Greetings. Glad to be here again. This is my homework post for professor @imagen.

Designed on Canva

---

QUESTION 1

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

---

Nifty gateway is a major online platform for selling, buying and collecting digital arts and non-fungible tokens known as Nifties. Non-fungible tokens are cryptocurrency tokens that stands as distinctive digital items that can be owned. The technology behind NFTs is radically changing the fine arts industry, the gaming industry and especially the virtual art Industry and Nifty gateway is one of the platforms that's making the buying and selling of NFTs very popular.

Nifty gateway generates manages organises and sells collection of NFTs through it's partnership with renown artists such as Deadmau5, Beeple and etc. Nifty gateway was established in 2018 by Duncan cock Foster and Griffin cock Foster and was acquired by Gemini in 2019 and has witnessed significant expansion. The Nifty gateway target is to have one billion people collecting Nifties.

The Nifty gateway is built on Ethereum Blockchain and it's digital collectibles are known as Nifties. The Nifty gateway has a group of persons that curates the artists that creates and distributes Nifties on the platform hence making the Nifties collected on the platform of high quality.

The Nifty gateway through their partnership with renown artists and trademarks come up with Nifties which cannot be seen else where except on the Nifty gateway platform hence making it exclusive. The artists on Nifty gateway are entitled to choose a particular percentage which comes to them whenever their Nifty is bought or sold on the platform while some percentage goes to the platform (5%).

On entering the Nifty gateway platform, the platform has simple interface and features that make it user friendly.

There are three major navigation bottons which are the drop button, marketplace, and activity button. From the screenshot below the drop button shows pending NFT assets that will be made available in and the date they will be announced.

The Marketplace button shows digital assets that are available for purchase. The Nifty gateway team curates these digital assets and their dropping dates are brought to the notice of consumers before they are made available for sale in the marketplace.

The activity button reveals the marketing activities in the platform. Purchase of Nifties on the platform are not limited to Cryptocurrencies alone. One can use credit cards to buy Nifties and also withdraw money through their bank accounts. Hence fiat currency is accessible on the platform but limited to USA banks only. Users who are registered on the platform can also sell Nifties but must connect their account to stripe. This has a downside as people whose countries are not listed on stripe cannot use this feature. Withdrawal of funds can also be done using Gemini, Ethereum or credit cards.

---

QUESTION 2

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

---

ERC-1155 tokens are standard tokens in the Ethereum Blockchain which has the capability to modify the landscape of DApps on the Ethereum Blockchain. This is possible due to its multi-token scope and new roles which supply better programming and user experience for the users. The Ethereum Blockchain is popular for it's tokens which are purposed to make the implementation of smart contracts easy. Such tokens includes ERC-20 and ERC-721 but ERC-1155 is the newest of the standard tokens in the Ethereum Blockchain. The ERC-20 and ERC-722 has certain limitations which led to the creation of ERC-1155 tokens.

• ERC-1155 tokens helps to make transfer of tokens secure. It verifies transactions and in the case where a mistake is made, it verifies the address of the transaction and sends it back to the issuer hence making it easy for recovery of funds as opposed to ERC-20 tokens where funds are lost and cannot be retrieved in the case of a mistake in user address.

• ERC-1155 tokens authorizes or allows large transfers of native tokens in a smart contract. Several NFTs or fungible tokens or both can be effectively transferred in a single operation. This helps in reducing cost of transactions and effects on the network is reduced. In the case of ERC-721, the transaction process is very cumbersome especially when a user wants to send multiple assets to the same address. The user cannot send them all at once but rather individually thereby incurring more transaction charges and this does not have a good impact on the Ethereum environment.

• ERC-1155 tokens give details and can also report the functioning and existence of several tokens at equivalent time. This means that one or more fungible tokens can be generated using
ERC-1155 tokens at the same time in the smart contract hence making programming and user experience easy.

ERC-1155 was created to solve the compactibility problem between ERC-20 tokens and ERC-721 tokens. It's use aids reduction in gas price and makes minting of tokens economical.

---

QUESTION 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.

