[Re-Post] NFT Markets - Crypto Academy S4W3 - Homework Post for @imagen

yarhassan (64)in SteemitCryptoAcademy • 3 years ago

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Hello Steemians!

I hope you are doing well in your life. I hope you are keeping your health in this pandemic as first priority. So this is my homework post for @imagen. The topic is NFT Markets so let's get started.

Q1) Describe in depth the Nifty Gateway platform Who are its founders? What market or target is it aimed at?

Nifty Gateway:-

So, first and foremost, let's learn about the Nifty Gateway. What exactly is the Nifty Gateway? Nifty Gateway is a digital NfT marketplace where people from all around the world may purchase and sell digital assets such as art collections, which include images, illustrations, films, sketches, memes, and a variety of other items. Everything listed for sale on this marketplace is unique, in a class by itself, unparalleled, unprecedented, special, rare, and distinct from other items in many ways. The NFT gateway platform refers to this group of collections as nifties.

Now who are the founder of Nifty Gates?

Duncan and Griffin Cock Foster launched Nifty Gateway in 2020, and as I previously stated, Nifty Gateway is a digital marketplace where you can purchase and sell unique pieces of art from all around the world. And, as you could have guessed from the marketplace's name, this market platform is closely related to the NFT Market, and these collections are known as Non-fungible tokens.

Now Let's Discuss Dept More about the Nifty Gateway platform.

Nifty Gateway is known for its high-quality service, which means that this platform offers the highest-quality digital objects or collections to purchasers from all over the world or unique art collectors. Also worth noting is that the nifty gateway platform is not decentralized, but rather a centralized curation system, which distinguishes it from all other blockchain-based businesses.
This platform's buying and selling structure is quite similar to that of cryptocurrency, in that the seller sets an asking or selling price, and the buyer sets a bid price, resulting in a bid-ask spread.

Q2.) What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?

Erc-1155 is a sort of token that is fungible as well as non-fungible. ERc1155 represents many tokens with a single smart contract. Ethereum request for comment in full form (ERC). It is very different than ERC20 and ERC777. ERC-1155 tokens are safe and easy to trade. We can perform transactions and trades more efficiently with ERC-1155. These ERC-1155 coins also lower transaction costs. We may argue that the ERC-1155 is being phased out in favor of the ERC-20 and ERC-721. This was not available on the ERC-721. Each ERC-721 token must be supplied individually to send multiple ERC-721 tokens.

Difference between ERC-20 and ERC-721 tokens :

One of the differences between ERC-1155 tokens, ERC-721 tokens, and ERC20 tokens is that ERC721 tokens are non-fungible. The ERC-721 token was traceable, one-of-a-kind, and unchangeable. However, the ERC-1155 tokens can now be transferred in bundles or packets, which is a significant development. Another major characteristic that distinguishes the TRC-1155 token from the ERC-20 and ERC-721 tokens is its ability to undo and reimburse transferred tokens to the recipient if the transaction is not validated.

Q3.) 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.

First of all, we will go to the website called Etherscan. There we will first get ourselves registered and then we will login into our account.

As you can see in the above picture that there is a sign-up button on the top right corner from where we will enter our user id name and password and login into our account.

when we clicked on the sign-up bottom it brings us to the login account page where I entered my user id name which is yarhassan and password.

In the above picture, you can see that we have successfully log in and now we are the main landing page of this website where you can see all the account info such as username, email address, address, transaction nodes, and many more other things and the top right corner you can also see my username.

After that, I hover my mouse pointer onto the token button on this website dashboard. Where you can see ERC-1155 tokens, clicking it brings us to the next page. The top 5 5 are ERC-1155 tokens are given below;

now you can see it has brought us to a new page where you can clearly see the top 5 Erc tokens traded in the last 24 hours and there are 18198 token contracts in total to be exact.

1 OpenSea Shared Storefront (OPENSTORE)
2 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5
3 Rarible (RARI)
4 Woodies Mint Passport
5 Zapper NFT (ZPR_NFT)

After that, we need to examine these ERC-1155 so we go to view the ERC-1155 transfer section.

when we go to the transfer section there we will see on the top of the last operation. when we click on it it will give us all the information and details of the last transaction.

the details in the screenshot above are given below;

Hash:

Oxc913b9a88d496bf2f4b1f10446d584aca857c07fbb06e185f74c33168ce0dc690

Contract:

Contract 0x7be8076f4ea4a4ad08075c2508e481d6c946d12b (OpenSea)

Time:

(sep-22-2021 02:19:18 PM +UTC )

Q4 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.

firstly, I go to this website or platform called ENJIN. After that, I click on the get started button which opens up to a new section called the download section. It gives us two options; Google play store and AppStore.As I'm an android user i select play store

As you can see in the screenshot above, I've joined three ss together. I first downloaded and installed the Enjin software, and when I opened it, it instructed me to open my wallet and then to create a wallet.

Following that, a sign-up page appeared, and I created an enjin account or wallet. Because the app wouldn't let me take an ss, I couldn't take a screenshot. After that, the terms and conditions agreement showed, followed by the option to establish a wallet, which I selected, and my account was created.

When I was finished creating everything, I went to the top left three-line icon, which displayed my assets and marketplace. I started by clicking on the asset, which sent me to this screen, where I could see my balance. After that, I went to the marketplace, which lead me to the browser, from where I used my computer for the rest of the work.

You can see in the above picture of the marketplace that there are 17,486 items on sale.The first three items are;

infowar telegram
dragons scalar
tears of serenity

The first item was established on 17 March 2020 and starting price is 1 enj.

The second item was established on 28 November 2019 and it is selling for 144 enj.

The 3rd item was also established on 28 November 2019 and it is selling for 170 Enj.

Q5 In your personal opinion, what is the future of the NFT Markets? Give reasons for your answer.

My opinion on the future of NFT marketplaces:

Nfts, in my opinion, is changing and becoming more popular among artists, collectors, and gamers. Every day, a new piece of art or collection is created or disclosed by an artist who is unique in their own right, and collectors rush to buy it. As a result, I believe it will be a huge success in the future. For both buyers and sellers, these marketplaces have made everything easier and more convenient. It's also more secure and dependable than other marketplaces. The transaction is less expensive, and the security is significantly better. Nft marketplaces are beyond our wildest dreams since, in the future, they will be more saturated and provide a wider range of collections than the art and gaming industries. Artists, collectors, and industries will get more recognition as a result of this than any other market.

Special mentions to ;
@imagen

Dear professor my post has been graded but it hadn't been curated.
Here is the screenshot of the grading.