_{Image edited in Canva}

Hello Steemians, hopefully, you all are doing well. This week's lesson by professor @imagen focused on NFT Markets. It is my interest to participate in this lesson as I will be presenting my homework task in this post.

Question 1: Describe the Nifty Gateway platform in depth. Who are its founders? What Market or target is it aimed at?

Nifty Gateway

source

The Nifty Gateway is an online auction NFT market founded by Duncan and Griffin Cock Foster in 2018 with a mission to "make Nifties accessible to everyone" and a vision that states "will not rest until 1 billion people are collecting Nifties". The Nifty Gateway platform was acquired by the Winklevoss Twins (Tyler and Cameron Winklevoss).

Nifty Gateway is a Centralized NFT marketplace and trading platform. An NFT market allows the trade of digital art, collectibles, and other social media platforms, built on the Ethereum Blockchain based on the ERC-721 token standard.

_{image taken from the Nifty Gateway Platform}

Nifty Gateway experienced a sale of $303.8 million between May 2020 and April 2021, launching 2960 new NFT's from 263 artists. Nifty Gateway curates every NFT shown on the platform as every artist must pass through an application process and interview before being allowed to show their work on the platform. This is done to ensure the high quality of the artwork and collections displayed on the Nifty Gateway Platform.

Digital art collections are released through scheduled drops to help increase market hype, and after the scheduled Drop, the digital art is placed in the Marketplace. NFTs are bought and sold in the Nifty Gateway platform using the four methods listed below.

• Online Silent Auction: Blind bids are placed, and only after the auction are bidders alerted if they got the item or not.

• Global Offers: NFT collectors place an offer, and the owner decides if they are willing to sell at the proposed price.

• Open Editions: Specific NFTs quantity for a short period, say 10-15 minutes, are made infinite and interested buyers can get them easily.

• Drawings: A lottery is entered by interested buyers to buy a set of NFTs for a set price.

The Nifty Gateway platform supports various transaction options, e.g., debit/credit cards, ETH wallets, etc.

Features of The Nifty Gateway

• Drop

_{screenshot taken from nifty gateway}

The Drop feature is where schedule drops of artworks and collectibles of artists-curated by the platforms are placed. The Drop is used to help improve hype around the artwork.

• Marketplace

_{screenshot taken from nifty gateway}

The Marketplace is the section where the NFTs are being bought and sold. The Marketplace is sub-divided into two parts the Recent Curated Collections and the Recent Verified Collections. To purchase artwork or a collection, click on any of the images.

_{screenshot taken from nifty gateway}

After clicking on the image (collection), select a particular artwork, and the details of the artwork will be displayed and the payment method.

_{screenshot taken from nifty gateway}

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• Activity

_{screenshot taken from nifty gateway}

Here, all activities are done on the Nifty Gateway platform that includes; offers, sales, and purchases. The activity page refreshes every 10 seconds.

Question 2: What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?

ERC-1155 Tokens

The ERC-1155 Token that supports both fungible and non-fungible Token in a single smart contract. The ERC-1155 Token is a token built on the Ethereum Blockchain, and it has a multi-token capacity to support NFT and fungible Token.

The ERC-1155 standard is the only type that supports creating all kinds of assets, including; currency, digital art, gaming items, etc. Moreover, the ERC-1155 tokens can perform the same functions as the ERC-20 tokens and ERC-721 tokens.

The ERC-1155 token standard was developed by Witek Radomski, Andrew Cooke, Philippe Castonguay, James Therien, Eric Binet, and Ronan Sandford.

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Functions and Benefits Of The ERC-1155 Token

• Batch Transfer

The ERC-1155 Token allows for batch or mass transfer of tokens present in a smart contract. For instance, we can transfer all in a single transaction if we have ten sets of NFTs in a smart contract. However, this won't be possible in the ERC-721 has each NFT will have to be sent one after the other, increasing the cost of the transaction.

• Multiple Tokens

As earlier stated, the ERC-1155 Token supports the adoption of multiple tokens in a single, smart contract. This means that Fungible tokens like the ERC-20 tokens and Non-Fungible Token like the ERC-721 tokens can be built and functional in a single, smart contract.

• Data Economy

Creating a new ERC-1155 token is very simple because no new smart contract is required as multiple tokens are initiated in a single smart contract. This feature makes transacting with ERC-1155 less costly because gas fees needed to create new smart contracts are saved. This feature is not available in ERC-20 and ERC-721 where new codes are needed to deploy a new smart contract.

• Data Security

In ERC- 20 token, when there's a mistake in the receiving address, funds are lost and unrecoverable. But in the ERC-1155 token, transactions are secured as the system has a verification feature that verifies transactions and ensures that funds are safe. Data security is assured and this brings trust and confidence among the users in transacting with ERC-1155 token.

Difference Between the ERC-1155 tokens to the ERC-20 and ERC-721 tokens.

The ERC-1155 was built to solve the drawbacks of the ERC-20 and ERC-721. Taking the best from both worlds, the ERC-1155 was constructed to support tokens having the functionality of the ERC-20 and ERC-721.

