INTRODUCTION.

Good day my fellow crypto academy students and my professor!
It’s another great opportunity of learning. Having taken time to go through the lecture on NFT Market as presented by professor @Imagen, and having done my little research for the home wort task, I now present my homework task for the week.

Question 1.

Describe in detail the Nifty Gateway platform.
Nifty Gateway is a digital art market platform built on Ethereum blockchain for buying and selling of nifties or NFT (non-fungible tokens). It partners with world-renowned musicians and artists for the purpose of creating and transacting of non fungible tokens. These non fungible tokens are various artworks, games, musics and videos that are not interchanged but are digitized.

Who are its founders?
Nifty Gateway is founded by Duncan and Griffin Cock Foster. It was acquired and launched in 2015 by Cameron and Tyler Winklevoss (Winklevoss twins). A trust company, Gemini LLC is the managing company.
Gemini LLC is a privately-owned cryptocurrency exchange company that allows it’s users to buy, trade, sell and securely store cryptocurrencies.

What target is it aimed at?
Nifty Gateway is especially targeted for the marketing of videos, music and images or artworks. For example, many popular musicians and artists like Matt Gondek, Ozuna, Mad Dog Jones, Gramatik, Lil Yachty, Deadmau5 etc have added monetary value to their artworks in the platform. These artworks are accessible for purchase from the platform once a user creates and fund his/her account.

Question 2.

What are ERC-1155 tokens?
Ethereum Request for Comments (ERC) 1155 tokens are by Enjin CTO Witek Radomski in 2018. Then in 2019 ERC-1155 came into play in the Ethereum blockchain.

“the core concept behind ERC-1155 is that a single, smart contract can govern an infinite number of tokens.”

It is versatile in nature, allowing users to create both fungible tokens that are the same in nature with the same value and non-fungible tokens which makes it possible for the creation of NFTs on the same smart contract.
ERC-1155 is a game-changer in that the loss of tokens as a result of wrong address is curtailed via it’s Secure Token Transfer. ERC-1155 smart contract contains provision that help verify if a transaction has been completed or not. If not completed, it can revert the transaction tokens back to the issuer. We know that mistakes often happen with a receiver’s address when transferring tokens, this feature of ERC-1155 is extremely useful. When such mistakes occurred, the transaction can be canceled, thereby allowing the issuer an opportunity to recover the tokens and verify the address again before making another transaction.

How does it differ from ERC-20 and ERC-721 tokens?
ERC-20, 721, 1155 are three major token standards on the Ethereum blockchain network which is the most popular blockchain in the market thereby making these token standards the most popular that is currently in effect. These tokens are based on the basis of fungibility and non fungibility. Each of these tokens have a particular feature that differentiate it from the other. Let us look at the functionality of these tokens which will help us establish the difference between each other.

ERC-20 was the first token. It was proposed in 2015, but was finally integrated in the Ethereum blockchain in 2017. It is a fungible token for identical entities, that helps in creating stablecoins like Tether, USDC etc., Crowdfunding, and other similar events. ERC-20 has a set of guidelines that govern/guide certain actions in the blockchain, thereby making most of the users an organizations or governing bodies.

ERC-721, was the second token. It is a non-fungible tokens, specialized in NFTs which are unique tokens that can never be replaced and they have different value with other tokens that are of the same smart contract. It’s digital entities are unique, allowing the creation of a marketplace for artists, gamers, and anyone who has something that is unique to sell.
Both ERC-20 and ERC-721 tokens have limitations that results in the creation of ERC-1155. This came into action in 2019. It is the third token but a special hybrid between ERC-20 and ERC-721 tokens. It create fungible, semi-fungible and non-fungible tokens in one smart contract which is it’s Unique Selling Preposition than other tokens.

Another major difference is when a users mistakenly send tokens to a wrong address of a recipient, the transferred tokens are lost forever because there is no way to solve the transfer problems with ERC-20 and ERC-721 tokens and this was a major problem for traders.

Further difference is that ERC-20 and ERC-721 standards are all based on deploying a totally new smart contract different from every other type of token. Each token has a separate smart contract for it. This makes transactions very difficult because one smart contract finds it difficult to obtain a token identifier for another smart contract. Take for example, sending different non-fungible tokens at once, it is not possible in ERC-20 and ERC-721.

The above reasons are why ERC-1155 was introduced. With ERC-1155 each token identifier is allowed to represent a new token type that is configurable. This automatically reduces greatly, the amount of data needed to distinguish each token from the other. Unlike the first two, ERC-20 and ERC-721, that makes it impossible to transfer different non-fungible tokens at once, ERC-1155 allows this in one single transaction rather than making separate transactions for each different token.

Additionally ERC-1155 allows developers to register both fungible tokens, semi-fungible tokens as well as non-fungible tokens using only one smart contract. No wonder it is called the hybrid of ERC-20 and ERC-721, in that it serves as a bridge between the first two -ERC-20 and ERC-721.