---

I log into Etherscan and clicked on the ERC-1155 tokens. As at the time of doing this homework, there were 18, 519 ERC-1155 tokens contract found. The first five tokens were:

OpenSea Shared Storefront (OPENSTORE)

0x54f456b544abfb785694400bcb1d85629b2d437f

0x7a44228e46cdd37a85c0b07c4043b86c11e8c315

Zapper NFT V2

0xc52e56f5a53ccc02db5503d915497e568c762ebb

To see the details of the last transaction carried out and it's smart contracts and tokens;

I clicked on View ERC-1155 Transfers and Clicked on transfer hash of the lats transaction. Below are the details;

Transaction Hash:
0x76e8a2c6ada3369d2a2e875e5309eccb643184069f6f7ba58a6e9c2e4806efb0

The Smart contract is 0xa7206d878c5c3871826dfdb42191c49b1d11f466

Tokens Transferred are:
2 ERC-1155 token
ERC-721 token

---

QUESTION 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.

---

Enjin is a wallet that accommodates various Blockchain and it's basically used for making video games that are NFT based. It also supports various cryptocurrencies and tokens including ERC-1155, ERC-20, Bitcoin, Ethereum coin, Binance coin, doge coin, etc. It has Enjin coin as it's native coin.

To enter the Enjin wallet, I downloaded the app from google play store and installed it.

I proceeded to explore the user interface and it had these functions: Wallets, Assets, Scan QR, Exchange, marketplace, DApps browser, Linked projects, contact support and settings.

---

---

With scan QR code icon, the user can scan QR codes using the camera of their device and also from the gallery.

---

---

---

Exploring the market place

On entering the Market place, there was 17, 474 items on sale . The first three items are Sirons- thunder, founders token and Infowars Telegram 'https://t.me/infowarslive'. Below is their description.

---

Sirons- thunder description

Sirons-thunder was built to further the development of inter-dimensional travel, the workshop called Sirron's keep is home to some of the darkest secrets of the multiverse. It was created by 0x2bebd094d8d17078efcf4e142536633b556ac1b1 on 2 July 20202 by 07:56:47. It's of ERC-1155 standard and sold for $940.31.

---

Founders token description

Founders token is a sacred emblem given as a gesture of recognition for courage. It's a consecrated relic and endows benefits and rewards as long as it in ones possession. It was created by 0x7d510f661f490482fbff45275b00a82f5f69f784 on May 2029 at 20:56:21. It' of ERC-1155 standard and sold for $1,330.00.

---

Infowars Telegram 'https://t.me/infowarslive' description.

It's official channel for the real Alex Jones and uncensored info was content + promotions. It was created by 0xbdc6cb4528a5d113c7bfcaca4df329aaf7a52eed on 17 March 2020 at 17:23:35. It's of ERC-1155 standard and sold for $1.33.

---

QUESTION 5

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

---

I'd say that NFTs are gradually been adopted globally. This so because of the uniqueness of the service it offers. Alot of people show keen interest in arts and NFT markets have created platforms for the art works of artist globally to be monetized without interference from intermediate bodies. The buyers and sellers can conveniently do transactions on the NFT markets even without seeing each other physically especially in the midst of the COVID-19 pandemic.

The NFT markets are not limited to artists alone, other professionals Like athletes, gamers in other fields have access to buy and sell digital arts. The fact that NFTs are built on Blockchain is an added advantage as cost incurred by intermediaries are removed and there's security of data and transactions. The NFT markets since it's inception is growing and has a future and will continue to expand as more people adopt it. Blockchain is been adopted into different fields and has led to advancement in these fields. Over time professionals in other fields like education, sports , music , law and even religion and etc will adopt NFT as part of their services rendered hence exploring it's benefits. NFT is a helpful addition to the world of cryptocurrencies and has and will continue to help users make profits from their digital assets.

---

CONCLUSION

---

The NFT markets are market places where non-fungible tokens are sold, bought and collected. Having perused through the nifty gateway platform, we see that it's exclusive for collections of digital arts. These art are exclusive to Nifty gateway because of a special team of curators whose duty is to access the artists minting and distributing Nifties on the platform.

ERC-1155 tokens solve the problem of incompatibly existing ERC-20 and ERC-721 tokens. I also navigated through Etherscan to identify ERC-1155 tokens and it's smart contracts. I perused through the Enjin wallet too and identified it's features. The Enjin wallet support numerous cryptocurrencies and tokens and the Enjin platform is basically used to market digital game assets and for crypto exchange.
Thank you professor for this eye opening lecture on the world of NFTs and it's markets.