest of NFTs to customers trading on their platform.
Any user or seller (artist) that sells any artifacts on the platform gains 5% to 50% of the artifact sold and also the platform will deduct only 5% charges as a fee for running your business on their platform. There are several collections available and also future collections as well. I would briefly explore the platform a bit for the benefit of all.
Question 2
2.) What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?
ERC-1155 Token
ERC-1155 refers to a multi-coin token that performs the function of both ERC-20 and ERC-721. It is a token that supports both Non-fungible tokens (NFT) and Fungible tokens (FT) and it was created by the Enjin team. ERC-1155 was created so as to bridge the gap between NFTs and FTs.
The ERC-1155 tokens are very unique and it is fast in transferring tokens in batches. It is sometimes referred to as the next generation multi-token standard. It is very affordable and also fast and efficient in transferring tokens.
How ERC-1155 differs from ERC-20 and ERC-721
| ERC-1155 | ERC-20 | ERC-721 |
|---|---|---|
| It is multiple tokens that are contained in a smart contract | It is only a single type of token contained in smart contract | It is only a single type of token contained in a smart contract |
| It supports both Non-fungible tokens and Fungible tokens | It supports only Fungible tokens | It supports only Fungible tokens |
| It is easier to use for batch tokens transfer | It is not possible to be used for batch tokens transfer | It is not possible to be used for batch tokens transfer |
| It is possible to refund or retrieve wrong transactions made | It is not possible to retrieve or refund wrong transactions performed | It is not possible to retrieve or refund wrong transactions performed |
| It is less costly and affordable | It is very costly | It is very costly |
| It is more fast and efficient in transferring tokens | It is slow in transferring tokens | It is slow in transferring tokens |
Question 3
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.
The Etherscan and ERC-1155 Tokens Available
Step 1:- First of all we visit the Etherscan website.
Step 2:- From the Homepage interface Click on Tokens and then select ERC-1155 tokens
Step 3:- We can now see the ERC-1155 tokens available and the first 5 top ERC-1155 tokens as well.
We can see from the screenshot that the total available ERC-1155 tokens at the time of writing this assignment were 18,104 ERC-1155 Tokens.
Also, the first top-five ERC-1155 tokens are as follows;
| Token | Transfers (24H) | Transfers (7D) |
|---|---|---|
| 1. OpenSea Shared Storefront (OPENSTORE) | 28,039 | 91,649 |
| 2. 0x715565baf69afcbbe88f56d46f1c9fe2df828705 | 4,729 | 4,729 |
| 3. 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5 | 3,513 | 7,031 |
| 4. Rarible (RARI) | 1,330 | 6,772 |
| 5. 0x7a44228e46cdd37a85c0b07c4043b86c11e8c315 | 867 | 5,684 |
Indicating the Hash of the last transaction performed and its Identification
Step 1:- We, first of all, visit the Etherscan website, and just like the first procedure shown above we click on Tokens from the menu bar and select View ERC-1155 transfers.
Step 2:- From the list of transactions we then click on the last transaction history indicated.
Step 3:- After clicking on the last transaction available we can now see the transaction details as follows.
Transaction Hash:- 0xd8aac3b7b328a12fcb334bedded48d297f651cac8cd674730fa1f2419b704298
Status:- Success
Block:- 13269853
Contract:- 0x7be8076f4ea4a4ad08075c2508e481d6c946d12b (OpenSea)
This can be seen from the screenshot below:
Question 4
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.
Exploring the Enjin Wallet
I would be using my mobile phone to explore the Enjin wallet for the purpose of this section of the question.
Step 1:- First of all, I would download the Enjin wallet application onto my mobile phone. After successful download of the application, I would then click on it to launch the application.
Step 2:- Click on Crypto Wallet and then click on Create Wallet on the next page.
Step 3:- Click on I agree in order to accept the terms and conditions of Enjin wallet. After that, you set your password for the wallet to be created.
Step 4:- Select the coins you want in your wallet and then click on Create Wallet to continue.
Step 5:- Copy and write down all the twelve words as your recovery phrase for the wallet and then verify your phrase on the next page and then click on create.
Now the wallet has successfully been created and is ready as seen in image 2 above.
We can see three main sections from the Enjin Wallet created, i.e. the three lines shown below, the total USD value of assets owned, and the total number of assets or coins one has.
The three lines section displays other important features including, wallets, scan QR, Linked Projects, Contact Support, and Settings.
There is also another section termed the Main Wallet which is used in adding more wallets to the Enjin wallet application. Once you click on it, a drop-down menu opens which provides a Create Wallet tab for creating new wallets.
Again, another section is the Add contact section which allows users to add their contact address to the type of address they possess.
Another section is the (+) plus sign section which aids users to add more coins to the already selected coins and updating them.
