This time I'm back with a new task from professor @imagen, where last week he raised the theme of NFT Game. Meanwhile, this week, he raised the next theme of NFT, namely NFT Market.
1.) Explain in detail the Nifty Gateway platform Who is the founder? What market or target does the Nifty Gateway platform target?
Nifty Gateway is an exclusive NFT digital art auction marketplace, anyone can join the Nifty Gateway platform, be it a creator, artist or buyer. The Nifty Gateway platform is built on the Ethereum blockchain which was founded by Duncan and Griffin Cock Foster in 2018, but over time Nifty Gateway was acquired by Gemini Trust Company which is a company of the Winklevoss Twins, the acquisition took place on November-19-2019. All NFTs created by creators will be reviewed first by the team, so basically all NFTs must pass a test first from the team, this is done so that all Nifties sold on the Nifty Gateway platform are exclusive and different from other platforms.
Creators or artists can determine the commission they will receive from each secondary sale, they can set it at 5% or 50%. While the Nifty Gateway platform will take 5% of the selling price of each Nifties (NFT sold are called Nifties) as well as secondary sales, plus 30 cents for transaction fees. For secondary sales each artist will receive 10% of the selling price. All payment on Nifty Gateway platforms only accept USD from credit or debit cards, meaning we cannot buy Nifties with cryptocurrencies or other currencies.
The Nifty Gateway platform is a centralized platform, meaning that the platform is managed by the company and is also prone to hacking, this has happened some time ago. The Nifty Gateway platform is also a custodial NFT market, all NFT that we buy will be stored on the platform not in our wallet because the Nifty Gateway platform does not require users to connect a cryptocurrency wallet.
If at OpenSea we are required to link cryptocurrency wallets and all NFT is stored in our wallet, then this is not the case with Nifty Gateway. But we can still move NFT to an external wallet, but after NFT is transferred to an external wallet we can no longer sell it on the Nifty Gateway platform. We can transfer the NFT that we buy on the Nifty Gateway to Metamask and then sell it on other NFT trading platforms, if we really want to sell it again on the Nifty Gateway platform then we have to save the NFT back to the Nifty Gateway.
The purpose of establishing this platform is very simple, namely “To make nifties accessible to everyone”. Of course this is not a satisfactory answer for me personally, so let's explore it more deeply about this platform.
As I explained earlier, the main focus of the Nifty Gateway platform is the exclusive NFT digital art auction marketplace. Another vision of Nifty Gateway is to work with artists and well-known brands in the world to create quality, limited edition NFTs that are only available on Nifty Gateway. For now, many artists have joined Nifty Gateway, including 3LAU, Greg Mike, John Burgerman, and many others. Meanwhile, the main target of Nifty Gateway is to issue a new drop every three weeks.
| Advantages | Disadvantages |
|---|---|
| NFT exclusivity, meaning that all NFT in the Nifty market is exclusive and doesn't exist anywhere else | The NFT market is custodial/centralized, meaning that all the NFT we buy is stored in the Nifty market instead of in an external wallet, this is quite risky. |
| Easy to operate because there are only a few menus, for payment simply link a credit or debit card | It is difficult to sell other NFTs on this platform due to the exclusivity of NFT being the main requirement, only people who have great influence in the industry can become artists with big incomes. |
2.) What are ERC-1155 tokens? How are they different from ERC-20 and ERC-721 tokens?
ERC-1155 is an Ethereum token standard created by a company called Enjin. These tokens can be both fungible and non-fungible (NFT) assets, and we can print both the fungible token and the non-fungible token in one smart contract. By using the Ethereum network, ERC-1155 is claimed to be safe, tradeable and immune to hacking. This standard token can represent a variety of assets even outside the gaming ecosystem on the Enjin blockchain, so a single asset.
With assuming that we all know what ERC-20 and ERC-721 tokens are, so now we go straight to the point of the question, namely the difference between the three, ERC-20, ERC-721, and ERC-1155 tokens.
| ERC-1155 | ERC-20 |
|---|---|
| It is possible to create multiple tokens at once in one smart contract | Each token each with only one smart contract |
| Supports fungible and non-fungible tokens | Only supports fungible tokens |
| Can do bulk transfers and save up to 80% gas | Cannot do bulk transfers and also gas which is a bit expensive |
| Efficient | Less efficient |
| ERC-1155 | ERC-721 |
|---|---|
| Supports fungible and non-fungible tokens | Only supports non-fungible tokens |
| Can create multiple tokens in one smart contract | Only one token for one smart contract |
| Can do bulk transfers | Cannot do bulk transfers |
| The transfer will be automatically canceled if the address incorrect/wrong delivery | The transfer will still be executed even with the wrong address |
Basically ERC-1155 is an upgrade from the other two ERC tokens, thus making the ERC-1155 token different from its two predecessors. ERC-1155 is more efficient and complete by being able to create all types of tokens, while the two predecessors are made specifically for each token, ERC-20 for fungible tokens and ERC-721 for non-fungible tokens, while ERC-1155 can be used for both at a time.
