Hi prof. @imagen thanks for this lecture on NFT markets, you really did a good job in explaining it to our satisfaction. I will be submitting my assignment to this course.

NFT which stands for Non-Fungible Tokens which we can simply put that they are tokens that are stored on a blockchain that are mostly represented by images, art, music, videos and many more. The NFT is gaining so much grounds as many people have over the years have bought some. The NFT markets has also helped to appreciate the works of artist who usually drew artifacts, they artifacts by the help of NFT have gained a bigger attention and value which have cost over millions.

source

Just recently Justin Sun bought an NFT spent half a million dollars on a rock. The introduction of the NFT market has really helped to maintain original works of artist, it has also given the maximum accolade the artist deserves. The only set back i think the NFT market has brought is the security breaches that has occurred where some NFTs of people were stolen and also NFT uses a lot of power which some researchers say it is bad to to the ecosystem. Some of the notable NFT markets places are , Rarible, Decentraland, OpenSea, CryptoPunks, Nifty Gateway and many more. For the purpose of this assignment we will be talking about the Nifty Gateway.

---

---

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

Nifty Gateway platform

In 2018 two friends called Duncan and Griffin Cock Foster created an NFT platform called the Nifty Gateway platform which was designed to help trade in Non-Fungible Tokens. This platform was later bought by the Winklevoss twins called Cameron and Tyler through their company Gemini. It works on the Ethereum Network. At Nifty Gateway before an NFT will be put to market it is reviewed and investigated by the Nifty team and if an NFT doesn't pass the requirements they require it will never be auctioned on their market.

This has increased the trust level of their traders on the platform because they always put up the best NFTs on their markets. It is also user friendly which means even a beginner can be able to navigate through the platform without any difficulty. It is also very easy to buy tokens there, you simply have to create an account for free and if one wishes to buy an NFT he can simply use a credit card to buy rather than creating a wallet.

Nifty Gateway takes its profit from every 30 cent of any NFT that is bought on the site. The profits is usually 5% of every 30 cent from the NFT. NFTs that are found on the Nifty Gateway platform are called nifties . It takes basically 3 weeks for a nifty to be listed on the platform after review which will be found in the secondary market. The platform is quite safe for trading but in the past years it has been affected by some hacks due to its custodial feature which means the NFTs found on the site are not stored in any wallets. This made some users on the platform to lose their NFTs due to failure to set up their two-factor authentication (2FA), this just made it easy for hackers to steal their assets just by simply logging in on to the site.

Some of the most popular nifties on the platform are FACES, The Bitcoin Angel, A cube and Le Anime.

The platform has some notable artist such as Lyle Owerko, Michael Kagan, and Cris Cyborg which also adds to its credibility for users to buy from there.

---

---

Now to create an NFT on the Nifty Gateway platform to sell , you will be required to fill out a series of questionnaire and an interview as well. One must always note that if their NFTs arent good enough to pass the interview then they should not waste their time to go through the hectic process in the interview and questionnaire. One should only try to create one if he believes and is very sure that what he wants to sell will pass the test, After all this is done like i said it will take 3 weeks for the NFT to be listed on their marketplace. Below is how the interface looks like.

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

First of all lets get to know the meaning of ERC, It stands for Ethereum request for comment. We have so many types of ERC tokens some of which are fungible, non fungible and semi fungible. The most popular ERC 20 is used to create fungible tokens , a few of some which fall under the non fungible is the ERC 721. We also have a one that we can say is a hybrid that’s a combination of the two which can be used to create both fungible and non fungible tokens. This is called the ERC-1155. This ERC 1155 is also called the Multi Token standard. It was created by the Enjin to operate on the ethereum ecosystem. ERC-1155 is very fast as compared to the rest mentioned above. Not only is it fast but it also has a higher security assurance that can resist hack attacks. It can also be used to create utility tokens. One undeniable fact that makes the ERC-1155 stand out is it’s ability to allow users to create many different tokens with the same contract.

Now talking about how the ERC 1155, ERC 721 and the ERC 20 differ from each other, I will like to explain them one by one.

With the ERC 20, first of all it is called a fungible token which is can be used to create replicas of tokens with the same value.
The ERC 721 is also called the non fungible token which is a used to create unique tokens which means tokens are not interchangeable or they can’t be replaced by another. An example of an ERC 721 token is the famous Crypto Kittens, we will notice that every crypto kitten is unique and special, meaning we can’t find the same crypto kitten anywhere.

Now with the ERC 1155 which has a very special feature or ability that is it can be used to create all the 3 types. That is a fungible, non fungible and a semi fungible token. This can all be done with the same contract. Also with the issue of gas fees the ERC 1155 offers a relatively lower gas fee charged as compared to the ERC 20 and ERC 721.

DIFFERENCE BETWEEN THE ERC-1155, ERC-20 AND ERC-721

ERC-20	ERC-721
It is a fungible token	It is a non-fungible token
It is not unique	It is unique
They can be divided in small units	They can not be divided into small units

ERC-20	ERC- 1155
Its a fungible token	It is a hybrid, that it is both fungible and non fungible
It is not very fast	It is very fast and efficient
It can only create a single token	It has the ability to allow users to create many different tokens with the same contract.