Furthermore, the three dots section displays sub-features such as Backup wallet, rename wallet, edit coin list, Auto-add Tokens, Manage wallets, Rate Enjin wallet. These sub-features help users to add more coins to existing coins, to backup wallet in order for easy recovery, to change the name of the wallet, to manage the wallet, and also provides the platform for users to give a rating to the Enjin Wallet.
Exploring the Marketplace of Enjin Wallet
I would be using the website of Enjin wallet to explore the marketplace in this question. Enjin Wallet
We can see from the screenshot above that the number of items for sale on the Enjin platform is 17,489 items on sale at the time of writing this article.
Again the screenshot below indicates the top three items on sale at the time of writing this article and they are;
1. Uncertainty [Skin]
2. TGCW_platinum _Pack
3. Crystal Rosin
1. Uncertainty [Skin]:-
This item is being sold for 250 ENJ which is equivalent to $307.50.
The Description:-
Uncertainty, the undisputed leader of Team FUD.
This token unlocks a unique player skin based on Uncertainty within Cryptonom. Holders of this token will also unlock a unique boss battle within our NOM Battle Bot in Telegram (@NOMBattleBot).
An official collaboration between Cryptonom and Ether Legends.
source
2. TGCW_Platinum_Pack:-
This item is sold at 150 ENJ which is equivalent to $184.50.
The Description:-
TGC World Founder Packs
The limited Platinum pack ensures your access to the beta version of TGC World and equips you with very rare equipment.
You will receive
5 Starter apartments
Expert Pack Clothing
Unique weapon
Unique Character
Be who you want!
Do what you want!
In TGCWorld this will be possible!
source
3. Crystal Rosin
This item is sold at 2 on sale from 415 ENJ which is equivalent to $510.45.
The Description:-
Providing a first-rate protective sealing coat for wooden surfaces and various decorative objects, Crystal Rosin will lock in the tannins of timber and highlight them to amplify the characteristics of the grain.
Its primary purpose, however, is to seal the pores of the wood to give you a smooth, even surface for the topcoats of varnish or wax, thus contributing to a superior finish of the final product.
source
Question 5
In your personal opinion, what is the future of the NFT Markets? Give reasons for your answer.
The future of NFT Markets are would be very amazing and astonishing in the coming years and this is because of the functions of these NFTs in the crypto world. The function of the robust technology and also other vital features of blockchain technology on NFT Markets is amazing and would really aid build a better future for NFTs. Currently, as we stand all various artist has now found the value of their artifacts they produce. Artists have now limited the paperwork and are now working on the internet on NFT Markets to sell their products which is quite amazing and interesting as well. Not only artists are beneficiaries of these NFTs but also celebrities, gaming industries, and other large companies as well value the importance of the NFT Markets.
There has been quite an acquisition of revenue in the gaming industry as a report of $155 billion was recorded on May 12th, 2021 in just this gaming industry which is quite going to increase with time. This money is a result of the gaming assets that are bought by gamers including, skins or costumes of characters, gaming weapons, and other features. These features are all not transferrable across different gaming platforms but with the future of the NFT markets, all gaming features including weapons, avatars, collectibles, skins, etc would become transferrable among different gaming platforms. The decentralized nature of the NFT would also help to protect users from losses in their investments.
Also, the sporting industry has recently recorded a huge record of NFT sold when Cristiano Ronaldo break a trading record of $289,902 and this was reported on March 15th, 2021. This NFT was traded on Sorare and it is a belief of us all that in the near future more sales of NFTs would be made to conquer this record in the sporting industry. Looking at all these we would say that the NFT Markets is would really conquer the sporting industry soon in the near future.
Conclusion
To conclude I would like to summarize what we have done so far in this article. First of all, we looked at the concept of the Nifty Gateway platform, its founders, and their aim as well. Again we discussed the concept of ERC-1155 tokens and also differentiate the ERC-1155 from ERC-20 and ERC-721 tokens. Furthermore, we explored the Etherscan and showed the number of ERC-1155 tokens available at the time of doing this assignment. We also indicated the top five tokens and their volume of transactions in 24H.
We also looked at the Hash of the last transaction on the Etherscan at the time of writing this article by including screenshots in all procedures. Moreover, we explored the Enjin wallet and its uses and then also explored the marketplace on the Enjin website. We showed the first three items on the list of items in the marketplace. Finally, we discussed the future of the NFT Markets.
I would like to say thank you to professor @imagen for such a wonderful lecture taught this week and I look forward to participating in your subsequent homework tasks.
Thank You.
Gracias por participar en la Cuarta Temporada de la Steemit Crypto Academy.
Continua esforzandote, espero seguir corrigiendo tus asignaciones.