Introduction
Dear Steemians,
I welcome you again to week 3 of season 4 in cryptoacademy. I hope you have been enjoying this week. I am Kehinde Micheal and my username is @msquaretwins. I have read and digested the lecture presented by Prof. @imagen on NFT Markets. He had given detail explanation of the said topic. Therefore, in this post I will be answering the questions posted in the homework section based on my understanding. Happy reading!
1. Describe in depth the Nifty Gateway platform Who are its founders? What market or target is it aimed at?
Nifty Gateway platform is NFT market based platform that is used for buying and selling non fungible token through ethereum blockchain. It is also used to store digital artwork. Nifty gateway was founded in 2018 by Duncan Cock Foster and Griffin Cock Foster. The two are brothers. Later in 2019, Nifty Gateway was acquired by a company called Gemini LLC. Gemini is a cryptocurrency exchange website where crypto lovers can buy and sell cryptocurrency, trade and store crypto assets. Gemini was launched in 2015 by Winklevoss twins, Cameron and Tyler Winklevoss.
Niftty gateway was built on ethereum blockchain. Niftty gateway is a NFT market place where musicians an artist can sell their collectibles and works to buyers. This marketplace target collectible and works in form of music and art. I.e it is set aside for artwork and music. The mission of creating this platform is to get Non fungible token called Niftty across to everyone.
The only wallet that you can connect to Niftty gateway as we speak is Metamask. So user who want to connecr wallet to this platform must get Metamask wallet for them to perform this operation.
There are many features on the platform. To see the feature, click this link https://niftygateway.com/, which is the official website of Nifty gateway. When you click this link, Nifty homepage will appear for you as uploaded below
From the home page, there is a feature called Drop, as indicated by a red arrow in the screenshot above. This feature allows users to see NFTs that have been dropped so far with the recent one at the top. Buyers can buy them from this place before they are sold out.
Another feature is marketplace as indicated in the screenshot by a blue arrow. Here, user get to see all recent curated collection and recent verified collections. Users can also browse collections as well as search for artist via this feature.
The activity feature is indicated in the screenshot by a white arrow. In this place, all activities in the platform is displayed for people to see.
Also, the login and sign up** features indicated by yellow and green arrows are were to log in to the platform and register for new account respectively.
How Nifty Gateway work
Nifty Gateway platform collaborate with world renowned artist and brands to make their collections and artwork that are limited and with high quality NFT. The collections in this platform is open at a certain period of time and will be available for short period of time. As at the time of writing this post, the recent drop in Niftty gateway platform is shown in the screenshot below.
The above image is gotten from the official website of Nifty gateway. https://niftygateway.com/
The new drop in this platform is done once every 3 weeks after the close of previous drop.
Purchasing Nifty
The token used in nifty gateway platform is a non fungible token called Nifty. To purchase this token, a user will need to register with Nifty gateway via their official website Nifty Official website.
Then, from the home page click register as displayed in a screenshot below.
After clicking the sign up buton, a page will appear for you. Put your email in a first box indicated by a red arrow i and confirm the email as indicated by "arrow ii"
• put your username in a box indicated by "arrow iii"and your name in the box indicated by "arrow iv." The box indicated by "arrow v" is where you will put your password
• After this, then click "I a not a robot" to confirm you are human
• Then lastly click "sign up"
After registration, then login and check through the website to locate "account section". There are two ways to buy nifty token, you can use your debit card or ETH. Then link either your debit card or ETH.
There for ways one can purchase nifty. They are;
Online Silent Auction: This allows different buyers to offer to pay certain amount of money and then wait to see if they win or not.
Drawing: In this option many buyers enter raffle draw or lottery in the purchase section. Then the winner gets to buy the NFT at the stated price.
Open Edition: This has been discuseed above. Here, the platform drop limited number of NFTs for a short period of time.
Global offer: In this case, an offer is selected and then goes to all NFTs owner to decide if they are willing to sell their NFTs at certain amount.
2. What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?
ERC 1155 token are Ethereum token standard that support fungible and non fungible token. It was developed by Enjin, a blockchain platform that is game based. This token is faster for transaction that involves multiple transfer or batch transfer. The gas fee in ERC 1155 is minimally reduced by 90% which make it easy for miners to mine on blockchain.
Difference Between ERC 20 and ERC 1155
• ERC 20 standard support only fungible token while ERC 1155 support both fungible and non fungible token.
• ERC 20 token can be divided while non fungible ERC 1155 cannot be divided
• Unlike ERC 20, Batch transfer of token are ppssible and with ERC 1155
• ERC 1155 token returns token that is send to Invalid address. While such is not possible with ERC 20
Difference Between ERC 721 and ERC 1155
• ERC 721 is an Ethereum standard that support only non fungible token while ERC 1155 support both fungible and non fungible token.
• The gas fee in ERC 721 is higher compared to gas fee in ERC 1155.
• Unlike ERC 721, tracking of ownership of NFTs are difficult with the use of ERC 1155
• The transfer of token in batch is faster with ERC 1155 While multiple transfer is not possible with ERC 721
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.
To access Etherscan website, we first click the official website Etherscan.
To indicate the top 5 token and to know the total number of ERC 1155 token in existence, we then click "Token" at the top of the home page as indicated by a red box in the screenshot below
• Then a drop down will show. From the drop down we then click ERC 1155 top Token as indicated by a red box in the screenshot.
• Then a page will appear for you as displayed below.
