Hello mates, week 3 of Season 4 Crypto Academy is already here and I must say I am enjoying the ride already. Thanks to the professors for the continuos support and insightful lessons they bring us week after week.
This is my submission for @imagen homework task on NFT markets.

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

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Nifty Gateway platform

The Nifty Gateway platform is a market for Non-fungible tokens. It is a centralized market that allow users to sell or collect NFTs.
By the way,what are NFTs?
Non-fungible tokens (NFTs) are digital assets (it can be drawings, music, piece of artwork etc.) usually unique and are not divisible. What Nifty Gateway platform does is, it serves a s a market place for these assets where they can be sold or collected by other users.

There has been an NFT craze lately hence the need to explore some of these NFT markets. The Nifty Gateway platform was founded in 2018 by Duncan and Griffin Cock Foster. The Nifty gateway has been acquired by the Winklevoss twins, Cameroon and Tyler; owners of Gemini LLC, a cryptocurrency exchange website. The Nifty Gateway platform is a very popular NFT marketplace and working with big brands and artistes like Beeple, Grimes etc.

On the Nifty Gateway platform official webiste they state clearly that their mission is simple and it is to 'make NFTs accessible to everyone'. On how the platform works, they collaborate with top brands and artistes to create very unique collections exclusively for the Nifty Gateway platform. Each collection will be opened at a specific time, what they call a drop. After the initial drop of the collection ends, users can only nifties from that collection in the marketplace.

I spent some time exploring the website and these are some few interesting items I found.

The Drop tab

Here, users get to see when a collection will be made availble for the first time on the platform. Users can buy the collection here first before they sell out. One the collection sells out, nifties from the said collection can only be bought in the marketplace.

The Marketplace

This is where all other digital assets readily available for sale are displayed. The collectibles displayed are usually vetted by the Nifty Gateway team before they get here. There is a search bar that can be used to find a specific digital assets or the artist.

The Activity tab

Here, users get to see live market data on the Nifty Gateway platform. The page refreshes every 10 seconds giving real time data on current offers, sales and purchases on the platform.

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There are a number of modes for payment which includes Ethereum, credit cards, Gemini accounts etc.

Also, withdrawals through a Bank is only restricted to users in US whereas other users will have to employ other mods for withdrawal like through creidt cards or a Gemini account etc.

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Nifty Gateway Target Market

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It is evident the Nifty Gateway's targetted market are art works and music NFTs. Whiles exploring the website, most of the digital assets that have been vetted and listed in the market are art works of top artistes. Talking about music, top musicians like Deadmau5, Lil Yachty etc. have created NFTs for their music and have them listed on the Nifty Gateway platform.

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

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ERC-1155 tokens is a digital asset that doubles as a ERC-20 and ERC-721 token. Note that ERC-20 are used to develop strictly fungible tokens whereas ERC-721 tokens are used to develop non-fungible tokens.

The ERC-1155 token has come as an improvement to the ERC-20 and ERC-721 tokens. The inception of the ERC-1155 token dealt with the compatibility issues with using the ERC-20 and ERC-721 tokens. It has also proven to be faster and efficient compared to the previous ERC-20 and ERC-721 token.

The ERC-1155 token was developed by Enjin and has been described as 'the next generation multi-token standard'. It should also be noted that the ERC-1155 token is less expensive as it cuts gas fee by about some 90%.

Now, what differs the ERC-1155 token from ERC-20 and ERC-721 tokens.

• Obviously, the first difference will be that the ERC-1155 token doubles as a fungible and a non-fungible token whereas the ERC-20 token can only be a fungible token and the ERC-721, a non-fungible token.

• Funds sent to a wrong adress can be reverted on the ERC-1155 token which is not the case with the ERC-20 token where in such occurence, the fund is lost and not retrievable.

• There are no difficulty sending multiple NFTs using the ERC-1155 token. This was a serious challenge with the ERC-721 token.

• With the ERC-1155 token, both fungible and non-fungible tokens can run in a single smart contract unlike the ERC-20 and ERC-721 token.

• Lastly, gas fees with using the ERC-1155 token is very low as compared to the others. Gas fees on the ERC-1155 token has been reduced by about 90%, which is a very huge decline and advantage.

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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.

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Follow the link to Etherscan landing page.

On the homepage, I go to the Tokens tab and choose ERC-1155 Top tokens.

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On the next page, details of the ERC-1155 token is displayed. See screenshot below.

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Details

From the screenshot above, at the time of preparing this work, there were 18,208 ERC-1155 tokens

The Top 5 tokens by volume of Transactions in the last 24 hours are highlighted in the screenshot above.

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To find the details of the last transaction, back on the home page and the Tokens tab, click on View ERC-1155 Transfers.

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The most recent transaction is the first. See screenshot below

Tap on the hash of the first transaction to reveal the details

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See details of the transaction in the screenshot below:

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Transaction Hash: 0xcfa4d50b6e45c375c23d65101e47e20be134cc93c08e64dde181b44d96332cfa

Contract: 0x495f947276749ce646f68ac8c248420045cb7b5e (OpenSea: OPENSTORE Token)

Token Transferred: ERC-1155

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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.

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TheEnjin Wallet is a very useful and multi-functional wallet that can be used to store cryptocurrencies and NFTs ( both fungible and non-fungible tokens). The Enjin Wallet has a native token, the Enjin coin that powers the platform.

I will explore the Enjin wallet using the mobile application. The apllications is available for android users on Google Playstore and for ios users also in the App store.

When you open the application for the first time, you will have to create a new wallet.

Enter a password and back up the wallet once you are done.

The first tab you see is your Wallet.

This indicates, the amount of asset the user holds. See screenshot below.

Assets Tab

Here, users can see the digital asset or collectibles they have. They can also send and receive multiple collectibles from here.

Scan QR

This feature allow users to scan QR codes of a digital asset so as to receive them.

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Exchange

The Exchange feature alows users to swap crytpocurrencies

Marketplace

This is where users can buy or sell NFTs.

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Linked Projects

Users can now link an external project to the platform using this feature.

Dapp Browser

The Dapp browser allow users to visit other dapps and explore.

Settings

This is where users can configure their account settings and details.

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Exploring the Marketplace

At the time of doing this work, there were 17,486 items on sale.

The first 3 items as seen from the screenshot above are: Infowars Telegram, Dragonscaler and Tears of Serenity

Infowars Telegram

This is the official channel for the real Alex Jones and uncensored Infowars content plus additional promotion. Interested buyers will be those who know about Infowars and Alex Jones. It is of an ERC-1155 standard.

Dragonscaler

This is a rare ring believed to be carved using the scales of a crystalline dragon who fell to the ground. The Project name is Lost relics. The rarity is Legendary. It is of an ERC-1155 standard too.

Tears of serenity

This is a rare token that is believed to have been given to Marlon who was able to discover a kingdom and survived the whole journey. The rarity is Epic. It is of an ERC-1155 standard.

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

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Technology is fast growing and since the introduction of blockchain, there have been several new additions to the whole blockchain Technology example is NFTs.

With the recent craze for NFTs, I believe the NFT market will soon be a very busy place. In no time, more people will hop on to trading NFTs because it is fastly being adopted across the globe and the need of NFT market will become very important.

Another area, that signals the importance of NFT market is the fast growing of blockchain games where players will have to purchase some special tools or characters for the game and all this can be done using the NFT market.

I strongly believe the future is promising and NFT markets will be big in the near future.

Thanks for reading. Big credits to @imagen for this insightful lecture.

Regards

@kayduke