It’s another wonderful lecture and I’m here to participate and provide the answers to the questions being asked. Hope the information given by me is enlightening

lets get started…

Question 1

---

The Nifty Gateway is one of the many amazing platforms in our modern world that are well structured to selling non-fungible tokens(NFT) also referred to as "Nifties" in the cryptocurrency ecosystem. One can refer to Nifty Gateway as a digital market center and not be wrong. They're involved in both selling and buying of mainly artistic, music and lifestyle products. These products can be converted to NFTs for trading activities on the platform. NFTs are un-interchangeable assets stored in the blockchain database. Things such as videos, jewelry, and audio can be represented as NFTs in the crypto network. Owners of NFTs can easily put it out to the Nifty Gateway Omnibus wallet by deposits for transactions.

This platform has made way for lots of world renowned artists including Beeple, Grimes, and Kenny Scharf to sell their audio recordings for larger markets. Sellers on the platform can request to determine the commissions they'll receive on their products ranging from 5% to about 50%. Since it was founded in 2018, this cryptocurrency exchange platform has overseen many business transactions in the blockchain ecosystem. It was founded by Griffin Cock and Duncan. Shortly after, it was taken up by the Winklevoss Twins(Cameron and Tyler Winklevoss).

In March last year, the platform collaborated with the american agency Sotheby's that deals in art, music, glamour and many lifestyle collectibles for effective global marketing as far as selling and buying NFTs are concerned. It's parent company is the Gemini Company. The Nifty Gateway Platform aims at globalizing artists and blockchain users alike for universal business transactions in the form of NFTs.

Despite some few challenges it has faced post its inception including it's security and anonymity of user transactions, one can say that it has served the purpose for which it was innovated and improving upon these setbacks that is normal for such platforms.

Question 2

The ERC-1155 tokens are developed by Enjin to be able to support or create both fungible and non-fungible tokens. It is believed to be the the next generation multi-token standard.

The ERC-1155 tokens gas fees are cut and reduced by 90% which make it very cheaper to start minting on the blockchain. This is not the case with the likes of ERC-20 and ERC-720, they make NFTs at higher fees which is surely not affordable to many users. Also as the ERC-20 and ERC-721 tokens always require new smart contract for each new type of token where as the main idea behind ERC-1155 is that a single smart contract can govern a infinite number of tokens.

The ERC-1155 are more faster and efficient to use in a batch token transfer. They are open source and also easier to use

The ERC-20 token, it is impossible to retrieve or refund tokens after sending them to a wrong or incorrect address. These assets are forever gone. With the ERC-721, it does not support multi transaction that is either to the same address or different address. To send 2 NFT, it will require the sender to go through the sending process twice which is 1 NFT in each process. This result to higher gas fees and also require alot of time to make multi transitions.

The ERC-1155 is able to solve some of the problems faced by both the ERC-20 and ERC-721. It support multi transaction to one or different addresses and also transactions to wrong or incorrect addresses can be retrieved with alot of more advanced features.

ERC-1155	ERC-20	ERC- 721
Supports fungible and non fungible tokens	Supports fungible tokens	Supports non fungible tokens
Rejects incorrect address	Accept incorrect address and hence asset lost	Valid incorrect address but assets cant be retrieved.
multiple tokens in a smart contract	Only single type of token in a smart contract	Only single type of token in a smart contract
Supports multi transactions	Does not support multi transactions	Does not support multi transactions

Question 3

• We Navigate to https://etherscan.io/
  

• To be able to find the number of ERC-1155 tokens in the time of writing, we navigate to tokens and click on ERC-115 top token

• We can see that the time of writing this post a total of 18,521 ERC-1155 Token Contracts were found.
  