The ERC-721 Token does not support the mass transaction and performs the transaction one at a time. Also, the ERC-721 requires traversing to know the status of a token, but the ERC-1155 solves this issue as it allows for a mass transaction and does not require traversing to see the status of a token.

The ERC-29 Token when a transaction is done to a wrong address or a mistake is made, the funds are lost, but the ERC-1155 Token has a function that verifies transactions and returns funds to the issuer from the wrong transaction. In addition, there are guidelines in place to prevent double-spending.

Question 3: Enter Etherscan. Please indicate the number of ERC-1155 tokens in existence at the time of writing your assignment. Indicate the first five 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 and its smart contract. Show Screenshots.

For the following task, we have to visit the etherscan platform. So, first, I click on the link above. Then, on the etherscan homepage, click on Token as shown below.

_{screenshot taken from etherscan}

After clicking on the token button, a drop-down menu appeared, and I clicked on ERC-1155 Top Tokens

_{screenshot taken from etherscan}

On the ERC-1155 top tokens page, the top tokens with respect to the volume of transactions appear, and the total ERC-1155 Tokens are present sa of this writing.

_{screenshot taken from etherscan}

The total number of ERC-1155 tokens found is 18,214. The top 5 tokens by volume of transaction in the last 24 hours are listed below.

• OpenSea Shared Storefront (OPENSTORE)

• 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5

• Rarible (RARI)

• 0xa7206d878c5c3871826dfdb42191c49b1d11f466

• Woodies Mint Passport

To check for the Hash of the last transaction carried out.

_{screenshot taken from etherscan}

The Hash of the last transaction is 0xd1809a3af4092c236f41703101c15bd3a16e81240ae24ce57217473916c4a0b. Block 13278847

_{screenshot taken from etherscan}

The smart contract of the transaction is 0x495f947276749ce646f68ac8c248420045cb7b5e

Question 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 three items on the list, and their description. Show Screenshots.

Enjin Wallet

_{screenshot taken from enjin wallet}

The Enjin wallet is a multi-coin wallet that supports coins like Bitcoin, Ethereum, Enjin Coin, ERC-1155, ERC-721, ERC-20. In addition, it offers services like Marketplace, NFT testing, wallet services, etc. Furthermore, the Enjin wallet has its native Token called the Enjin Coin priced at $1.39.

Features Of The Enjin Wallet

The Enjin wallet offers features that include; assets, scan QR, exchange, Marketplace, dapp browser, and linked projects. The features can be seen from the wallet menu.

_{screenshot taken from enjin wallet}

• The assets section is where coins and collectibles are received and sent.
• The Scan QR is the section is where addresses are scanned and authenticated.
• The exchange feature allows for assets present in the wallet to be exchanged or swapped.
• The Marketplace allows for the buying and selling of NFTs
• The DApp browser is a feature in the enjin wallet that shows the dapps connected to the platform.

The Enjin Wallet Marketplace

Clicking on the Marketplace on the enjin wallet, the wallet takes you to a site outside the enjin wallet.

_{screenshot taken from enjin marketplace site}

On the marketplace site, 17,486 items have been sold. The top 3 items up for sale are listed below.

• Infowars

_{screenshot taken from enjin marketplace site}

The Infowars Telegram is the official telegram channel for the real Alex Jones and uncensored Infowars content. Created as an NFT with the creator address given as 0xbDc6cb4528a5D113C7bfCAca4Df329AAF7a52EED

Priced at $1.39 and created on 17th March 2020 under the infowars.com project.

• Dragonscaler

_{screenshot taken from enjin marketplace site}

This is an NFT game collectible priced at $200.16 with properties like;

• Rarity - Legendary
• Item Type - Ring
• Item Effects - +10% increased range damage

The Creator addresses 0x7d510f661F490482fbFF45275b00A82F5F69f784

It was built on the ERC-1155 standard on 28th November 2019.

• Tears Of Serenity

_{screenshot taken from enjin marketplace site}

The tears of serenity is an NFT game reward with properties like;

• Rarity - Epic
• Item type - Portion
• +1000 health over 10 seconds

It is priced at $236.30 with 2 for sale.
Creator’s address  0x7d510f661F490482fbFF45275b00A82F5F69f784

It was created on 28th November 2019, built on the ERC-1155 standard.

Question 5: In your personal opinion, what is the future of the NFT Markets? Give reasons for your answer.

NFT Markets

NFT Market will experience growth.

There has been a lot of traction on adopting NFTs by several institutions, athletes, musicians, and celebrities like the NBA and Lebron James, etc. With the improved acceptance of NFTs, the NFT market will experience growth as more people get into the trade of NFTs.

This is because the NFT serves as a means of passive income for users of NFT platforms like NFT games and digital art are receiving more recognition increasing the potential of possible growth to the NFT market.

Conclusion

The NFT markets are online platforms that facilitate the buying and selling of NFTs. This allows creators of NFTs like an artist to showcase their work to a broader audience. Some of the popular NFT markets are OpenSea, Rira, and NiftyGateway. These markets can be centralized or decentralized and allow for the creation of NFTs.

Wallets like the Enjin Wallets allow for the storage, receiving, and sending of NFTs.

Thank you @imagen for this great opportunity.