[REPOST] NFT Markets - Crypto Academy S4W3 - Homework Post for @imagen
Hello guys, it's week 3 for another adventure in cryptoacademy. Today I will be participating in prof @imagen cryptoassignment that is based on the NFT MARKETS.
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QUESTION 1.
Describe in depth the Nifty gateway platform who are the founders ? What market or Target is it aimed at ?
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INTRODUCTION.
Nifty gateway is an exclusive NFT platform or marketplace were the buying and selling of highly valuable NFT collections, assets and artwork are done/executed on the platform. Nifty gateway is quite popular in the Blockchain because it deals with the combination of cryptocurrency and a wide collection of artworks with the goal of creating tradable assets that have high - value, it can be called a centralized platform based on the aspect that sales of NFT can be purchased with USD.
I would be giving a brief explanation about NFT and NFT MARKETPLACE for more understanding.
What is NFT?
NFT which is also known as non - fungible token are digital asset in terms of video games, art and music which can be purchased and put on sales like other assets but they don't have tangible form of their own. NFT has unique features and properties, you can say it is one of a kind. The assets are sold through digital means and the exchange in return is in cryptocurrency.
Example are cryptokitties, scrare, NBA top shot and alot more
What is NFT marketplace?
The NFT marketplace can be defined as an online platform where NFT's can be stored, advertised and traded in addition to it NFT's sellers are present because what is a market place without a seller. Example are decentraland, know origin, treasureland and lot more.
MOTTO:
Nifty gateway was founded by Duncan and Griffin Cock Foster in 2018. Nifty gateway is owned by the parent company which is called GEMINI LLC which in full it is known as the GEMINI TRUST COMPANY which is a cryptocurrency exchange website. The website was founded by the twin Cameron and Tyler Winklevoss in 2015. Nifty gateway motto is "we believe NFT'S are the future and we will not rest untill 1 billion people are collecting NFT'S".
UNIQUENESS.
Nifty gateway is quite unique because it teams up with top brands and artists to create highly valuable NFT collections were they feature popular musicians like Lil yachty, ozuna, Carl cox and many more, and also famous sport players like Kobe Bryant (Basket ball player) and mesut ozil (footballer).
There is a part for classic NFT artist such as Beeple whose digital collage of 5000 images got sold for over $69 million.
REVENUE.
The Nifty gateway makes its revenue through royalties on a percentage of each sales made on the platform. They charge 30 cents for the transaction fees, the 5% fee is for the sales price, the artist of the NFT takes 10%. Nifty gateway soared higher at the beginning of 2021 the current value is between $774 million to $1.2 billion.
WITHDRAW EARNINGS.
To cash out your earnings, you can withdraw directly to your bank but this process is strictly for US bank account and there is a limit of $5000 weekly but not to worry because through the help of gemini account you can withdraw wherever you are and there is no withdrawal limit when applying it.
PURCHASING METHOD.
To purchase NFT on Nifty gateway there are procedures to take.
- Open an account on Nifty gateway.
- Click the Sign up/ Log in button.
- Enter your required details.
- Create your username.
- Fund your account.
- Payment method: there are two payment method to choose from either to pay with a credit/debit card or through ethereum using an ETH pre-paid balance.
- Find the Nifty you like to purchase and click on "place bid".
Other purchasing method includes:
- Drawing: A raffle draw is organised where the winner gets to purchase the NFT at a valuable price.
- Open edition: An unlimited Amount of NFT's are available at the open edition, this way thousands of selected pieces are sold.
- Global offers: this works when a client submit an offer on a piece of artwork and the offer gets notified by all the NFT's owners if they are ready to sell it at the offered price.
- Online silent auction: A blind bid is placed by the collector and they wait to see if they won.
HOW TO SELL YOUR NFTS
- If you have an NFT you can simply upload it to your Nifty gateway omnibus wallet using Metamask.
- To become a Nifty gateway creator and seller comes with a lot of terms like apply through their website and complete an interview.
ADVANTAGES.
- It has a unique collection.
- NFT'S are exclusively created by artists.
- It can be purchased with Credit card.
- The system, buying and purchasing process is easy to understand especially for beginners new into the market.
DISADVANTAGES.
- A person needs to be a popular artist to be accepted to the platform.
- Users do not hold the NTFS unless it is withdrawn from the wallet.
QUESTION 2.
What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?
ERC-1155 tokens is a unique token that are used to create fungible and non - fungible assets on the ethereum network. It was developed by Enjin, it is the most efficient, reliable and faster to use in batch token transaction. It's gas fees are cut by 80% - 90% which makes it affordable for everyone to start minting on Blockchain.
Difference between ERC-1155 tokens, ERC- 20 Token and ERC- 721 token.
| ERC-1155 | ERC- 20 | ERC- 721 |
|---|---|---|
| Specialized in fungible and non fungible token | specialized in fungible token | specialized in non fungible token. |
| Support the mass transfer of token | does not support mass transfer of token | does not support mass transfer of token. |
| If you transfer to the wrong address it would be returned to your wallet | transfer to the wrong address is not refundable | transfer to the wrong address is not refundable. |
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.
- Log on to Etherscan.
- Locate ERC-1155 token under tokens.
- Number of ERC-1155 token in existence.
- first 5 tokens by volume of transactions in the last 24 hours.
- Indicate the Hash of the last transaction carried out.
- identification of the token.
- smart contract.
| Number | Token | |
|---|---|---|
| 1. | OpenSea Shared Storefront (OPENSTORE) | 25,777 |
| 2. | 0x715565baf69afcbbe88f56d46f1c9fe2df828705 | 4,259 |
| 3. | Woodies Mint Passport | 3,883 |
| 4. | Rarible (RARE) | 1,392 |
| 5. | 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5 | 1,007 |
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.
- Log in to Enjin wallet.
To log in your email address will be required and you will be asked to set up your password.
- The Enjin wallet is made up of :
PRODUCTS: which consists of Platform, Wallet, Marketplace, JumpNet and Beam
SOLUTIONS: which consists of Powered by Enjin, Gaming, Crypto and Software.
RESOURCES: which consists of Blog, Press Kit, Documentation, Newsroom, Timeline, help and community. Under the help center we have(Merch, Product Status, Request a Feature,Submit a Ticket).
ABOUT: which consists of Why Enjin?,Company,Careers,Hiring,Enjin Coin,ERC-1155 and Contact us.
Exploring the Market place.
17,490 items on sale
- The crystal rosin details.
- The siron's thunder.
- Zigzag Zeal.
QUESTION 5.
In your personal opinion, what is the future of the NFT Markets? Give reasons for your answer.
The future of the NFT MARKETS I would say will be profitable in the nearest future and a good source of investment because cryptocurrency is taking over rapidly. People do buy artwork to sell in the nearest future at a high price due to the value and history behind it but with NFT it is based on music, artwork and games in form of digital asset and the payment is in form of cryptocurrency that has a high chance of increasing in it's value everyday. NFT marketplace soon enough will be the brand new medium of trade, exchange and storage of digital asset. The market will expand as soon as the public begins to understand the advantage behind NFT.
Cc:
@steemitblog