Steemit Crypto Academy | Season 4 Week 3 | Homework post for Prof.@imagen| More on NFTs-Market
Thank you Prof.@imagen for your wonderful lecture. Here is my homework post
Introduction
Non-Fungible tokens are very unique and irreplaceable digital tokens that operate on a blockchain. Just like other assets, they can be bought and sold. They could be in the form of art, music, games, and any other digital collectibles. They are non-fungible because they cannot be interchanged with other tokens, they are also very unique in the sense that they cannot be copied.
Describe in depth the Nifty Gateway platform Who are its founders? What market or target is it aimed at?
Nifty Gateway is a centralized platform that displays digital arts online to auction for NFTs (non-fungible tokens). It is a place where trading of non-fungible tokens or Nifties as they are known on the platform, takes place. It combines artwork collectibles with crypto technology. It runs on the Ethereum blockchain and has sold nonfungible tokens from famous artists like Grimes, Beeple, LOGIK, and so on.
It was established in the year 2018 and was founded by Duncan and Griffin Cock Foster. And since then, it has been acquired by Gemini which is owned by the Winklevoss Twins (Cameron Winklevoss and Tyler Winklevoss). Gemini is a crypto exchange platform that has recently recorded a valuation of about a range of $1,200,000 to $774,000,000 in nifty sales.
•To be able to buy an NFT from nifty gateway, you will need to create and verify an account first. It is a very easy and fast process.
First, go to Nifty Gateway. At the top right corner of the page, click on Sign Up.
Enter your email address and enter it again to confirm. Next enter a username and then your name. Then finally, choose a password, complete the captcha, and click on Sign Up to proceed
The login page will open. Enter your logins.
A verification code will be sent to your email, enter the code and click on submit code.
The account will open after you submit the code, the account will open.
To buy an NFT on the day it will be released, verify your account. It can be done by connecting your phone number to the account.
• Purchase a Wallet (optional)
This step is optional but can be of great help. Crypto wallets can safely store your NFTs. Wallets that can hold ERC-721 can also hold NFTs on Nifty gateway. Most people hold their NFTs mostly on the exchange platform they buy them on which is not a very safe way to keep them as exchanges have a high chance of being hacked than wallets
• Buying an NFT.
To be able to buy an NFT, you will need to fund your account first with a credit card or Ethereum.
On Nifty gateway, the Nifties are released in three ways;
open edition
limited edition
auctions
Limited releases are restricted to a number of copies like the original copies of the art. This can be from a 1-of-1 to a limited edition of many.
Open editions on the other hand don’t have a restricted number of supply but instead, their time on sale is set.
Auctions display the piece at a set time and people are allowed to place bids, the highest bidder wins.
To place a bid for a live auction, first, go to Nifty Gateway
Scroll down a bit to find the live auction section and click on the NFT piece.
Add your payment method and enter your bid amount and place your bid.
When you scroll down on the page, there are different categories of NFTs you can purchase.
If unfortunately, you are not able to purchase the NFT when it is released, then you can purchase it at a higher price from the investor who bought it (secondary market).
Here is a video for more information on how to sign up to nifty gateway and buy an NFT.
Advantages of Nifty Gateway
• Aesthetic value of Nifty: one of the major characteristics of their nifties is the high aesthetic value. Here artists on the platform take time to rigorously curates the pieces of great aesthetic value using already set standards by the platform.
Disadvantages of Nifty Gateway
• Just like other platforms, nifty gateway is prone to hacks. There are instances where hacks on the platform lead to the loss of nifties worth about million of dollars.
• US-based payments only. The platform allows only banks in the US to withdraw with the exception of those that allow the withdrawal of crypto. Hinders investors in countries that do not allow crypto.
• Also, it has a negative environmental impact. Every transaction on the blockchain consumes electrical power which is of great amounts. This reduces the use of power for activities outside the blockchain.
As can be seen above, nifty gateway plans on reaching a billion people. To attain this, they have made new designs that enhance their interface. They are also planning on making elements that enhance liquidity and the discovery of the market.
What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?
ERC 1155 are digital token standards that are able to create both non-fungible and fungible tokens on the Ethereum blockchain. ERC is an acronym that means Ethereum Request for Comment. It was created by Enjin in 2018.
It is capable of executing the same function as the ERC-721 and ERC-20 and also acts as both at the same time. It makes this possible by creating a smart contract interface representing and managing any amount of fungible and non-fungible token types.
It combines the features of other ERC standards and adding new features which is why it is also called the multi-token standard. It has great scalability which means it can process a large number of transactions in a short time. The ERC-1155 was created to be the solution to the limitations of the ERC-20 and the ERC-721.
