Crypto Academy Season 4 - Week 3| NFT Markets by @imagen| Homework Task.

Hello everyone, i am very delighted to be participating in this weeks task by @imagen who gave a well detailed lecture on NFT Markets. So in this post, i will be attempting the homework task.

Source

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

Nifty Gateway is an exclusive platform that is known for buying and selling of non-fungible tokens also known as NFTs or Nifties. These digital tokens which are recorded on the blockchain are similar to the cryptocurrencies which are also recorded in the blockchain but then they are non-fungible, that is, they can not be interchanged. The Nifty Gateway platform is also known to combine crypto-technology and collectible assets like artwork, music and games to create an arena for potential investment and tradable assets with high values.

Nifty Gateway is a cryptocurrency exchange website founded by Duncan and Griffin Cock Foster, they are known as the Winklevoss twins, Though the platform is actually owned by the parent company called Gemini LLC. This company has gained the trust of New York traders assuring them of no foreseeable IPO and no stocks or shares price.

However, Nifty Gateway is an exclusive marketplace that aims at reserving the artwork and music that has been curated by the Nifty team. This enables the best artists and musicians to create NFTs and sell them at the same time. The Nifty Gateway has an Omnibus wallet that the NFT token is been uploaded through MetaMask. The platform allows deposit of the NFT tokens and users who would want to create and sell their own artwork applies through the website and undergoes an interview before they can be accepted.

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

The ERC-1155 token is also known as the next generation multi-token standard, it was developed by Enjin. It configures both non-fungible and fungible tokens which are both in a single contract, It is known to be fast and efficient when making the transfer of tokens in batches. It was created because the ERC-20 and ERC-721 tokens were not compatible, in other words, it is an improvement of both tokens standards, so a token built in the ERC-1155 can perform as though it was built in ERC-20 or ERC-721. The ERC-1155 is appropriate for growing games and projects in the Ethereum ecosystem.

The ERC-1155 standard was developed to solve some problems that the ERC-20 and ERC-721 protocols couldn't resolve. And they are listed below.

• In the ERC-20 standard, the tokens built on this standard does not work properly with the transfer events, that is, if a user mistakenly transfers a token to a wrong address, the token becomes trapped in the smart contact and can not be gotten. However, the ERC-115 solves this limitation by reverting the token back to the owner's wallet thereby avoiding the lose of tokens.

• In the ERC-721 standard, there is usually the problem of compounded transactions of the NFT tokens, that is, if a user wants to send NFTs in groups to an address, this standard only allows these tokens to be sent individually, it is usually a tedious and inefficient process and at the same time the gas fees is very high. However, the ERC-1155 protocol solves this limitation by cutting down the gas fees by 90% when minting out these tokens and allowing the transfer of a group of NFTs or Fungible tokens at once.

• The ERC-1155 protocol helps to secure tokens when transferred to an incorrect address. That is, when transactions are carried out by sending a token to a wrong address, the protocol has a feature that verifies this transactions and if it is sent to a wrong address, it sends the token back to the sender, Unlike the other standards that does not have this feature.

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 platform is a decentralized platform that allows a user to track cryptocurrency transactions, gas fees and all other information about a transaction within the Ethereum network. I will go ahead to explain all the features seen on the platform.

First of all, log in to the platform etherscan.io and click on the Tokens Icon at the top.

Once you click on the Token Icon, select ERC-1155 Top tokens.

On the Next page, we see the list of top ERC-1155 tokens displayed below and also the number of transactions by volume that these tokens have.

As at the writing of this post, we can also see that the total number of ERC-1155 tokens is 18,136 as you can see in the picture above. The list of the top 5 tokens by transaction volume in the last 24Hrs are listed below:

1- OpenSea Shared Storefront (OPENSTORE) - 10,375 transfers was made in the last 24Hrs.

2- 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5 (contract) - 3,637 Transfers was made in the last 24Hrs.

3- Rarible (RARI) - 640 transfers were made in the last 24Hrs.

4- Woodies Mint Passport - 490 Transfers were made in the last 24Hrs.

5- 0x20178cd7721fdfc1fda815dd03acc809b82e9e40 - 365 Transfers were made in the last 24Hrs.

To view the last transaction Hash, we have to click on the Tokens icon once again and then select view ERC-1155 Transfers.

That takes us to the list of recent transactions as shown below, and also the last transactions below.

So when i Clicked on the last transaction, i got more details about the transaction. These details includes the hash, type of token transferred, the address it was sent from and address that is receiving it, transaction fee and gas price.

