Hello everyone, it is a great pleasure to take part in this week's crypto with professor @imagen. This week with the professor is about NFT Markets. I would make my submission in regard to the questions asked by him. Let's set the ball rolling.

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

The Nifty Gateway

This is said to be a form of a digital platform responsible for online art auctions for non-fungible tokens. This wonderful idea was said to be founded by Duncan and Griffin Cock Foster. After its creation, the platform has been able to acquire a lot of fame since its creation. This platform was founded in the year 2018 in which there was another partnership to twin brothers also called Cameron and Tyler Winklevoss, this brother actually had a crypto-based or owned a crypto-based company which was called the Gemini.

The main agenda of the NFT market is to robust the level of the digital markets such as Music and videos and many more. Later in 2019, the company was sold by this brother who owned the Nifty gateway to the other twin brother who actually owned the crypto-based company which since has performed great.

The platform is made in search of a way that, to be able to be part of it, you have to make your registration, thus creating your accounts. Further, you will have to fill and submit your personal details as part of the registration and then you will also have to make some deposits of some finance that can sustain the accounts. These funds you load into the accounts grants you the permission to bid for items that have been auctioned

The main motive of development was for such items to be made known to the public through their own and official website, in this regard people across the globe would be able to know the Nifty Gateway and what actually they deal in. It is a platform for buying and selling.

I would like to explore the Nifty Gateway official site to explain the features, what we should know is that there are three major sections of the platform, which are Drop, marketplace, activities.

The Drop Feature

This drop feature is actually made up of items called the Nifties which have been auctioned showing in three weeks. Its purpose is to advertise upcoming NFT drop schedules and also form alliances with the artist involved thus showing the time, date, and also the name of such artist. Nifties here are being sold by the main owners and after which the is the intervention of secondary owners for reselling.

The next drop is scheduled to be presented to the marketplace.

The Marketplace Section

This part of the platform is where all the listed NFTs are traded, either bought or sold. There is a showcase of the NFTof the artists who minted the tokens. various users display their works of nifties with the help of the marketplace.

So what happens is that, when you select an NFT from the list of auctioned Nifties in the marketplace, there would be a display of more details about the token collection that entails the unique sets of NFTs categories in Editions, and also showing the prices.

Lastly, when you also select an NFT token on Niftygateway, it will further show details of the token, details like name, edition, ETH address, NFT collection name, release date, original listing price, and the current market value price.

The Activities

This section also gives details about the recent transactions, bidding, purchase made on the niftygateway in actual real-time and this actually gives many opportunities to NFT enthusiasts to know what the bidding activities are with regards to a particular NFT

As I mentioned earlier, you can only purchase the nifities only if you have created an account that is by going through the registration process. There are also other features but can be seen after signing up like the withdrawal where the account holder can take away his or her funds.

Question Two: What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?

The ERC-1155 Token
This is a token with a very unique identity that supports the fungible and none-fungible tokens. This was developed to be more efficient and also to be able to be used in the batch transfer. It was created in the year 2018 by Witek Radomski as they are also said to be an Ethereum working-based standard. This token can also be used in the case of a single contract in making the various types of NFTs.

ERC-1155 and that of the ERC-20 and ERC-721

as we already know, the problems of the ERC-20 and ERC-721 were solved as the ERC-1155 was developed which actually gives it the opportunity to solve the problems the other tokens network could not solve. We know that the ERC-721 is a non-fungible token while that of the ERC-20 is fungible, but the case of the ERC-1155 has been able to combine both tokens into one. it is either fungible or non-fungible, it performs both functions at a time.

The other important thing you should know is that cases, where there is ERC-20 tokens have issues if a transaction has been made to a wrong address there is nothing that could be done here but this issue, is solved by the ERC-1155 as the transactions can be or will be reversed and therefore, the token can be sent back to the one who actually sent it thus the sender.

The ERC-1155 token can combine the creation of fungible and non-fungible tokens in one contract as transaction processes of the ERC-721 are generally regarded as inefficient because of their non-fungible nature that needs different contracts to pair each token standard.

How the ERC-1155 tokens Differ from ERC-20 and that of ERC-721 tokens

• The first factor is that we know that there is a case where Multiple tokens can be sent on the Ethereum network using ERC-1155 which is not so in the others

• Also, the gas fee and also transaction cost here in the ERC-1155 is reduced by a huge percentage compared to the others

• Another point is that the ERC-1155 allows the creation of fungible, non-fungible, and semi-fungible tokens using a single token standard which both ERC-20 and ERC-721 do not support.

• Another huge difference is the fact that there is the recovery of funds when an error is committed which is not so in the other type of tokens.

Question three: 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.

ERC-1155

• You, First of all, have to visit Etherscan's website

• click on the Tokens tab, and select ERC-1155 Top tokens

• Next, the list of top ERC-1155 tokens will be displayed and also indicating the number of transactions by volume.