A total number of 18,104 ERC-1155 Token Contracts was found as indicated by a blue box and arrow in the screenshot above.
First 5 tokens by Volume of Transaction in The last 24 hours as indicated by a red box in the screenshot are:
- OpenSea Shared Storefront (OPENSTORE)
- 0x715565baf69afcbbe88f56d46f1c9fe2df828705
- 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5
- Rarible (RARI)
- 0x7a44228e46cdd37a85c0b07c4043b86c11e8c315
Now to see the last transaction hash, we go back to the homepage and click token. Then from the drop down, click "view ERC 1155 Transfer" as displayed in the screenshot below
Then a page will appear. This page consist of many transaction hash that has been recorded. This page is displayed below.
Since we are only concern with the last transaction. I then clicked the last transaction as indicated by a red box to view the details of the transaction.
The Last Transaction hash as indicated in the image above is: 0xc88f62080d6357f13b82845e852ca65e9c0a320e144afbfc5984338ae3bec905
The Token for this transaction as indicated by a black arrow and a black box in the above screenshot is OpenSea Shared Storefront (OPENSTORE) and its Contract as indicated by a red box in the screenshot above is: 0x7be8076f4ea4a4ad08075c2508e481d6c946d12b
4. 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.
To enter the enjin wallet, we need to first download and create wallet. Go to Enjin website. Then click Google play to download enjin for mobile phone as displayed below
Then from playstore , click install as indicated by a red box.
After installation, then open the App. Then click open wallet as indicated by a yellow box in the screenshot below.
Then another page will appear. From this page click create wallet as indicated by a yellow box in the screenshot below.
Back up the wallet and securely save the mnemonic phrase. Then click create wallet.
After successful creation, then the wallet home page will appear for you as displayed below
When you click the icon labeled as arrow 1 in the screenshot above, a drop down will appear. Here you can do so many things like, back up wallet, rename wallet, edit coin, auto add token, manage token and rate enjin wallet. The image of this is uploaded below
Arrow 2 icon is where you can add more token to the ones that are present in the wallet. The picture below displays how this page looks like.
When you click an icon indicated as arrow 3 in the screenshot above, you will be able to add contact as shown in a screenshot below.
The next arrow which is arrow 4 is where you can create wallet, import wallet or watch wallet.
At first when you clicked the icon, a positive (+) button will appear beside wallet. Then click that + button as indicated by a red circle in the screenshot. When you click it, then you will see the screenshot uploaded below.
The last arrow which is arrow 5 is where to see a list of features present in enjin wallets. The features are; wallet, asset, scan QR, exchange, marketplace, dapp browser, linked project, contact support, and setting. The features are indicated by a red box in the screenshot below.
To go to marketplace, click marketplace from the above screenshot. When you click it, it will take you to market place and you will see the page as displayed below. The total number of items on sale as at the time of writing this homework is 17, 940. This is indicated by a red box and arrow in the screenshot below.
The first three item on the list are uncertainty (Skin), TGCW platinum pack and crytal rosin. They are uploaded below.
To see the description of each item, we click ot one after the other. The screenshots below shows the first item on the list. The name of the item is indicated by a red box. The description is indicated by a blue box.
The date of creation, the standard and the creator are also indicated the second screenshot.
The third screenshot shows the view, holders and transfer
The second item is TGCW platinum pack as indicated by a red box in the screenshot below. The description of this item is indicated by a blue arrow in the screenshot below. The remaining screenshot displays the creator, reserve, date of creation etc.
The third item is crystal Rosin. This is indicated by a ref box in the screenshot. The description is indicated by a blue box in the screenshot below. The next screenshots the creator, the date, circulating and total supply, reserve and transfer fee.
5. In your personal opinion, what is the future of the NFT Markets? Give reasons for your answer.
There is no doubt about the fact that NFT markets are attributed to good future is crypto space. NFt market can be seen as a good way of doing business. Unlike the traditional centralized market where people buy and sell their goods, NFTs markets records transaction in a blockchain on which it is built this makes it transparent and free from hypocrisy associated with traditional markets.
Another reason I considered NFT market futuristic is that owners of collectible, artwork or brand can sell their good at anytime in marketplace which is not so for traditional market. This allows owners of artwork, collectible, brand etc to monetize their work from any part of the word. With this, I see more people using NFT market in future to sell their work and to buy artwork and other collectible via NFT markets.
The adoption of NFTs by sport industry also reinforce the claim that NFTs market will continue to exist. Sport lovers and fan can now take part in the decision making of their favorite clubs. Crypto lovers that get fan token will use market place thereby making NFT market relevant. The adoption even preach blockchain to those who are sport lovers. Noting that sport industry is one of the biggest industry in the world, it could be said that sport industry will continue to engage in this market.
Conclusion
Blockchain has really impacted many fields in the world. With the creation of NFT, many industries have come to know the importance of blockchain and many benefits it offers. NFT market will continue to increase in the future.
I want to appreciate Prof. @imagen for this great topic. He taught us NFT game last two week and he raise the barby introducing us to NFT market, what a great way to understand the concepts of NFT. Thank you so much Prof. @imagen
Thank you for reading
Written by: @msquaretwins
Cc:- @imagen
Gracias por participar en la Cuarta Temporada de la Steemit Crypto Academy.
Continua esforzandote, espero seguir corrigiendo tus asignaciones.
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Thank you Prof @imagen for the review. I hope to participate in your next class.
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