ERC-721	ERC-1155
It is a non fungible token	It is both a fungible and non fungible
It has a higher gas fee	It has a relatively lower gas fee charge

ERC-20	ERC-721	ERC-1155
It is a fungible token	It is a non-fungible token	It is a hybrid, that means its the combination of the two
It can be changed	It can not be changed	It can be do both
They can be divided	It can not be divided	It can do both

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 go to https://etherscan.io. The first window you will see is the homepage which has so many things on it.
After the home page is fully opened, locate Tokens on the top right on the window.

After locating the tokens, a drop men appears, select the ERC-1155 Top Tokens

The new window that appears shows that A total of 18,087 ERC-1155 Token Contracts were found as at the time of writing this post and below it we have tokens with their corresponding Transfers (24H) and Transfers (7D). The token that was topping as at the time of writing was the OpenSea Shared Storefront (OPENSTORE) which had a Transfers (24H) and Transfers (7D) of 26,894 and 90,504 respectively. The remaining were

Tokens	Transfers (24H)	Transfers (7D)
0x715565baf69afcbbe88f56d46f1c9fe2df828705	4,712	4,712
0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5	2,652	6,170
Rarible (RARI)	1,174	6,616
0x7a44228e46cdd37a85c0b07c4043b86c11e8c315	862	5,679

Now to Indicate the Hash of the last transaction carried out and the identification of the token as well as its smart contract we need to go back and locate tokens again and click on view ERC-1155 transfers.

After the transaction window is opened, click on the latest transaction on the block, in my case the lastest transaction was made 19seconds ago so i will be accessing the first one which had a hash of 0xc198333aad3bca6b2e66e3a5a18454839cbd37ebdfaabbb3b92d78e86ef54c70

After this, i clicked on that harsh to open up the detailed information it contained.
It had a BLOCK of 13269012 and its smart contract address which was 0x7be8076f4ea4a4ad08075c2508e481d6c946d12b.

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.

First of all visit the Enjin wallet through the site https://enjin.io/software/platform. After the website opens the first thing you see is the homepage window which contains a serious of tabs.

But before i go into the website i first want to download the Enjin wallet on my phone. So i go to appstore and search Enjin. Then i click on Get to download it

Next click on open

After it has open, click on create wallet

Read the terms and conditions and click I AGREE

Click on Create Wallet

Input your password and confirm

Now create a back up wallet. Try and write down the phrases and never share them.

Next you will be asked to provide some of the phrases given only its corresponding number

Your wallet as been created successfully

After all this is done lets try to create an account on the website, so log on to https://enjin.io and click on GET STARTED

A window appears that tells you to input your email to get started for free

Click on get started and input your name, email and password and press sign up to proceed

A confirmation link will be sent to your mail. Check it and confirm your account. Your account will be created successfully after confirmation.

On my account platform we can see My project which is empty for now. Which means that all my future projects will be stored there.

After creating the account, let’s now try to explore through the platform. First of all checking the home page it can be seen that we have functions such as the Products, Solutions, Resources , About.

In the platform section, we have a list of items there. We can find the Wallets, Marketplace and many more useful functions there.

I clicked on the marketplace section and it displayed the Marketplace volume which is 44.7 M, The Blockchain Assets which is 1.1B and the total assets sold to be 832.7K

I also clicked on explore marketplace and found a series of projects. The total number of items was 17,490

On the marketplace , Lost Relics was ranked first with its corresponding monthly volume , market cap, hodler, Assets.

Moving forward to the Solutions Function, we have a drop down which has Games, Crypto and Software under its.

The next is Resources. We have Blog, Help Center, Documentation, discord, Press kit.

The last is About. This section has the following under it. Why Enjin? , Powered By Enjin, About Us, Careers, Newsroom

all screenshots were taken from Enjin

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

Future of NFT.
NFT is no doubt going to be the next biggest thing to happen in the crypto industry. Even though many people a have doubts of it. That’s it how everything started, nothing comes easy. Even if it’s when bitcoin first got initiated into the market peol said all sorts of things against it but today see who’s ruling the world now. It has gained so much popularity so much so that prominent big and influential people in the world have invested some of their earnings in it. For me I think NFTs will have a big blow some where in the future. Not long ago, Justin Sun who owns the Tron token bought an NFT worth over half a million dollar and not just him many celebrities have also invested so much in it. Just to mention a few we have Lindsay Lohan in the year months sold her first NFT for $57,290.
That’s huge sums of money.

Also one of the popular music stars Shawn Mendes also announced that he has collaborated with Genesis who are known to create digital cartoons avatars to help him create some NFTs on Opensea whivh is known to be the biggest marketplace. Not just Shawn mendes but Genesis have also collaborated with Rihanna and Justin Bierber.

NFT is also no doubt is something that has come to appreciate the works of artist. Day in day day many artist are emerging and it’s always a good thing to see them happy to see their arts being respected and sold at a good price. In the coming years let’s expect some millionaires to be artist.

With all these people showing interest in the NFT world I see it to it have a bright future. If in the future I make some money I will try to invest in to NFTs.

Some reference articles i used during my research