3.) Enter Etherscan. Please indicate the number of ERC-1155 tokens present at the time of writing your assignment. Show the first 5 tokens based on the volume of transactions in the last 24 hours. Show the Hash of the last transaction made and identify the token and smart contract. Show Screenshot.
I will show you the 5 main tokens from ERC-1155 with the largest transaction volume in the last 24 hours, let's access the site Etherscan to check it out.
As seen in the screenshots above, to find out the 5 ERC-1155 tokens with the largest transaction volume in the last 24 hours we have to click on tokens, then click on ERC1155 Top Tokens.
Here we can see that OpenSea was very dominant in transferring ERC-1155 tokens in the last 24 hours, followed by 0x715565baf69afcbbe88f56d46f1c9fe2df828705, Woodies Mint Passport, Rarible (RARI), and 0xd0ed73b33789111807bd64ae2a6e986e6f92f986e6f92f987b.
| N | Tokens | Volume in 24H |
|---|---|---|
| 1 | OpenSea Shared Storefront (OPENSTORE) | 29,782 |
| 2 | 0x715565baf69afcbbe88f56d46f1c9fe2df828705 | 4,482 |
| 3 | Woodies Mint Passport | 4,054 |
| 4 | Rarible (RARI) | 1,522 |
| 5 | 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5 | 1,021 |
To check the last transaction, click on the Transfers menu (24h). Then we will immediately be taken to the last transaction of the ERC-1155 token, again OpenSea is very dominant in this, because almost all the last transactions are dominated by OpenSea.
And here are the details of the last transaction;
Hash: Oxddfa4a8effa4790elbfe8bc9f3ceed12e3bad61826447bb10d3bc0e0a1165c3b
Contract: 0x7be8076f4ea4a4ad08075c2508e481d6c946d12b
Token name : OpenSea Shared Storefront (Openstore)
Id token:
4.) Enter the Enjin wallet. Describe the functions presented in its user interface. Enter Marketplace: show the number of items sold, show the first 3 items in the list and their descriptions. Show Screenshot.
Actually there is still a little confusion for me in answering this question, when I translate question number 4 from professor @imagen, it will be translated as above "enter the enjin wallet".
So that's why, in this case I use the enjin wallet application for android instead of using the https://enjin.io/ site, in completing this task. Please correct me if I mistranslated the question.
Actually in the basic interface of the engine wallet application there are only three main menus, main wallet, add address, and select coins. However, on the left and right side of this application there are many other menus.
This is a menu for selecting tokens to be displayed in the main menu of this platform.
For this one, it is a menu to add the address of all the tokens we want. While the wallet menu on the side is a menu for adding other engine accounts to one platform.
On the left side, after we click the three dots in the corner, it will display some additional features such as backup wallet, rename wallet, edit coins, and many others.
As for the right side, after we click on the three horizontal lines, an interface will appear that displays the asset menu, qr scan, exchange, marketplace and others.
Let's go to the marketplace to see the NFT being sold, after we click on the marketplace, we will go directly to the https://enjinx.io/eth/marketplace?source=EnjinWallet-1.15.1 site in the browser.
There are approximately 17,490 NFT items currently on sale with Crystal Rosin, Sirion's Thunder, and Zigzag Zeal ranking first, second, and third.
1. Crystal Rosin
Crystal Rosin was created two years ago, and this is contract address from the creator, it is a project of Lost Relics, you can see the description in the picture.
2. Sirion's Thunder
This is a project from Melta Multiverse which was created one year ago, with Total Supply: 500.
3. Zigzag Zeal
Zigzag Zeal is also a project of Lost Relics, also created two years ago.
5.) In your personal opinion, what is the future of NFT Markets? Give reasons for your answer.
Even though it has been around since 2014, the NFT market has only skyrocketed recently because of the many artists and world leaders who are directly involved in making NFT art which is very unique and rare. Therefore, I believe that the NFT market will have a bright future for the creative industry and will also become a market that is loved by collectors and investors alike. Not only that, art workers will also be increasingly challenged to compete to create very unique and rare NFT art.
The reason I say that is because the art world is very unique and not easy to predict, the evidence is that from ancient times until now we are still surprised by the selling price of an artwork which we think is just an ordinary painting or ordinary art, but collectors and investors are willing to pay dearly for it.
Therefore, I firmly believe that the NFT market will continue to grow and have a bright future. Art collectors have no problem with price as long as they can buy and have what they want, for this reason the NFT market will continue to grow. Especially now that many artists, art workers, and world figures are competing for created NFT art, such as Messi, 3LAU, Mike Winklemann (Beeple).
Conclusion
The world of technology is growing, people today want everything to be simple so that cryptocurrencies and also the NFT market are increasingly favored by most people. It is only a matter of time that cryptocurrencies and NFTs are recognized by the world. This week I also learned a lot about NFT, both NFT gaming and the NFT market.
Although currently the NFT market is still not as large as the cryptocurrency market, over time the NFT market will grow and diversify. The proof is, in just 7 years, the NFT market has seen dozens, and the adoption of NFT tokens is also increasing.
Gracias por participar en la Cuarta Temporada de la Steemit Crypto Academy.
Espero seguir corrigiendo tus asignaciones.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit