Introduction:
Hi great students.
Good to see everyone again this week. Ago, we were though about Non Fungible Token. This week’s lecture on it will expose us to more knowledge about it. Thanks to Prof. @imagen for this lecture.
QUESTION 1: Define Nifty Gateway platform in depth who are its founders which market or target is it aimed at?
For one to have in depth access to selling or buying of non-fungible token, he/she have to make use of the best platform and Nifty Gateway is just the best option.
An NFT platform for selling NFT, this platform was create in 2018 by Duncan and Griffin Cock Foster but later sold to Cameron and Tyler Winklevoss who are popularly know as Winklevoss twins
This amazing platform does not only favors buyers but sellers too as they are given opportunities to resale their purchase.
However, for one to acquire Nifty, the person have to create a valid account by clicking on sign up which is always available at the website homepage. Funding of Nifties accounts can be done using the two available methods which are; through atm card and Etherium. To purchase a nifty, the account owner clicks on place bid and then proceed.
In the Nifty Gateway platform, there several method of buying and selling which range from trading, bid placement, auction and lottery and active market.
Auctioning: In this method of selling, artists put up their Non-Fungible Token works at an auction price. This price tag always last for a very short time.
Draw method: The draw method uses a technique in which interested purchaser join the process through registration and get their rewards through random selections.
Biding: This method is almost similar to the auction methods but the only major difference is it duration and a purchaser with the greatest amount will be the one to purchase it.
Active market: Here in this meothd, the owner of an NFT sales his/her works and can still get it back whenever he/she want to buy it.
Global offer: Here, one initiate an offer for art. The information will sent to other NFT owners. Interested person with put up his/her own available for sale.
Furthermore, other platforms makes use of only cryptocurrency but the Nifty Gateway also trade with fiat currencies as well. This means that one can pay as well with credit Atm card with some additional charges of about 5% per transaction.
The nifty gateway offers it users an omnibus wallet which partner with Metamask. One may think how the the make their profits. However, nifty gateway make a profit from taking a charge of 5% and a transaction charges of 30 cent.
For one to cash out either after selling NFT or getting a refund of their fund, the person have to click on the account page of the site. The American have a maximum withdrawal of $5000 per week but Gemini account users have unlimited withdrawal and a worldwide service.
Lastly, nifty gateway is worth registering and a regular using as one stands no iota of regrets. Massive benefits such as current update on latest products that are available on sale, as well as information about arts that will be auction anytime.
QUESTION 2: What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 token?
The terms ERC means Ethereum Request Comment. ERC-1155 , a platform for video token was created and introduced just two years ago (2018) by Witek Radomski, the co-founder of Enjin coin after working on the project for about a year. This token ability to eradicate the limitations of ERC-20 and ERC-721 token makes it a must use and tagged to be hybrid of the initial two.
Below are some of the basic features that makes it differ from immediate ERC-721 and initial ERC-20 token;
1. The ERC-1155 allows a user to transfer multi-NFTs with one transaction unlike ERC-721. This feature eradicate the initial 4 separate step process of approving and processing items separately to a 2 step process. This new development does only reduce stress but transaction cost as well.
2. Using ERS-1155 give senders the privilege to recover token(s) sent to a wrong address unlike the ERS-20 and ERS-721 where tokens are lost forever if there is an occurrence of such mistake.
3. The ERC-1155 is open, cheap and easy to operate than ERC-721 and ERC-20. This features make it a choice for new users.
4. For storage of large size files, ERC-1155 is a better option than ERC-721 and ERC-20 because of having a smaller amount of data.
5. ERC-1155 give opportunity to use one smart contract to control several tokens.
Taking a better research in addition to those stated above, ERC-1155 remains a better option than it afore existed counterpart.
QUESTION 3: Sign in to Ethersan. Please indicate the number of ERC-1155 tokens available at the time of writing your assignment. Indicate the top 5 coins based on the trading volume in the last 24 hours. Specify the Hash of the last transaction performed and ID of the smart contract as well as the token. Show screenshot.
Below are the steps that I took to accomplish it;
1. I clicked on the link in to login to etherscan.io.
2. I clicked on sign in. It opened the next interface. Then I clicked on click to sign up.
3. I filled the registration form and clicked on create an account
4. Account registration was successful today and I was directed to check my email for a confirmation link.
5. I login to my email and clicked link.
Account was successfully created.
