NFT Markets-Crypto AcademyS4W3- Homework Post for @imagen.
Greetings everyone, I am delighted to be part of yet another exciting lesson of our noble professor in the person of @imagen. This is a continuing lesson of the previous class which I have made time to go through what was been thought even though I wasn't able to submit my homework entry.
This week's lesson is focused on NFT market place and every important detail that needs to be known.
NFT market place as the name implies are various platforms that gives individuals the opportunity to sell their Non-fungible Tokens (NFT). NFT are therefore tokens that are been saved on the Blockchain and comes in the form of mostly images, videos, music and so on. That is, these works of people creating digital assets are been put in the NFT market for individuals to have a great look at them and trade any of their choice. The interception of the NFT market place have been of great help to various artist that rack their brains to produce beautiful NFT since they are been displayed in the market for trading purposes. In recent times, most people have had their attention on NFT and made purchase of them at higher amount of prices. NFT are mostly decentralized in nature and for that matter, owners of various NFT decides which price tag should go along side with their work and the mode or token of payment they will accept. Since NFT are found in the Blockchain and there is the presence of Smart Contracts, various work owners of NFT are not copied by an individual or fellow. We have some good number of NFT market place they are: Decentraland, SuperRare, CryptoPunks, Rarrible, OpenSea, Nifty Gateway which is the main focus for this lesson and many more.
1.) Describe in depth the Nifty Gateway platform Who are its founders? What market or target is it aimed at?
Nifty Gateway is another great NFT market place in which keep into existence in the year 2018. It as founded by twins who hailed from California. They are in the people of Griffin Cock Foster alongside with Duncan Cock Foster. This NFT market place is purposely made for the exhibition of Music and art NFT. In the year 2019, the Twin developers sold out the Nifty Gateway market place to another set of well known crypto twins who owned a crypto currency company in the USA. The company is called Gemini and these Twins are known as Winklevos twins. Various NFT that are been displayed on this NFT market place are known as Nifties. Before a NFT is added to this market place it needs to well checked by the team spear heading this platform. This market place is a centralized type of market place.
NFT are very unique and for that matter once a user makes a purchase of the one he or she has the legal right over it's ownership and nobody else. Of late, attention has been drawn to NFTs as many big celebrities have turn to use huge amounts of dollars to purchase beautiful works of NFTs. The Nifty gateway is therefore an open market place were tokens are been displayed for purchase.
In recent times, the Nifty Gateway had a publication on their official website stating that, their aim is to ensure that, people across the whole world gains access to Nifties. It said that We ill not rest until billion people are collecting Nifties. This has made a lot f individuals across the world to get involved in the collection of Nifties. It also made the team of Nifty gateway to create an application for android system where users can be able to make a display of their nifties at the comfort of their various homes.
Before I take us through some of the features of the Nifty Gateway, let's take a look at how the market place works.
Tokens found in this market place are brought into existence by the head team of the Nifty together with great artist and renowned owners of popular brands. Therefore, in the Nifty gateway market place, the nifties that are been created are auctioned in between a particular time limit. This activity is known as drops. These drops are presented every three weeks at a single time. As soon as they are sold out, the drops are presented on the market place once again for reselling by their secondary owners.
Drop is a key feature on the nifty gateway website when visits it. This is made up of nifties which have been auctioned in every three good weeks. The nifties here are sold out by the primary owners in the auctioned market. As soon they are been sold out, they are presented on the market for reselling by the secondary owners.
This was the next drop schedule to be presented to the market place.
As the name implies, this feature on the Nifty Gateway market place involves the buying and and selling of nifties. Various users displays their works of nifties with the help of the market place. Before they are displayed, the need to be approved by the head team of the Nifty gateway market place. Not forgetting the fact that, users can removed their displayed nifties and take them to their wallets if they want to.
In this feature, it tells us whatever is happening in the nifty gateway platform and what plans they have.
Before one can be able to trade nifties that is to buy and sell, the individual has to create an account in the market place by signing up. The signing process simply involves details of the user including the mode of payment he or she will use when buying or selling nifties on the platform. We have the use of Ethereum or Bank. After successfully filling out the required information, the individual can make a trade of either buying from the secondary or auction market place.
The user can make a resell of the the NFT bought on the market place along side if he or she wants to sell his or her token on the Nifty gateway market place, then it has to be displayed through the omnibus wallet.
2.) What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?
The ERC--1155 token is simply a standard that is capable of storing both ERC--20 and that of ERC-721 token in one address all at the same particular time. ERC which means Ethereum Request for Comment. There are a couple of ERC tokens which we have some to be fungible and others to be non fungible and semi fungible. The ERC 1155 can be used to create all the three types of tokens. This token acts as a multi-token and was created in the year 2018 by Enjin which is a gaming platform. The ERC-1155 token is said to be multi-token as a result of it been able to serve the functionalities of the tokens standards we had in previous times all on the Ethereum network these are the ERC-20 and the ERC-721. The ERC-1155 token goes a long way to produce both non-fungible and that of utility tokens where b new features are been added to the ERC-20 and that of ERC-721 tokens. One smart contract can be able to handle a lot of ERC-1155 tokens and various transactions made are very safe and efficient. This makes it possible for a lot of transfers to happen at a low cost.
Before I will make a comparison of the three tokens, let's take a look at their features individually this will help us to well differentiate the three of them when put together.
ERC-721 tokens are known to be non-fungible tokens in a sense that the can be changed in value. We have kitties as an example of this type of token.
