Hello everybody, Hope you all are fine and in good health!

My this post is a Homework Task assigned by professor @imagen which is about NFT Markets

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Like there are vegetable markets or grocery markets there are NFT markets where NFTs are auctioned to be sold. Here people place bids and settle on the price set by the seller.one such very popular platform is the Nifty Gateway. It is a non-custodial NFT auctioning platform with standardized NFT collection majorly by artists and musicians.

Founders and developers

The platform was founded in 2018 by Duncan and Griffin Cock Foster. Later the market place was under the control of Cameron and Tyler the Winklevoss twins.

More about Nifty Gateway 

Nifty is known for its selection criteria and that is why you cannot find anything here. The platform has a very active team called the Nifty team which look after and screen every NFT before placing it for the auctions. In the nutshell all the sellers have to first verify their NFTs and pass them through the team to be able to sell them.

Additionally the sellers have to fill-up questionnaires and pass interviews to ensure the standard of NFT and authenticity of the seller to be able to become a part of the sellers’ community.

We see big names here such as the Beeple who made $69 million dollars on the Nifty Gateway. They look forward to healthy collaborations for betterment of the NFT market such as in March this year  they collaborated with the auction house Sotheby's, for sales of high valued fine art and rare objects.

The one major shortcoming of the platform that repels various sellers is that it is a non-custodial NFT marketplace that means that the sellers have to store the NFTs in the platforms wallets through their Metamask wallets; the users cannot store the NFTs in their own wallets.

Otherwise it is a standardized platform that has partnered with various celebrities and brands to bring forth top quality Nifties. The NFTs on the Nifty gateway are called Nifties. The platform takes 5% of every secondary sale and $0.30 for transaction costs.

One very unique feature of the platform is drops which are sold at specific days and times. They can be bought within a limited time period; new drops are released in the time of about three weeks. The goal is to keep this trend going until they have 1 billion collectors on the platform.

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The ERC-1155 tokens are hybrid tokens released to address the issues faced in ERC-20 and ERC-721 tokens. It is basically an Ethereum based token standard. It was developed in 2018 by Enjin, a famous NFT marketplace. The goal was to create a multi-token standard producing both utility and non-fungible tokens with additional features of its own. It is therefore also compatible with the previous token standards and addresses their major issues. 

Key features of ERC-1155 are:

With ERC-1155 it is possible to trace tokens that are sent to wrong address by mistake and these thus can be refunded

ERC-1155 can be transacted in accumulations or bundles allowing multiple transfers in one go.

Many ERC-1155 tokens can be dealt in by a single smart contract and that is why it is compatible with the other two tokens 

They key differences between the three tokens are:

Feature	ERC-20	ERC-721	ERC-1155
Standard	Fungible	Non-Fungible	Compatible with both
Refund mechanism	Absent	Present	Present
Compatibility	Only with ERC-20	Only with ERC-721	Compatible with both
Multiple transfers	Allow	Does not allow	Allow
Usage	Mostly	Less	Lesser

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• Go to Etherscan official website and click on Sign In and he following screen will appear

• Add your details to continue to the main website

The number of ERC-1155 tokens in existence at the time of writing of assignment

• Click on the tokens tap on the top a dropdown menu will appear click on  ERC-1155 tokens

The following page with tokens will be opened

This page shows the last 5 ERC-1155 tokens  I have indicated the 24-hour volume along with the token in the screenshot above.

Hash of the last transaction carried out and the identification of the token as well as its smart contract

• Click on the tokens menu and this time selects view ERC-1155 transfers

The following page will appear

I have indicated the last transaction with its hash. At the time of writing there were a total of 5,207,168 transactions on the record. Click on it to see the smart contract. Here I have indicated the hash and smart contract of the transaction

The contract address was:

0xef7862d6cdf0e2fb28374bcb32fa2e425fc8a8df

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• Go to the https://enjinx.io/eth/marketplace and click on create an account to create your account.
• You will see the following page add your details and click sign-up

• Next a verification email will be sent to your email

• Verify your email to get started to the main page.

Here if you click on a product you will see different options such as shown in the screenshot below indicated by yellow boxes.

• Now click on the wallet option the following page will appear

The different features on the interface are indicated by the Black block and above screenshot shows that Enjin wallet is used on mobile applications.

Different functions on the app is to allow users to add new wallets, add or remove tokens listed and rate the app etc.

• After clicking on the market place you will see tokens on the sale

• Total number of tokens for sale at the time of writing of this post was 17,484.

Top (first) three items on the list include:

• 1) Infowars Telegram 'https://t.me/infowarslive': 5 on sale, starting from 1 ENJ $1.45

• 2) Dragonscaler :4 on sale, starting from 144 ENJ $208.80

• 3) Uncertainty (Skin): selling at 250 ENJ $362.50

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Many around the world are still unknown to the concept of Ethereum tokens and smart contracts similarly non-fungible tokens or their marketplaces are incomprehensible for them. However other sectors such as the gaming and fine arts are taking advantage of these marketplaces to earn huge sums of money by boasting the concept of collectibles. Video gamers around the world are crazy about in-game collectibles. In addition to that, various celebrities sell their belongings as NFTs such as Ronaldo and fans buy them at huge costs.

The NFT industry is huge and its scope should not be limited to just gaming and arts and by adding new areas this industry will surely accomplish a lot in the coming future. In my view, if NFT market places surely want to contribute to the adoption of NFTs which will be beneficial for them in the long run they should focus on giving maximum benefits to the buyers as well sellers.

Software licensing, real estate businesses are some aspects NFT markets can think of stepping in. The blockchain backbone in the NFTs can surely help them achieve much in terms of security and privacy in these fields. The incorporation of NFTs in the departments mentioned above will surely increase its adoption as they will eliminate the need of intermediaries.

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Conclusion 

In the nutshell NFTs have created a lot of hype around the world but there are some serious concerns related to setting a criteria for deciding their value, security and the issue of unauthorized transfers. Addressing all these issues NFTs will achieve a lot in the future.