Hello everyone. Good evening. This week we were taught about the NFT Marketplaces by professor @imagen.
I'll be responding to the assignment given.

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Q1. Describe the Nifty Gateway platform in depth Who are its founders? What market or target is it aimed at?

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Nifty Gateway is one of the best NFT MarketPlace. It is built on the Ethereum Blockchain by Duncan Griffin Foster in 2018. It was then owned by the Crypto Exchange Platform Gemini. The NFTs being sold on this platform are called as Nifties

The Nifty Gateway focuses on the auction of top notch NFTs from the art and music niche from high profile artists. Some of the NFT-creators which have been selling their work on the Nifty Gateway Platfrom are Trevor Jones, Beeple, Deadmau5, Calvin Harris and Micheal Kagan.

Beeple till date has already listed the sales worth $69 million dollars on the Nifty Gateway Platform. With this we can see the potential of this platform.

There is regulation system by the Nifty Gateway Platform which allows only the top quality NFT creators to list their art on this platform so that the quality of the Platform is not compromised. Due to this application process of the platform there is a top notch user interface.

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Purchasing NFTs on Nifty Gateway

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There are a couple of ways users can buy NFTs on this platform.

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• Drops

Drops are sold directly by the NFT-creators which are open for purchasing on the platform for a specific period of time. From the Drops , users can directly purchase the nifties.

source

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Nifty Gateway Marketplace

source

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In the Marketplace section creators showcase their NFTs with the bidding options. Here the users can purchases the NFT by having an offer, by making a global offer (which means that the owner(s) of that NFT will be notified that you are making this purchase for X amount. The owner will then get to decide whether he is willing to go on with your offer or not. Apart from these two opportunities of buying an NFT, a user can also purchase the NFT by purchasing it at the listing price by the owner in the marketplace.

Lets see an example of NFT from the Marketplace

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source

This NFT was created by xsullo and was released on 22nd September 2021.
The original listing price of the NFT was $444 and it was last sold at $2,500 We also have an option of making a Global Offer as mentioned.

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Nifty gateway is a custodial market place which means for buying and selling on the Nifty Gateway Platform, you do not need to necessarily have a Wallet connected to the platform. If you have purchased a NFT on this platform it will be stored on the platform until to deposit it to your external wallet. This has sometimes raised concerning questions on the Platform's security as hackers have a chance for taking control of your NFTs by just hacking the Online platform. This has already happened in March 2031 to 2 users who did not have their 2 Factor Authentication

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Advantages and Disadvantages of Nifty Gateway Platform

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It is my habit to state the pros and cons of any Platform I am discussing so that users will have better ideas. So here we go.

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ADVANTAGES	DISADVANTAGES
Very easy User interface.	It is a custodial Market place with no wallet attached.
Only the top notch artists with their exclusive NFTs are sold here	If you are an amateur creator you will not be able to sell your NFT here.

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The Nifty Gateway Platform was discussed in detail and I hope its clear to you all

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Q2. What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens

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The ERC-1155 is a hybrid of the ERC-20 and ERC-721 tokens

It was inaugurated in 2019 and was developed by Enjin which is a gaming platform on the Ethereum Network. There were many shortcomings of ERC-20 and ERC-721 tokens due to which the origination of ERC-1155 was deemed essential. Lets see what did we get better from the ERC-1155 token.

• in the ERC-20 and ERC-721 the transactions have many complexities. For example if you are buying a set of 3 NFTs, you will have to transfer by having three separate transactions for each NFT. This will increase your transaction fees as well. The ERC-1155 token overcomes this problem as you can do this in One single Transaction

• Another benefit of the ERC-1155 is that it can be sold and purchased similarly to the ERC-20 and can be configured into a NFT like the ERC-721 token. So these are two simultaneous benefits in a single token.

• With the ERC-1155 you can create the Fungible, Non-fungible and Semi Fungible with a single Token Standard.

• in the ERC-20 token if you send it to a wrong address your token will be lost permanently. In the ERC-1155 if the transaction is done to a wrong address you can have them back in your wallet.

• The ERC-1155 token is compatible with both the ERC-20 and ERC-721 tokens which means we can transact two types of tokens simultaneously.

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With all these modifications of the ERC-1155 from the ERC-20 and ERC-721, the ERC-1155 is better than these both and it has made things a lot feasible for the users.

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Q3 Enter 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.

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In this question I will be exploring the Etherscan platform.

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• Visit etherscan and register first by the option given at top

• Fill in the required information.

• A confirmation mail will be sent to your email.

• After confirming your account, head back to Etherscan and login to the platform

• Follow the screenshots below.

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etherescan.io

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etherescan.io

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etherescan.io

etherescan.io

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etherescan.io

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etherescan.io

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etherescan.io

• Here is my Dashboard on the Etherscan Platform

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• Now I will explore the ERC-1155 Tokens from the Tokens section as asked by the professor.

etherescan.io

• There are total 18,212 ERC-1155 Token Contracts at the moment on the Platform.

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• Now we will see the top 5 ERC-1155 Tokens.

etherescan.io

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• OpenSea Shared Storefront (OPENSTORE)

• 0xa7206d878c5c3871826dfdb42191c49b1d11f466

• 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5

• Rarible (RARI)

• ZAPPER NFT (ZPR_NFT)

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• Now we will explore the last ERC-1155 Transactions.

• Click On tokens.

