Hello Everyone,
It's the popular topic, The "NFT Markets". I'm excited to learn more about this topic. This is my homework for this lesson's questions.
01). Describe in depth the Nifty Gateway platform Who are its founders? What market or target is it aimed at?
- Introduction to Nifty Gateway platform
Among many platforms, Nifty Gateway is a leading marketplace for Crypto Arts and Non-Fungible Tokens (NFTs), powered by the Ethereum blockchain.
Nifty Gateway have been steadily growing their mainstream art market presence and any digital art enthusiastic can use their platform to buy, sell, and trade digital artwork, videos clip, audio recording, a GIF, etc. for a wide range of NFTs.
Nifty Gateway has been able to counted some of the most significant sales of all time in the NFT marketplace. Popular NFT sales like Grimes, Beeple NFTs, Micheal Kagan limited edition collection have made headlines, earning the NFT marketplace global recognition. Currently, Nifty Gateway has over hundreds of millions of users that are transacting, which includes celebs and famous personalities.
- The platform: Nifty Gateway Drops | Marketplace | Activity
The attractive, user-friendly interface and the short verification process are one of the highlights of this platform. Once we are inside the website, we can see 03 main tabs on the right upper corner to navigate into Drops | Marketplace | Activity.
Nifty Gateway Homepage
(i). Drop
From the homepage I clicked the Drop icon. Here we can see upcoming digital arts which will be available for buy and sale on this platform. The next in line digital art is due in 01 hour 40 minutes 23 seconds. Once the count down ended, interested parties can bid for the digital art on the marketplace.
Nifty Gateway Drop
(ii). Marketplace
The Marketplace has a collection of digital arts. We can see the recently curated collection which is thoroughly checked by the team of Nifty Gateway, as well as Verified Collections. There is an option to search by the artist as well.
Nifty Gateway Marketplace
If you like to see the details of any digital art you can simply click and go inside to see the details.
Digital art details: Three Girls, One Cup Open Editon by Alotta Money
(iii). Activity
This is where we can see all the activities in the platform such as offers, sales, and purchases. To show us the most recent, the platform will auto refresh every 10 seconds.
Nifty Gateway Activity
If we are interested in any activity we can inspect that by clicking on top of it. Here I selected one offer for It's Raining Gucci.
Nifty Gateway Activity: Offer for It's Raining Gucci
Once we click, Make Global offer we will be directed to below window where we can insert our offer amount, and select the payment option. There are a few options available to complete this process.
Nifty Gateway Activity: Offer for It's Raining Gucci
As digital artists, this platform allows them to sell their NFTs and earn income in USD and they are always in positive territory. Also, traders have options to use fiat and cryptocurrency (ETH) to buy their own crypto assets directly. With easy processes, this platform brings many opportunities to both parties.
- The Founders
The Nifty Gateway platform is an idea that the twins Duncan and Griffin Cock Foster accomplished in 2018. The inception of the company came after when they were looking for the tools in the decentralized ecosystem. They started searching for a marketplace where they could buy and sell all things digital including tokens but were eventually frustrated with the result. Later, they form the company Nifty Gateway.
Seen the increasing popularity of the platform and its future potentials, in 2019 November, Cameron and Tyler Winklevoss have acquired the company under Gemini Trust Company, LLC.
- Target Markets
Nifty Gateway is designed to empower creative communities by creating an opportunity for people to connect and share information in a peer to peer format. This is done through the creation of unique digital art pieces. It does this by working on a collaboration process. When users contribute their content into the ecosystem, they automatically share their tokens and work in the open source. The tokens are also used to monetize digital art pieces.
In order for people to participate in Nifty Gateway’s ecosystem, they are required to own ERC20 tokens and be part of the ecosystem. However, It’s open-source, so anyone can take advantage of it more importantly their motto is that.
02.) What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?
- ERC-1155 tokens
ERC-1155 is a subset of the Ethereum ERC-20 standard token that is used to build the Nifty exchange platform.
It adds an additional validation step before making transactions with ERC-20 tokens, meaning that the second or third call-to-action steps will only be done once the sender proves that they have sufficient funds to send. This protects against senders double-spending ERC-20 tokens with malicious intent, as the transactions that are done with these tokens can only be performed by a person with sufficient funds to buy a pair of them.
- Difference between ERC-20 and ERC-721 tokens
ERC-20 tokens are Ethereum related tokens. There are currently 829 projects based on the ERC-20 token in circulation source.
Although both ERC-20 and ERC-721 are token-based platforms, they are not the same. ERC-20 tokens are commonly used in many decentralized applications such as DApps, Smart Contracts, etc. but ERC-721 tokens are for the development community only and are exchangeable with fiat currencies such as US Dollar, Euro, British Pound, etc.
ERC-20 tokens are technically compatible with DApps/ Smart Contracts but are more of a regular currency, while ERC-721 tokens are more of a crypto-asset.
The main difference between ERC-20 and ERC-721 tokens is that ERC-721 tokens is a pre-consortium consensus mechanism, meaning you have to make your own, new cryptocurrency for those who want to be part of the ERC-721 consortium (to participate in the new protocol). ERC-20 tokens only use the existing Ethereum blockchain.
03.) 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.
To complete the task, I visited the Etherscan website.
As per the instruction first thing I did was to create an account and logged in. Then I hover the mouse over Tokens tab and drop down appeared with list of options. I selected ERC 115 Top Tokens to check the number of ERC-1155 tokens in existence at the moment.
