Hi guys, it's nice participating in this week's homework task. Good to always express me in writing and it is my humble pleasure to attend this course as presented by Prof @imagen.

Source

QUESTION-1

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

Nifty Gateway is one of the leading marketplaces that hosts the sales of crypto arts and NFT. This leading platform was acquired by a company called Gemini who was seen to be owned by the Winklevoss twin in 2019. Its topmost plan is to provide a suitable platform that facilitates the buy and sells of Nifties with exclusive partnerships with top artists within its space.

It has a careful and dedicated team that scrutinizes the minting and dropping of Nifties in its platform that hitherto provides high quality and exclusive NFT products to its teeming users. It builds its protocol on an Ethereum Blockchain which sees that gas fees are charged on transactions.

The Nifty Gateway is quite symbolic and unique when compared to its sister platforms as it builds its protocols on hybrid functionalities for greater user experience. Some of their uniqueness may include;

a. Artist Exclusiveness

There is a continuous top artist and brand partnership seem between the Nifty Gateway team and this exclusive top personality. This is to bring in the required attraction and top-notch artworks from this brand personality to the platform. Other individuals who feel they can also match up are expected to apply through its site for a chance to be approved after vetting.

b. Artist Royalties Benefits

This is a reward scheme put in place to incentivize its artists in the platform whereby they get kickbacks each time their artworks are purchased no matter the chain process attained. There is also an opportunity for artists to set what their royalty rewards would be.

c. Accessibility of FIAT

This is a breakthrough for Nifty Gateway as users can make use of its bank cards to purchase NFTs (Nifties) from its Platform. For users in the US, they can now make direct withdrawals into their banks but users outside the US can facilitate theirs using the Gemini crypto Exchange

How to Purchase Nifties from the Platform

The very first step here is to create a Nifty Gateway account which you're expected to synchronize your bank card details for account funding/Liquidity and onward purchasing of Nifties.

But these are some of the Nifty purchasing methods:
a. Silent Auctions - Just as. the name, collectors are seen to make an online blind bid which leaves them to their luck of this bid coming out successful or with failure
b. Global Offers - This is a public domain offer where collectors make their request known to the public whereby if the owner of the artwork accepts incoming offers, Nifties would be released
c. Open Editions - A limited time frame of say 5 to 15minutes is provided for available bids to be made
d. *Drawings. - in this case, collectors are expected to engage in some form of drawings where winners are expected to purchase a given NFT.

Nifty Gateway Drops

Let us also note that the Nifty Gateway has a modus operandi for drops in its collection which is known to tarry for a limited time frame. New drops on the platform are usually expected to occur once every 3weeks and the time for its occurrence is usually 7 pm. But this does not limit collectors to go to the marketplace to purchase NFTs of their choice

For clarity sake, drops is simply a situation where original Nifties are sold directly by their creators in the platform without necessarily having to visit the secondary marketplace.

Advantages and disadvantages of Nifty Gateway

• Ensures hybrid and exclusive artworks which sees a greater adoption of its NFTs artworks.
• Continuous collaboration with Top artists and brands who in turn provide artworks that give the platform the required attraction and awareness.
• Accessibility to FIAT services in purchasing and direct withdrawals into bank accounts.
• Ensures some reasonable form of additional security in its platform by the adoption of 2FA API
• *Does not liberalize the use of FIAT withdrawals in its system as only US-based users can enjoy this privilege.
• Cases of malware attack and loss of assets as some users did not upgrade to the 2FA protocol which led to user account hack.

QUESTION-2

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

Overview of ERC-1155

ERC-1155 token is a standard and multi Token built on the Ethereum Blockchain with the capacity to change the landscape of the DApps that runs on the Blockchain protocol. Unlike the ERC 20 and ERC 721 which are saddled with specific single functionalities of handling Fungible Token and Non-Fungible Tokens activities, the ERC1155 is known to handle this single functionality as well as both of them at the same time.

Handling both functionalities in the ERC1155 Token was a lot more efficient and effectiveness which was an international advancement over the ERC-20 and ERC-721 in fixing some of the implementation shortcomings of the duo. It was developed by WITEK RADOMSKI, PHILIPPE CASTONGUAY, ANDREW COOKE, JAMES THERIEN, ERIC BINET & RONAN SANDFORD.

In its distinguished function, the ERC-1155 Token uses a single contract to consummate multiple NFT transactions in the Blockchain with a relatively reduced gas fee which makes it more attractive to use vis-a-vis with other Tokens like ERC-20 and ERC-721. A reduced gas fee means that participants can now mint NFTs on the Ethereum Blockchain at a very cheap Fee.