• The first five tokens with the highest volume in transaction for the last 24 hours have been listed
  

1. OpenSea Shared Storefront (OPENSTORE) with 20,837 Transfers within 24 hours:
   https://etherscan.io/token/0x495f947276749ce646f68ac8c248420045cb7b5e

2. 0x54f456b544abfb785694400bcb1d85629b2d437f With 9,852 Transfers within 24 hours:
   https://etherscan.io/token/0x54f456b544abfb785694400bcb1d85629b2d437f

3. 0x7a44228e46cdd37a85c0b07c4043b86c11e8c315 With 3,087 Transfers within 24 hours:
   https://etherscan.io/token/0x7a44228e46cdd37a85c0b07c4043b86c11e8c315

4. Zapper NFT V2 With 1,461 Transfers within 24 hours:
   https://etherscan.io/token/0xF1F3ca6268f330fDa08418db12171c3173eE39C9

5. 0xc52e56f5a53ccc02db5503d915497e568c762ebb With 1,287 Transfers within 24 hours:
   https://etherscan.io/token/0xc52e56f5a53ccc02db5503d915497e568c762ebb

• First of all we select Tokens and click on View ERC-1155 Transfers to indicate the hash of the lat contract carried out.
  

• From the screenshot we see that the last transaction was from OpenSea Shared Storefront (OPENSTORE) at the time of writing this post.
  

• The hash of the transaction is 0x026a64362c3e0f6d73739272583d4b85044fd52e83582c6e55679639723eb9f5
  

• The identification of the last transaction was 48357785121114424247240061289609741843676314441295864557954351016071483359233
  

• The Smart contract of the last of the last transaction is 0x495f947276749ce646f68ac8c248420045cb7b5e
  

Question 4

• To get to the Enjin Wallet i will have to download the app from App store.

• Launch the App and click on Create Wallet then agree to the terms and conditions.
  

• Fill in your password and select the coins to use then click on create password

• Now we are on the interface of the wallet. Lets look at the features of the wallet
  

Wallet

The wallet is where our coins or assets are stored

Assets

Users use this feature to send and receive assets

Scan QR

This feature uses our camera to scan a QR code.

Linked Project

Here we can link our project with the help of QR code or Input Link Code.

The Contact Support

This feature is where a user navigates to whenever he or she needs some assistants relating to the usage of the App.

The settings

The settings is where a user use to make adjustment in the app such as security, appearance, language, etc

---

The Market place

• We need to navigate to https://enjin.io/products/marketplace and click on Explore Now to lead us to the Market Interface.
  

• Now we are in the Marketplace and we can see that total items on sale in the screenshot below

• We can also see the the first three items on sale which are Founder's Token, Infowars Telegram, and Golden Evanbrook Egg
  

Founder's Token

This is the first item on the list. From the sreenshot below we see the item being sold is described with alot of details about the item which includes the creator, the date and time the item was created. It cost a transfer fee of 20ENJ per treansfer.

Infowars Telegram

This is the second item which was created two years ago with the use of ERC-1155. It is the official channel for the the real Alex Jones & uncensored Infowars content . We can see the rest of the details and its description of the item being stated.

Golden Evanbrook Egg

The Golden Evanbrook Egg is the third item on the market list. It was created in the last 2years. The description and its details shows or indicates the creator, number of hodlers , cost per transfer and alot more.

Question 5

In recent times blockchain has gotten the attention it really deserve, with blockchain technology being widely used in different sectors of life. Its transparency and reliability is one of the core feature of the blockchain.

Non-fungible tokens has taken the world of art by storm. To keep the same energy, creation of good contents such as music, games, sports and alot more will get the attention of investors in the NFTs and the market.

As cryptocurrency is growing rapidly and with the partnership of NFTs, these items can be showcase to unlimited number of people hence raising productivity.

In the other hand they are some limitation with the NFTs which are need to be solved;

1. Energy Consumption: The energy consumed is huge and hence discouraging and preventing alot of buyers from supporting the technology.

2. User Experience: To make a purchase, users need to create a wallet and some crypto asset in it to be able to make a purchase. This is a long process for many users. Instead it should be as easy as purchasing an App in the app store.

3. Authenticity: it is a challenge to determine many NFTs authenticity.

In conclusion, If and when these few challenges are solved, investors will be willing to invest and be part of the growth of NFts.