As shown above, the hash of the transaction is:
0xb649ead43130340de59bedc2fc8527413cace6825f31613eb25f44a1ad8c04c7

The Block ID is: 13279320

The token was transferred from 0xa57fb730a0d28cb314de48e61b8548d7f1c7656b address to 0x775a53560ab0a55a6e5bdb507b7eb9ca2dbcd998 address.

The token type is: ERC-1155.

The transaction fee was: 0.01242662636131641 Ether ($38.24).

4. Enter the Enjin wallet. Describe the functions presented in its user interface. Enter Marketplace: indicate the number of items for sale, indicate the first 3 items in the list and their description. Show Screenshots.

The Enjin wallet is a platform that provides an end-to-end solution that a user needs when launching a NFT project that would enable the user generate new source of revenue and at the same time increase the growth of the user's company. The Enjin wallet have some multiple services it provides like serving as a marketplace to users, serves as a wallet too, it also enables a user create and test NFTs, etc. The Enjin Coin is the token used on the Enjin wallet and it can be found on the coinmarketcap platform. This Coin is used to increase the valve of NFTs that are been minted on the platform and the minting process is very easy to carry out, even users with no experience can do that.

Feature of Enjin Wallet
The Enjin wallet have some great features that makes it very easy for users to access the wallet and some of this features include Wallets, assets, scan QR, Exchange, marketplace, DApp Browser, linked projects, contact and support, and settings.

• So to carry out this task, we first log on to Enjin.io and Then we click on the Get Started icon. From here we can see the option to download the Enjin Wallet.

• Once We click on it, we have two options; that is to download from Google Play or AppStore.

• Next, it takes me to the google play store where i will go ahead to install the wallet, just as seen below.

-After installing the wallet, the next step is to create a Crypto wallet, so we go ahead to click on the icon which takes use to the next point which to Create Wallet

After agreeing to the terms and conditions, the next step is to select a nee password and the confirming it, after which we click the next step where we have to select the coins that we would want to be in the wallet.

After inputting my new password, next is verifying the wallet and clicking the Create wallet which completes the creation of the wallet just as seen above.

Feature of Enjin Wallet.

The Enjin wallet have some great features that makes it very easy for users to access the wallet and some of this features include Wallets, assets, scan QR, Exchange, marketplace, DApp Browser, linked projects, contact and support, and settings.

Now, we go back to the platform to Log in, so we go ahead to click on the “Log In” icon which brings us to the page where we can input an email address and a password. On the page since we havent had an account before, we click on "Don't have an account?".

Next, i go ahead to input Name, Email and Password and also click on the block which says "I am not a robot" then click on sign up. Once that is done, the email address gets a mail where i can verify my email.

From the above screenshots, we can see how easy it is to log in and create an Enjin wallet.

However, i will go ahead to explore the Marketplace and i am going to do so by clicking on the icon on the front page. The Marketplace feature holds some important information like the Market Volume of a token, the Blockchain Assets and the Assets Sold in the Marketplace.

However, we can see the Marketplace numbers as follows: Marketplace Volume which means that 44.7 Million of the Enjin Coin are been spent on assets, Blockchain Assets which means that 1.1 Billion asset are yet to be discovered or explored and Assets Sold which means that 832.7 Thousand digital items have be traded through marketplace.

Also we can still go ahead to explore more section by clicking on Explore the Marketplace, here can get more information about the items that are for sale.

From the above screenshot, we can see that the current products on sale is 17,485 and users can go ahead to search for any products they want. The Ranking section can also give more information to a user, that is, the user can get to know the monthly volume , the market cap, hodlers and assets number of the products. Below are the top 3 products which are ranked base on the monthly volume and they are Lost Relics, Age of Rust, and The Six Dragons.

5. In your personal opinion, what is the future of NFT Markets? Please give reasons for your answer.

NFT is a token that is beginning to be very popular, it has create room for digital artists to sell and make profits out of their creativity. In my own opinion, i think that the NFT token will be used and recognised by other crypto-based ecosystem in a way that it will be used to magnify the great work of artists. Artists will be able to express their selves better with the Token and also gain investment opportunities.

For instance, in the gaming industry, the NFTs has shown some great improvement in proving that there are potential benefits when players invest in it, these benefits are made in a way that players can purchase some in-game characters, they can also upgrade them and trade them at the same time.

Finally, i see the NFTs coming to take over for good and since the decentralized blockchains allows this Token, i see it replacing the centralized system.

Thanks for reading.