ERC-20 has a limitation which is, it is unable well process ERC-20 transfers. When users send tokens to the wrong address by mistake, the tokens get held forever in the contract and cannot be retrieved. That results in tokens getting missing forever.
The ERC-721 also has its problem. For instance, it is impossible to get a token identifier directly. This means if you want to send 15NFTs to another account, you will have to execute the transaction 15 different times where has its own commission charge.
Another limitation of the ERC-721 is that, when a user desires to know the status of their tokens, a transaction must be sent to its network which will pass through its numerous tokens, pair them with the user's addresses and then deliver the response. This causes great inefficiency in the system.
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.
First, visit Etherscan. Find Tokens on the top menu of the homepage and click on it.
Next, find and click on ERC-1155 top tokens.
At the time of this post, a total of 18,421 ERC token contracts were found
| No | Tokens | Volume |
|---|---|---|
| 1 | OpenSea Shared Storefront (OPENSTORE) | 21,148 |
| 2 | 0x54f456b544abfb785694400bcb1d85629b2d437f | 2,804 |
| 3 | Zapper NFT V2 | 1,867 |
| 4 | 0x7a44228e46cdd37a85c0b07c4043b86c11e8c315 | 1,554 |
| 5 | Zapper NFT (ZPR_NFT) | 1,459 |
Indicate the Hash of the last transaction carried out and the identification of the token as well as its smart contract
transaction hash: 0x7ee2dc2a269c0840edf712428e80d76e96210d6491f1fccc5af922b720c29834
The smart contract: 0x495f947276749ce646f68ac8c248420045cb7b5e
Token OpenSea Shared Storefront
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.
Assets: this is where the collectibles of the user are shown. Users can also receive and send collectibles from here.
SCAN QR: this allows the user to scan QR codes to log in or import a wallet.
EXCHANGE: this gives users the opportunity to swap assets from their collections
MARKETPLACE: this is the place where NFT pieces are sold or purchased
DAPP BROWSER: this is the section where third-party applications and programs are displayed for the user. The apps can also be searched here. It contains Defi apps, Exchanges, Games and collectibles, Marketplace apps, and so on.
LINKED PROJECTS: this option displays projects that are connected to the wallet. To add a project, click on + LINK PROJECT
CONTACT AND SUPPORT: this option connects the user to the enjin team for help. The user is allowed to search for articles or search for a problem for an answer or support from the enjin team
SETTINGS: here the user is given the opportunity to configure the platform to his own convenience.
Enter the Marketplace: indicate the number of items for sale
At the time of this post 17,475 items were on sale.
indicate the first 3 items on the list and their description
- THE DIVIDING SUPREMACY
This piece is about two sisters who fought battles together and were never defeated until they met a man and both sisters fell in love with him. Since they both wanted him, they became at odds with each other and the man was able to conquer them when they were divided.
- Tears of serenity.
This piece is about an adventurer called Marlon who set out to find a hidden kingdom called Anaria against all odds against him. He found it at the end.
- Nestable Founders Token.
This token is a reward to those members who formed the early Nestables community, through helping both early development and strong community engagement.
In your personal opinion, what is the future of the NFT Markets? Give reasons for your answer.
In my personal opinion, it is my belief that the NFT is here to stay. It is obvious how the world has grown interested in arts, creativity, games, sports, etc. This growing interest shows that the NFT market is growing and can compete with other cryptocurrency markets as well as other markets in the future.
Both sportsmen and women are getting themselves involved in NFTs. For instance, Cristiano Ronaldo sold an NFT of himself in sorare.
This increases the market of NFTs as both sportsmen and their followers are patronizing it.
Also, NFTs are making their way into the gaming world. Gaming is one of the activities in which a lot of people participate, NFT games allow users to play and earn at the same time this will attract more users and expand the NFT market.
In this post, I wrote about NFTs and Nifty Gateway in the first part. I further demonstrated how to create a nifty gateway account and buy a nifty. Advantages like the aesthetic value of nifties and disadvantages like high power consumption and the chance of hacking of nifty gateway were also stated and explained.
Next, I explained what the ERC-1155 token was and how it differs from ERC-20 and ERC-721. ERC-20 and ERC-721 have limitations and the ERC-1155 came to rectify them. The ERC-1155 can act as ERC-20 and ERC-721 and also act as both at the same time.
Then I showed the number of ERC-1155 tokens at the time of this post then I showed the hash of the last transaction its smart contract and its ID
I visited Enjin wallet and explored it. I showed its marketplace and also showed the description of some items on the marketplace.
Finally, I gave my opinion of the future NFT marketplace.
Gracias por participar en la Cuarta Temporada de la Steemit Crypto Academy.
Continua esforzandote, espero seguir corrigiendo tus asignaciones.
Thank you Prof @imagen