New Functionalities of ERC-1155

Due to the enticing benefits seem from the emergence of this token, it was able to successfully bring two different worlds of the token into the same smart contract. The FT and NFT worlds can now be executed using a single smart contract with the efficiency of the process still guaranteed. Some of these benefits and functionalities include;
a. Mass Transfer of Tokens - This enables the sending of more than one token at a time using a single operation. Either the FT or NFT or both can be sent en masse with the ERC-1155 token feature.
b. Multiple tokens in a Single contract- Programs can be created and deployed in the protocol using a single contract where we have either the FT or NFTs or both.
c. Availability of Secure Token Transfer- This is another feature of the ERC-1155 that helps reverse token transactions that were wrongly done may be due to entering of wrong address.

Difference between ERC-1155 & ERC-20/ERC-721

ERC-1155 Token	ERC-20/ERC-721 Token
Comprises of the FT and NFT functionalities which is what the ERC-20 & ERC-721 represents respectively	They only have single functionalities as ERC-20 is for FT and ERC-721 for NFT.
Presence of Secure Token Transfer which reverses failed transaction to issuer	Tokens are lost when recipient addresses are wrongly entered
Provision for Mass Transfer of Tokens in the same operation	Transfers can only be conducted in a single entity and hence overburden the Network due to single token transfers
Existence of Multiple tokens in a single contract and at a given time	There is the only presence of a single token captured in a smart contract.

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

• To have access, log in with https://etherscan.io
• From the Menu button with listed options, click on the Token
• Then click on ERC-1155 Top Token

" There is a total of 18,404 ERC-1155 Token Contracts found"

• First five (5) Tokens by VOLUME include;
  a. OpenSea Shared Storefront (OPEN STORE)
  b. Zapper NFT V2
  c. Zapper NFT (ZPR_NFT)
  d. 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5
  e. Rekt Anniversary Tickets

HASH OF THE LAST TRANSACTION

• Go back to the home interface, and click on the Token option
• Click on ERC-1155 Transfers

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

Creating Enjin Wallet

• Download and Install Enjin.io from the play store
• Click on OPEN WALLET
• Click on Create Wallet
• Accept the term & Agreement
• Enter your password and Confirm your password
• Then click on CREATE WALLET to activate Enjin Wallet
• From the interface, click on the 3 parallel lines to view other options.

Different Functions on User Interface

• From the interface, click on the 3 parallel lines to view other options.
  a. Asset: - It displays two (2) important features which are the Receive & Multi-send buttons. We have the item count also available which help to show the number of collectables in the wallet.

b. Exchange:- This is the interface that swaps the different available coins in the Enjin wallet by using the different exchanges. For example, when I entered 1 ETH, it gave me 2,158.5127 ENJ (This means that for every 1 ETH, this is the equivalent). Also, different listed exchanges have their conversion rate with the Bancor having the best conversion rates for y 1 ETH to ENJ.
Receive - 2.158.512782 ENJ
Price - 0.000463281 ETH/ENJ
Speed - 1 - 5 minutes

c. DApp Browser: We have the different DApps available in the Enjin Wallet listed here. We have DApps under the Defi, Exchanges, Games/Collectibles etc all available for user experience.

d. Market-Place: - This is a place buy and sell of collectables take place. As of the time of this report, we have 17,475 items on sale in the marketplace.

For the first three(3) items on the list we have the following;
i. Tears of Serenity
ii. Nestables Founders token
iii. Origin

TEARS OF SERENITY & DESCRIPTION

NESTABLES FOUNDERS TOKEN

ORIGIN

< centre>QUESTION-5

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

NFT which is another path the cryptocurrency space has evolved to has continually seen enormous adoption in its protocol. It has helped to close up the gap between scarcity of some unique items and Man's quest to have them. There are so scarce resources it has helped to have a full representation of in its digital platform and hence prevented their complete extinction. It has brought security of these items and life that ameliorated its scarcity.

This has been a source of revenue and income generation to our numerous artists which has added not just to their financial size but as well to the popularity of their brand. These spans through with an incentivized offer where Royalties are rewarded to the artist who is creators of original contents but sold and found in the secondary market.

In addition, the NFT community has seen an expansion in different sectors due to its en masse adoption which includes Artworks, Gaming, Music sports etc.

Conclusion

ERC-1155 Emergence was indeed a child of necessity to the teaming participants of NFTs as it provides an efficient platform that is cost-effective as well as encourages mass transaction and Multi-token protocol.

In addition, it has features that merge the individual capabilities of the ERC-20 and ERC-722 (Fungible & Non-Fungible Token) as one using the same smart contract.

The NFTs adoption has continued to be formidable given to its expansion into different fields, value-oriented projects, rewards systems as well as Royalties to its Artists and brand partners. It has provided digital representation of physical assets which has closed up the gap of perceived scarcity.

Thank you Prof @imagen. This is my entry.

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