• Click on View ERC-1155 Transfers

• We will see a screen of all the latest transactions.

etherescan.io

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• Now when I click on the latest transaction I will get all the information regarding it, ie, Hash, Contract, Timestamp etc

etherscan

• HASH:

0x56d0f1f09c2ef6a5dcefc88f709e745273e787966ac2a7226815c4aa8ec014d3

• CONTRACT

0x495f947276749ce646f68ac8c248420045cb7c5e ( OpenSea: OPENSTORE Token)

• TIMESTAMP

Sept 22- 2021 04:51:59 PM + UTC

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Q4 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

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Lets Follow the steps to explore the ENJIN Platform

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• First log in to the enjin Platform

• Click on Get Started and then the Wallet Download section. You have the choice between the App Store and the Google Play.

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• Since it was not possible on the desktop, I download the Enjin on my Iphone. I will click on the GET option

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• Once inside the app, I will Click on CRYPTO WALLET and then on CREATE WALLET

M

• After Reading the terms and condition I will set the password

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• After the Password we will then decide our coins. After that We will get a seed Phrase which I will safe offline and it should not be lost

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• After that we will enter the seed phrase and we will be headed back to our main wallet

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• Now we will head back to the enjin platform

• Click on login

• there we will click on Dont have an account yet. For that we will have to sign up

• after writing our email and password, we will signup.

• a verification email will be sent.

• verify the email sent

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• we have successfully logged into the Enjin Platform

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• After that we have many exploring options such as; Products, Resources, Solutions etc

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• in the products section we have

• Platform

• Wallet

• MarketPlace

• Efinity

• JumpNet

• Beam

The steps of downloading Wallet have already been discussed

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MARKETPLACE in this section we get important information such as the Market Volume, Assets sold etc

• MARKET VOLUME: 44.7 MILLION

• BLOCKCHAIN ASSETS: 1.1 BILLION

• ASSETS SOLD: 832.7k

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• we can also explore the marketplace where we can see the assets for sale

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• There are currently 17,486 assets for sale at the moment.

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There is also the ranking section available in the marketplace where we can see the ranking of the assets listed

• Lost Relics stands on top in the market Ranking.

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• Now the next section is the Solutions in which we can explore Games, Crypto and Software meet

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• The next section is the Resources where can explore Blog, Documentation, Discord etc

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• In the about section we can explore the information related to the enjin platform such as Why enjin, About the Enjin Platform etc*

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The Login and the Get Started sections were already covered by me above. With these options we can use the Enjin Platform.

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all screenshots were taken from the Enjin platform

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The Enjin Platform was discussed in detail.

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Q5. In your personal opinion, what is the future of NFT Markets? Give reasons for your answer.

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NFTs have surged over the world in such a short period of time. The NFTs are in every shape and types. Be it art, music, digital paintings, memes, tweets and whatnot. Since the origination of the NFTs we have seen that many prominent celebrities have involved themselves in this niche and made good money out of it.

If you take the example of Twitter's CEO, Jack Dorsey who made a massive amount of $2.9 million dollars by just selling his first tweet as an NFT.

source

We get to know the impact NFT has made on your world.

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BUT, recently we noticed a decrease in the sales of the NFTs over the period of time. According to the study by Non-fungible Corporation the sales of the NFTs decreased from a massive amount of $176 million to $8.7 Millions in a period on 1 month

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source

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Even though it is concerning but I am not too worried about it as whenever we see such a hike in the sales or prices in the crypto world, a correction is bound to happen.

I believe that the NFT Marketplaces have a huge potential in the future as the demand of the NFTs will significantly increase. We have so many marketplaces already which have thousands of NFTs listed with so many artists and players selling their work on it. For example; OpenSea, Rare, Nifty Gateway, MarbleCard, Mintable and countless more. The good thing in the NFT Marketplaces is that you don't necessarily have to trade them in Crypto, instead many marketplaces are offering to have trades in Dollars through Credit Cards.

Furthermore, according to news the Music Industry has now joined hands with the NFT marketplace as we are witnessing music albums being released as NFTs.

The most prominent example of a music album being sold as an NFT is the Rock band Kings of Leon who are releasing their album as an NFT.

Source

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Not only that, we have NFTs involved in sports as well. According to news the Indian Super League have joined hands with London-Based Terra Virtua Limited for the Inauguration of their Exclusive Non-fungible Tokens as digital collectibles ahead of thier new season.

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Source

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With so many partnerships and Development of NFTs in different industries I believe the NFTs have a very bright future ahead. It will only a matter of time that we will start having NFTs as a very normal thing in our society and every person, even a kid would know about it. We know many talented young artists who have some good paintings and art etc. When they will get an exposure of the NFT Marketplaces they will definitely start selling their work.

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My opinion on the future of NFTs marketplace was discussed in detail with sources. Hope it's clear to you all

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CONCLUSION

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With so many NFT Marketplaces I think so many people have the chance of trading their NFTs online and making good profits from it. We have high profile artists and musicians and players who are involved in this NFT market.

The NFTs are the future. I mean it. Even in our country, Pakistan, which is somewhat backwards, NFTs are being sold in millions of dollars. It is an amazing oppurtunity to all the smart minded traders in how to capitalize in their assets.

Thank you for this informative lecture professor @imagen

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ps: all pics have been sourced accordingly

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Regards,
@huzaifanaveed1