Crypto Academy / Season 4 / Week 3 - Homework Post for [@imagen] - NFT Marketplaces.
Describe in depth the Nifty Gateway platform Who are its founders? What market or target is it aimed at?
Nifty Gateway platform is a centralized and premier NFT marketplace where NFTs from renowned digital artists and brands are bought / sold and stored. So Nifty gateway powers the economy of digital collectibles and virtual goods. This platform offers a place to display artwork. It was funded by Duncan and Griffin Cock Foster, and has since been acquired by the Winklevoss twins. Great digital artists like Michael kagan , Beeple, Grimes, LOGIK etc have been part of NFT gateway. Limited edition of high quality NFTs for limited period are made availabe on the platform. In 2021 , Nifty gateway joined hands with US based multinational company Sotheby's. Nifty has a target of reaching 1 billion people.
Nitty gateway is a primary means of contact between artists and Nifty lovers (buyers). Artists get paid for primary sale as well as secondary sale. For primary sale, only 5% of fee is deducted by gateway. For secondary sale, artists get to choose the percentage of sales. By primary sale, it means direct sale of NFT from artist to buyer (primary buyer) and secondly sale means selling of NFT from primary buyer to secondry buyer . So artists get paid percentage of secondary sale that is set by artist while selling NFT to primary buyer. As for deposition of NFTs is concerned, there is a single wallet support and that is Metamssk wallet. So NFTs have to be brought into Metamssk first and than to Nifty gateway.
For buyers of NFTs, Nitty gateway has multiple mechanics like sale by direct edition, public auctions, packs, silent auctions. Moreover, buyers can set alerts for type of NFTs and price and get notified for same when pre set conditions are met.
Nifty marketplace - screenshot from my Nifty account
There were some speculations about sale of NFTs from Nifty by some miscreants and thereby loss of funds for original creators or sellers of art work. Being a centralized platform, complete recovery of lost funds was done. However, the overall security of the platform is good.
What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?
To launch a platform, developers must stuck to one particular token standard for successful launch. For example, ERC-20 is a token for regular crypto transactions on Etherium blockchain . With widening approach of digital technology, new horizons like NFTs have unfolded and therefore new standards have been found for smooth functioning of NFTs. To begin with ERC-721 was created for NFTs . But later new token standard in the form of ERC-1155 was created. ERC-1155 popularly known as " next-generation multi-token standard ". This multi token developed by Enjin supports both NFTs and FTs. ERC-1155 is known as multi token standard because batch transfers of multiple tokens unlike ERC - 20 and ERC-721 is done. Moreover, token transfer with ERC -1155 is much faster.
How ERC-1155 differ from ERC -20 and ERC-721.
ERC-1155 supports both FTs and NFTs while ERC -20 and ERc-721 support only one .
ERC-1155 is a multi token standard and allows transfer of multiple batches of different tokens at a time while other ERC standards don't allow multi token transfer.
Speed of transactios with ERC-1155 is better than other two.
With ERC-1155 non repudiation is not an issue as it doesn't allow transfer to wrong addresses.
Gas paid with ERC -1155 is lesser than other standard as it eliminates congestion by allowing multiple tolem transfers.
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.
- Go to Etherscan official website and click on top right corner and a drop down menu will appear, click on log in and enter your log in credentials.
Indicate the first 5 tokens by volume of transactions in the last 24 hours.
- Click on top right corner , a drop down menu will appear and look for ERC-1155 Top Tokens. Information about the top ERC-1155 tokens will load.
- As seen in the screenshot above, at the time of creating this post, there were 18 110 ERC-1155 tokens and the top traded ERC-1155 tokens include:
| S No | Toekm |
|---|---|
| 1 | OpenSea Shared Storefront (OPENSTORE) |
| 2 | 0x715565baf69afcbbe88f56d46f1c9fe2df828705 |
| 3 | 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5 |
| 4 | Rarible (RARI) |
| 5 | 0x7a44228e46cdd37a85c0b07c4043b86c11e8c315 |
Indicate the Hash of the last transaction carried out and the identification of the token as well as its smart contract.
- As mentioned above, click on top right corner, a drop-down menu will appear , click on the ERC-1155 Transfer button. Information about the top ERC-1155 tokens transactions will be seen.
- Click on the transaction hash of the last transaction. In this case, the last transaction hash was 48 seconds old with hash
0xd698c02095ddfdec1703c94034aa1ce24b1dfcfb427e89dd1639676de2136b76
- Once we click on transaction hash, All the details about the transaction will be seen:
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.
For this task, I'll be using Enjin wallet Android app. I already have account on the wallet. So to explore the wallet, open the app and we got to see user interface as below ;
We have main page with list of cryptos and their balance. Next we have top panel of options. At top right corner, we have three vertical dots, click here and menu of options will load like Backup wallet , Edit wallet name , Auto add token , Manage wallet and Rate enjin wallet. It is clear by the names of above options that what function they are intended fo perform.
Moving to second icon, left to three dots and that is "+ " Icon.Click on + and add tokens , than click on "update coin list" to add the selected coins to main menu.
Next we have icon of "contact s". Click on it and it gives option to add addresses of different coins with personalized name for easy accessibility.
Next we have three horizontal lines at the top left corner, click on these lines and a drop down menu will appear with following options :
Marketplace
Click on top left corner, menu will load where we will click on Marketplace and select the browser through which we want to visit the Marketplace.
As shown above , we have 17486 items on sale and the first three items are , infowars telegram, dragon scalersand Tears of serenity.
infowars Telegram
We have 5 NFTs starting from 1 Enj.
Dragonscalers
Tears of serenity
) In your personal opinion, what is the future of the NFT Markets? Give reasons for your answer.
As for my opinion on NFTs is concerned, I think the future of NFT is green and not only green but I would rather say , it is evergreen. I'll be putting forth some reasons to support my opinion:
NFTs are touching diverse fileds of life and keep on expanding and adding new kicks. As NTFs are not stuck to one field, there is no monotonous fading of craze. To begin with, NFTs represented unique art work followed by vedio, gaming, biodiversity etc. It is not uncommon to see people purchasing different gaming tools even in traditional games where security is negligible compared to blockchain. NFT based gaming is at advantage of being more secure and gaming tools can be put on sale and even transferred.
NFT use-case is not only restricted to adventure and art but NFTs are now touching real life problems like conservation of biodiversity. Megpies have been converted to collectibles by Porini Foundation in Seychelles islands to prevent endangered species of megapies. As biodiversity conservation is prime focus of governments and non government organisations, therefore diverse strata of population is going to correlate utilities of NFTs and therefore hasten adoption.
Adoption of NFTs by celebrities and sports institutions further solidifies the roots of NFTs and strengthen its future prospectus.
Conclusion
Non-fungible token is a unique, non interchangeable and non tangible digital code recorded on blockchain and in NFT market multiple operations ( buy/sell) related to NFTs are carried out . Due to recent boom in popularity of NFTs, multiple markets dealing with NFTs have been created from time to time. Nifty gateway being one of the premier marketplace dealing with NFTs from world's popular artists and of different categories. I am very much optimistic about growth of NFTs in future.
Gracias por participar en la Cuarta Temporada de la Steemit Crypto Academy.
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