Etherscan Homepage
ERC-1155 tokens in existence as at UTC 20:00, 25th Sep 2021:
A total of 18,546 ERC-1155 Token Contracts found
ERC 1155 Top Tokens as at UTC 20:00, 25th Sep 2021
Top five tokens based on their 24-hours transfer volumes
Token | |
---|---|
OpenSea Shared Storefront | |
PAGE | |
0x54f456b544abfb785694400bcb1d85629b2d437f | |
0x7a44228e46cdd37a85c0b07c4043b86c11e8c315 | |
Zapper NFT V2 |
Next task is to identify the last transaction Hash. To check that I have to visit View ERC1155 Transfers.
ERC 1155 Top Tokens as at UTC 20:00, 25th Sep 2021
Once clicked, I got below details of the previous recent transactions.
ERC 1155 last transaction
There I selected the latest transaction to get more on-chain detail of the transaction.
Latest ERC 1155 transaction details as at UTC 20:20:14, 25th Sep 2021
Particular | Last transaction details |
---|---|
Hash | 0x308260144206f25323df835745936443312ff204c6cd7dcc0ad673e1a2bf4c59 |
Smart Contract | 0x495f947276749Ce646f68AC8c248420045cb7b5e |
Token | OpenSea: OPENSTORE Token |
04.) 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.
- Introduction to Enjin
Enjin is a software created on the Ethereum blockchain and its token (ENJ) is currently worth $ 1.33 per token as of 25th September 2021. Its main function is to create, store, manage virtual goods and distribute NFTs (Non-Fungible Tokens) that are used for video games, or blockchain video games.
Enjin has its own native wallet where players can store and trade items, and that connects all of the platform's features together. The Enjin wallet reduce the high fees and fraud associated with in-game trading. Enjin has built SDKs (software development kits) that allow for these functionalities, including kits focused on wallets and payment platforms.
- Functions that it presents in its user interface
(i). Wallets
This is what we see at the start of the app, the current balances of the coins stored in the wallet. In the below figure all are "0" because I haven't stored any coins yet in this wallet.
Enjin wallet function: Wallets
(ii). Assets
Assets allow user to Receive, Multi send & Receive Collectables.
Enjin wallet function: Assets
(iii). Scan QR
Scan QR code allow access to easy validation setup for any QR code. It has access to the phone camera & Gallery.
Enjin wallet function: Scan QR
(iv). Exchange
Exchange allow user to swap cryptocurrencies.
Enjin wallet function: Exchange
(v). Marketplace
Once the Marketplace click, user will redirected to the Enjin website opening the default web browser. There we are able to see as many projects as 17,474for sales in Enjin Marketplace.
Enjin wallet function: Marketplace
(vi). Dapp Browser
The DApp Browser is a section of the Enjin Wallet that lets you browse and choose from a list of DApps connected to the Enjin platform, such as exchanges, games, and collectibles.
Enjin wallet function: Dapp Browser
(vii). Linked Projects
The Linked Projects feature will allow users to add new projects on the Enjin platform.
Enjin wallet function: Linked Projects
- First 3 items on the list
(i). Founder's Token
Founder's Token promotes Action-Adventure role-playing Game named Lost Relics (LR). The project has been created 2 years ago (29 May 2019). It has a total supply of 324 ENJ. The current value of the project is $1,330.00. The token used is ERC-1155.
Enjin Marketplace project: Founder's Token
(ii). Infowars Telegram
The Infowars Telegram is an official channel for the https://www.infowars.com/, It promotes Infowars content & promotions. The project has been created 2 years ago (17 Mar 2020). It has a total supply of 9,996 ENJ. The current value of the project is $1.33. The token used is ERC-1155.
Enjin Marketplace project: Infowars Telegram
(iii). Golden Evanbrook Egg
FGolden Evanbrook Egg offers Golden Egg as a rare elements. The project has been created 2 years ago (25 May 2019). It has a total supply of 427 ENJ. The current value of the project is $532.00. The token used is ERC-1155.
Enjin Marketplace project: Golden Evanbrook Egg
05.) In your personal opinion, what is the future of the NFT Markets? Give reasons for your answer.
The future of the NFT Markets is bright. NFT markets will continue to expand over time. It is still in very early days, but the potential the market has shown is huge. The goal has to be, the markets should available to everyone as soon as possible, as Nifty Gateway very correctly set their motto to 01 billion people.
There are two prominent trends that are likely to shape the future of NFT,
First, NFT markets enable users to sell their artistic values and earn some good income, NFT will be a great solution for artists to gain visibility to their digital creations. There was no such platform before and digitalization has made everyone an artist in some other way. Once a hobby now can be a million dollar idea and then the revolution will happen.
Second, I will predict that the rate of adoption of NFT will skyrocket. Services like NFT will gain in popularity as the use cases for distributing assets grow. There will be an increasing demand for NFT, which will lead to a reduction in transaction costs and a more accessible pool of funding for emerging artists.
Conclusion
To conclude, The NFT is still a relatively new concept to the world. Digital asset market capitalization is still at a relatively small number compared to most other asset classes. However, early adaptation has shown the potential. Platforms like Nifty Gateway hold the key to bring this concept to all the artists and thereby they become digital artists.
Considering the market's fast growth, NFT adoption will rise over time and eventually become a potential competitor for cryptocurrencies.
Thank you prof. @imagen
Gracias por participar en la Cuarta Temporada de la Steemit Crypto Academy.
Felicitaciones!
Continua esforzandote, espero seguir corrigiendo tus asignaciones.
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