6. I clicked to login
7. when the interface opened, I input every details and clicked login.
8. Account successfully login.
SCREENSHOTS from step one to last;
Prove
Number of ERC-1155 tokens available at time of writing this assignment;
I clicked on Ethersan and it directed me to the initial homepage
I clicked on token and selected ERC-1155 Tokens option.
There the interface opened. I saw the token which is; 18,424 ERC-1155 Token.
Scrolling down, we are able to see the top 5 coins base on their trading volume in the last 24hrs.
As seen in the screenshot, they are;
1. OpenSea Shared Storefront (OPENSTORE)
2. 0x54f456b544abfb785694400bcb1d85629b2b437f
3. Zapper NFT V2
4. 0x7a44228e46cdd37a85c0b07c4043b86c11e8c315
5. Zapper NFT (ZPR_NFT)
Specification of the hash of the last transaction
I clicked on Token on home screen and selected view ERC1155 Transfers.
The next interface opened, I then proceeded to click on the Hash link in order to view more details.
As seen in the screenshot below ;
Hash: 0xecc75f8426e9050eebcb2692c54f1388b99f740e428a12eca5602339c667241d
Contract: 0x7be8076f4ea4a4ad08075c2508e481d6c946d12b
Token: OpenSea Shared Storefront
Time: Sep-24-2021 06:25:19 PM +UTC)
QUESTION 4: Enter Enjin wallet, explain the function it offers in the user interface . Enter the marketplace: specify the number items available for sale, the first 3 items in the list and their description. Show screenshots.
I login to enjin.io and clicked on the google play option. The link opened my playstore and I downloaded the application. When I was done. I opened it on my phone
The first interface displayed 2 options but I choose open wallet and selected create wallet among the 3 options display on the next interface.
I agreed to terms and conditions and input my password.
The next interface request that choose a coin.
The security phrase opened and I copied it out for a better preservation. The last interface demanded for me to input my the security phrase. I did that and I was done with the creation of wallet
Back to enjin.io, I clicked on login and selected Don’t have account
I filled the form and selected verify
An email was sent to me, so I login to my profile to confirm.
Done
The site contains many functions. Scrolling down, there are several sections and subsections.
Enjin section contains
For individuals
For businesses
For developers
product section contains
Wallet
Platform
Marketplace
Efinity
JumpNet
Use Cases
Gaming
Art
Collectibles
Music
View all
And same are applicable to Resources, About, Support just as seen in the screenshot.
All this are very useful for exploring the site easily.
For example: if some click on wallet, it will open link to creating of wallet.
And if the person click on platform, he/she will see nice option like Get started, Explore the Docs etc. scrolling down on same interface, there is an interface that gives privilege to create a token without coding
Another important fact on the platform interface is a display of total numbers of created projects which is 27k, 1.16B minted token, and 856k asset transfer.
The marketplace option gives a details of everything related to finance(token) as seen in the screenshot below.
And there is an announcement on a forthcoming project as seen below
The site is fully detailed and contains every information that users need, fully arrange else making assessing a simple task.
In fact , they are too numerous to mention.
QUESTION 5: In your personal experience, what is the future of NFT markets? Give reason for your answer.
The future of NFT market is unique just like Bitcoin. Gradually, many people are getting involved with it and gaining great benefits. Most thing that makes it a must is that it does not have fix price as such, one can sale at a huge price any time.
Now days, there are site that one can use to create/deigns his None Fungible Token without stress or professionalisms.
Artist are not left out on NFT, the create their work and earn easily from it. Same is applicable to musicians as well.
Nft market is spreading fast than expectations and this will remain constant in years to come.
Checking all this features, I have no doubt believing that it will skyrocket more than it current state very soon.
Conclusion
Since advent of nft, it as keep maintaining a reputable value thereby attracting the interest of many people daily.
The Nifty Gateway have done a great job on the nft market. Rendering a service that should be considered as one of the best jn the world.
On the other hand, enjin wallet should remains someone’s choice as their site is unique thereby rendering a nice service as well. Registering in the site is very easy as well.
Thanks for reading my assignment post
I appreciate