ERC-20 tokens on the other hand are fungible tokens in a sense that, their value cannot be changed and they are stable in nature USDT is an example of this type of token.
ERC-1155 tokens act as both fungible and that of non-fungible tokens. These tokens are saved to the extent that, when a there is a error committed, the funds are not lost but can be recovered. This is different in the case of the ERC-20 tokens.
With the ERC--721 token there is difficulty in sending multiple NFTs but this is different with regards to the ERC-1155 token. Also, a single address can be used for both fungible and that of non-fungible tokens.
Let's have a look at a tabulated form of the three all compared together.
| ERC-1155 | ERC-721 | ERC-20 |
|---|---|---|
| The ERC-1155 token can use one single address for both fungible and non-fungible | Not Appropriate with this type of token | Not Appropriate with this type of token also. |
| It is Fungible and Non-fungible | Non-fungible | Fungible |
| It is able to perform multiple transactions at a particular time at a reduce cost. | It is not able to perform Multiple transactions | It is not able to perform multiple transactions. |
| There is recovery of funds when an error is committed. | - | There is no recovery of funds when an error is committed. |
3.) 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. Show Screenshots.
- On visiting Etherscan window interface, I clicked on ERC-1155 tokens which can be found from the menu of tokens at the top corner of the interface as seen in the screenshot below.
- Moving further, the total number of ERC-1155 tokens can be clearly seen in the screenshot below together with the top transactions made in terms of volume.
A total of 18,231 ERC-1155 Token were available at the time of me making my homework entry.
| Token | Volume |
|---|---|
| 1. OpenSea Shared Storefront (OPENSTORE) | 20,027 |
| 2. 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5 | 4,763 |
| 3. 0xa7206d878c5c3871826dfdb42191c49b1d11f466 | 1,414 |
| 4. Rarible (RARI) | 1,281 |
| 5. Woodies Mint Passport | 880 |
To get the details of the last transactions performed, one has to click on view transfers of ERC-1155 token to get the details.
![imagen 88.png]
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The last transaction performed was on the Token Twerky Bags (TWYBGS) at the time of my homework entry.
The Hash of the transaction is,
0x03b0f992f837affee113df6553dc8ac4e1b4770dfe3925e4c66a4502cc3f9c9b
The Smart contract is, opensa
0x7be8076f4ea4a4ad08075c2508e481d6c946d12b
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 3 items on the list and their description. Show Screenshots.
The Enjin wallet is a wallet which is severs as a multipurpose entity that is used for the storage of various types of crypto currencies such Ethereum, USDT and so on. The Enjin wallet is an ERC-1155 wallet since it accepts or supports the storage of the ERC-20 and that of ERC-721 token. The wallet is multipurpose since both crypto and NFTs can be stored in it. The Enjin wallet has a very nice and beautiful interface which is very attractive to users that do visit it. This wallet is part of the first coming of the ERC-11155 standard token.
Let's take a look at the interface and the various features.
This happens to be the first feature one will see upon visiting the wallet interface. This serves as place were all the holdings of the individual are safely kept.
In this feature, it allows various individuals to get giveaways that do happen on website or games on the channel.
As the name implies, this feature helps in the exchanging of various cryptocurrencies. That is, to sap one crypto for another.
In this feature, we have various displayed NFTs in which one make a purchase of them. That is we can find the NFT market here.
In this feature, we have a display of various types of applications and that of programs there.
In this feature, we have there to be the individuals project that needs to be joined to the portal of his or her.
This happens to be the Last feature of the Wallet and it has various setting instruction which the individual can choose to make to hos profile or anything.
Number of Items on sale is 17,485 items.
- Infowars Telegram 'https://t.me/infowarslive
It is an official channel for the real Alex Jones and that of uncensored Infowars for content promotions. Created 2 ears ago and it is selling at 1ENJ at $1.14.
- Dragonscaler
A project that is known to be about a game but has it's story line to be in form of parables o fiction It is selling at 144 ENJ at $203.04.
- Tears of Serenity
A project that is epic in nature and has a story line as if it was fairy tale which is selling at 170 ENJ at $239.70
5.) In your personal opinion, what is the future of the NFT Markets? Give reasons for your answer.
Well, in personal point of view, I think the future of NFT markets is very bright in a sense that it ill b of great impact in the crypto world. Why do I say so, over the days that have passed by, we have seen ho great attention the NFT market has drawn to the extent of people using huge sums of dollars to get involved in it. That is, people with impact in our various societies have kept great efforts in NFT, for that matter the Market of these works will be of great help.
Also moving further, most beautiful works of artist who make good use of a lot of time to produce nice artifacts have been well appreciated with the introduction of the NFT market, that is where they display their works. This will encourage them to put in more efforts in the production and the end of it all the NFT market will get a good stand out.
Lastly, other institutions are working in putting their products on various NFT markets so it will look like we have only NFTs been displayed. We have industries like the film industry the football and so on. This will help make the future of the NFT market place very bright and also improve greatly.
I am very honored to our noble professor for tis great lecture on various topics thought. We havve talked on what NFT market place is and what the do. We have also talked on the Nifty Gateway as a NFT market place and how it works. We then moved forward to present on ERC-1155 tokens and ho they are different from that of ERC-20 and that of ERC-721 tokens. We made an exploration on the ERC-1155 wallet and that of the Enjin wallet.
I am very grateful for this great lesson from professor @imagen, I hope to learn more from you in coming days. Thank you very much.
Gracias por participar en la Cuarta Temporada de la Steemit Crypto Academy.
Continua esforzandote, espero seguir corrigiendo tus asignaciones.