NFT MARKETS-CRYPTOACADEMY S4W3 HOME-WORK POST FOR IMAGEN
The nifty gateway is a unique NFT platform and has taken the blockchain globe by rush. We know blockchain is secured and decentralized making it impossible to be compromised.
In few more words, it is a platform that puts together crypto-technology and collectible artwork to design a rich suite asset that is tradable and high in value, initiating a universe of new investment potentials.
It is a platform where buying and selling of non-fungible tokens (NFT) take place. In our previous class, the professor has already explained what NFT is which ill just do a little recap on it.
NFT is said to be like a cryptocurrency, it's a digital token registered on a ledger known as a blockchain. NFT can be all manner of assets particularly art, music, games, video, etc. Again they are not interchangeable.
The nifty gateway is a cryptocurrency exchange website held by a company known as the GEMINI LLC, the founders are twin brothers known as WINKLEVOSS BROTHERS this company is based in New York, again no predictable IPO and thus no stocks or share price.
Lately, the NFT sales volume has gone like a shot, and as a result of this company has made sales ranging at about $1.2billions, and $77.4billion.
The gateway was established around 2018, in match 2021 the platform. Latter the platform was hacked because they did not have 2-factor authentication. It was reported that thousands of dollars worth of nifties was stolen.
It was believed the hack was a result of cracking or otherwise obtaining their passwords. Nevertheless, since it has been owned by the twin brothers known as WINKLEVOSS BROTHERS they were able to launch version 2.0 with a unique feature containing services that record google and facebook’s API.
Also, adding the 2-factor authentication increased the protection.
The market target is intended for trading ie buying and selling NFT. The more solid your collection is the more it will have worth in the market.
In other words, it is a unique marketplace embarrassed just for artwork and music which has been curated by the nifty team. Popular DJs, musicians have had drops in sales attaining into the thousands of dollars.
Again superstars have embrace it and now have collaboration with sports organizations such as Esports.
This is a token created by enjin it is so extraordinary because it supports both none-fungible and fungible tokens. It was built to assist in faster and more efficient use in batch token transfer.
It is given a unique name known as the next-generation multi-token standard and still can use a single contract to make different types of NFTs.
In this question, I'll be differentiating the three with a clear point.
| ERC-721 | ERC-1155 | ERC-20 |
|---|---|---|
| It has a high gas fee | it supports both non-fungible and fungible tokens | it authorized users to formulate special contracts which can work like currencies |
| It's is unchangeable, transparent in ownership and privacy | it is faster and well structured to use in batch token transfer | it is a fungibility token I.e it can be interchanged for another of like-kind at any point in time |
| Attempting to transfer an entire collection with ERC-721 can be slow and incompetent | gas fee is not that high, it is reduced by 90% thus making it inexpensive for anyone to start minting on blockchain | it was formulated around 2015 then was merged finally with the ethereum blockchain in 2017 |
| It is used extensively | it can use a single contract to make different types of NFTs | it is the first and widely used token standard accepted by the eth blockchain yet has developed to an extent that another token is been executed on it. |
Before I'll proceed to the main question let us have a brief knowledge about what etherscan is all about.
The etherscan was build to encourage blockchain transparency and accessibility. Too it's been recognized as ethereum leading block explorer. It is a search engine that enables its users to look up, verify and validate transactions on the ethereum decentralized smart contrast protocol.
And this is done in a simple means just by inserting and searching the address in the search box with all this one can view the whole worth, balance, and transactions that have been done via that address.
First I logging in to the official website which is the etherscan.io after searching it opened up a page like this
I clicked at the three horizontal lines marked at the top right corner which displayed another page below
I clicked on tokens
Here you will see a list of ERC tokens listed but we are asked to indicate the ERC 1155 tokens present at the moment of writing so click on ERC-1155
Here we can see the total number of the ERC-1155 token found at the moment of writing which is 18,503.
I clicked on the three horizontal lines again at the top right hand corner.
This time I clicked on blockchain since it's the harsh we want to indicate.
Then I clicked on view txns
This is the last harsh as the time of writing this post
Showing The contact address.
With this it is now believed that blockchain is transparent and difficult to be compromised as all transactions are showing clearly.
I visited my apple store and type the name ejin wallet and I downloaded it
After that I created my wallet
For new users, you click on create a crypto wallet. After that, I formed my password.
After setting my password a page display where I will select coin them I added all to create my wallet fully.
After these steps, another page displayed showing me to back up my phrase key which I did and finally the wallet was created
Still on the description below are few features marked which include backing up the wallet, rename wallet and so on.
With my app, I could find the marketplace which I looked for all possible means to do that.
What I did next was to create an account on their website. A mail was sent to me asking me to verify by clicking on the link.
After that I logged in and located the marketplace.
THE FIRST 3 ITEMS I SAW IS
You can see the artwork for sale and their prices.
I will start by saying that digital trading is universal now, mining cryptocurrencies every day. And immutability of blockchain and save wallet are being built and released.
Hence the new movement that has caught the interest of investors is the nft market as it is set aside for the selling of artwork.
Previously investors don't have an interest in artworks, video, games, and music etc. but the nft and its marketplace and its execution on the blockchain have made artwork popular and millions of dollars have been made from it.
In conclusion, the nft market brings a lot of involvement and potential. However, it is crucial to emphasize the nft market is still in the early stage of its evolution.
Thanks for reading through
A nice topic by professor @imagen.