As at the time I was making my assignment, there was about A total of 18,405 ERC-1155 Token Contracts found and also the first five tokens by transaction volume in the last 24Hrs are as follows:

Token	Volume
1. OpenSea Shared Storefront (OPENSTORE)	19,094
2. Zapper NFT V2	1,788
3. Zapper NFT (ZPR_NFT)	1,430
4. 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5	1,283
5. Rekt Anniversary Tickets	1,118

Last Transaction carried out

• In other to identify the last transaction Hash, click on the Tokens tab and select view ERC-1155 Transfers

• What happens next is that a list of recent transactions will be shown showing in depth the last transaction made on top. You will have to click on the last transaction to get more on-chain detail of the transaction.

• Next, the details of the transaction are displayed showing the hash, type of token, sender, and receiver addresses.

The hash of the transaction is:
0xd558f6b6e3a8bf07fbbacb07ebfd17001d185dc190d988b3a2d2f5623bce1662
Block identity
13288427
contract address is
0x495f947276749ce646f68ac8c248420045cb7b5e
Tokens Transferred
ERC-1155

Question Four: 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. 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.

THE ENJIN WALLET

This type of wallet is so secured and also very easy to use. It is a mobile crypto wallet either for android or for the IOS. It performs so many multi-functions, thus for the storage of cryptos such as Ethereum and also other related cryptocurrencies. This wallet is unique as it was created on the fundamental basis of the ERC-1155, which means that it supports the storage of the ERC-20 and that of the ERC-721 token. I would be exploring the wallet for you to feel the beautiful and attractive nature of it. There is also a coin called the Enjin coin which can be found in the coin market. It has a current price of $1.30 and is also ranked 81st by the coinmarketcap.

The Features of the Enjin Wallet

some of the features are Wallets, Marketplace, Dapp browser, assets, scan QR, linked projects, Exchange, contact and support, and settings.

WALLETS

This shows the number of coins that are stored in the wallet and the amounts as well. The value of the coin is shown in USD

ASSETS

This is where the user gets to his or her collectibles through an address or with the scan QR code

SCAN QR

Here, the user is able to scan NFT QR codes for easy validation

Linked Project

In this feature, we have the individual's project that needs to join the portal

Exchange

This feature helps the user to exchange his or her cryptocurrencies. In other words, swapping of various cryptos to the other.

Settings

The settings menu of the platform shows a list option that allows the user to enhance the functionalities of the Enjin wallet.

Enjin Marketplace

visit the website through https://enjinx.io/eth/marketplace

The number of items on sale is 17,475 items.

The First Three items on the list and their description

Tears of Serenity

This is more or less like an ancient olden day time story. Marlon is the character who spent his time finding the secrete and hidden kingdom which is the Anaria kingdom. TheAnarians had wanted to always keep the place a secrete place from everyone for centuries but was located by Marlon, it is selling at 224 ENJ at $288.96

Nestables Founders Token

This token stands to reward members who formed part of the Nestable ecosystem. It actually rewards them for the support they administered through the development and also the engagement they game through the development. Is currently at a price of 600 ENJ $774.00

Origin

This story talks about the colonization of dead space. It explains how the planet Kanbar got secured by some space cruisers. They had also dispatched mechs who were responsible for constructing roads and other living quarters for the colonist. This is selling at a price of 7,000 ENJ $9,030.00

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

I would state emphatically that NFT has come to stay in this era. This is so because of the unique and very great performing feature it has added to the workspace of the market. This has been able to promote workpieces in a digital form that has been patronized with huge sums of monies.

The future of NFT would become great as they have embraced the decentralized way of working. We all know how the decentralized system of working is kicking away the centralized and the fact that the NFTs uses such network, it would be able to grow bigger and better.
Another factor that would cause the growth of NFT is the fact that they have put value into the artist we see this day and also some celebrities. NFTs have really made their works so valuable, where it has been able o avoid illegalities and promote quality works. Day in day out now, celebrities, artists,s and also companies are all rushing to embrace this form of technology.

Below are some big-time sales of some people through the NFT technology

source

source

In this regard, I will say that the future of NFT is great and would really make more advancement in this era and in the marketplace of its sellings.

CONCLUSION

I would conclude by saying that, NFT is really great in dealing with as they are digitalized and works using the blockchain system. This task was really interesting to work with but so broad as I have digested from all parts of the question asked by the professor. We know that Nifty Gateway has really had a lot of impact on the career of NFTs.
Additionally, I spoke about the ERC-1155 and how they differ from ERC-20 and that ERC-721.

Exploring the Etherscan was another aspect I also tackled as part of the task and lastly the Enjin wallet. Thanks to professor @imagenfor this week's task. It was nice to partake in.

Reference
Reference