Question 3.

Login to Etherscan and indicate the number of ERC-1155 tokens in existence at the time of writing your assignment.

Screenshot
As shown in the above picture, the number of ERC-1155 tokens as at the time I was writing this section of the homework is 18,402

Indicate the first 5 tokens by volume of transactions in the last 24 hours.

Screenshot
From the picture above, I form the table below which contain the first five (5) tokens and the volume of transaction in the last 24 hours

S/N	Name/Contract	Trans. Vol. (24H)
1	OpenSea Shared Storefront	19, 094
2	Zapper NFT V2	1, 788
3	Zapper NFT (ZPR_NFT)	1, 430
4	0xd0ed73b33789111807bd64ea2a6e1e6f92f986f5	1, 283
5	Rekt Anniversary Tickets	1, 118

Indicate the Hash of the last transaction carried out and the identification of the token as well as its smart contract. Show Screenshots.

Screenshot
As indicated in the above picture, the hash of the last transaction carried out as at the time of writing my homework is 0xb6f88bcff117ff99e17426d1084a35483d30697df6fe2fa58c8346125694b0d9

The smart contract of the last transaction as at when I was writing this section of the homework is:
From 0x35c2a7324742042dffd4e2078cd1e19456126397
To 0x7be8076f4ea4a4ad08075c2508e481d6c946d12b

The screenshot below confirm the above information.

Screenshot

Question 4.

Enter the Enjin wallet. Describe the functions that it presents in its user interface.

[screenshot]
The Enjin wallet has about nine (9) features as shown in the above screenshot. I will briefly discuss some of the features below;

• WALLETS: It is also called the main wallet. It contains all coins, tokens and collectibles a user have and the total value of all in the main wallet. It provides an overview of what a user have in his/her wallet.
• ASSETS: This is partly linked with the main wallet and gives opportunity to create additional wallet if one chooses. It is from here that a user receives or multisend coins, tokens and collectibles.
• SCAN QR: This function enables users to get others wallet address via QR scan. It can also scan and load any website operated by Enjin. When it scan a QR and the associated website is not operated by Enjin, it will load the site with ones default browser.
• EXCHANGE: This allows you to see what you will get when you want to exchange your cryptocurrency, as well as different exchanges that are recognized/registered on the platform you can choose from.
• MARKETPLACE: This is where the bulk of the transactions takes place. One buys and sales tokens from here. Its like a super-market where the goods are displayed with price tagged on each item. One interesting thing about market place is that it loads with the default browser not the app itself.
• DAPP BROWSER: This is like an advertisement section where users can see addresses and links of DeFi, Exchanges, Games & collectibles etc they can browse. Enjin disclaims responsibility of whatever a user do with any of those third party.

Enter the Marketplace: Indicate the number of items for sale.
The total number of items for sale in the market place is 17, 475. the attached screenshot below bears the figure.

Screenshot

Indicate the first 3 items on the list and their description. Show Screenshots.

Screenshot The above screenshot shows the first three (3) items on the list as at when I was writing my homework task. There description is as follows:

• Tears of Serenity. This is about a kingdom called Anaria that is hidden from within the jungles which is said to be a never-ending realm of discovery. Unfortunately Tamulthian adventurer Marlon Rauk, who loved good challenge set on a tour to discover it base on the information he got through an ancient text. He endangered his life but finally discovered it. It’s an interesting story that captured my interest even though I was conscious of finishing my homework task.
  
  Screenshot

• Nestable Founders Tokens. This is a thank you reward for Nestable community members especially those who started the community at an early stage and manage it till now.
  
  Screenshot

• Origin. This got it’s name from the origin of the Age of Rust which resulted from the collapse of a paradise built for first settlers from Earth in a Kanbar planet.
  
  Screenshot

Question 5.

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

NFT markets is gaining momentum and it will thrive very well because of the following reasons:

• In crypto space, NFTs have become a new assets class because the market place affords people the opportunity to buy, sell and trade on NFT tokens. Take OpenSea as an example, it is the first and the biggest peer-to-peer for crypto goods. It has in it’s collection game items, collectibles and other virtual goods that are secured on a blockchain.
• We have many developers today and many more are yet to come. With NFT market place, game assets are tokenize and upon verification, the develop is sure of greater revenue. The more developers join in NFT market, the bigger it will become.
• There are many upcoming artists, celebrities, sports personels and musicians who will want to tokenize their work which will result to more assets in NFT markets

With the above reasons I personally believe that the level NFTs as well as it’s market place are, is just at its initial stage. Being well positioned, NFTs and it’s market place will soon be in a better position with the cryptocurrency exchanges that exist today.

CONCLUSION.

From this week’s class by professor @Imagen on NFT Market. Speaking about the class and the homework task, it all work together to achieve a purpose which is enlightenment.
I really thank professor @Imagen for effort in preparing the lecture and crypto academy founder for this wonderful and loving arrangement to train us on crypto,

cc: @Imagen