Crypto Academy/Season 4/ week 3 – Homework Post for @imagen|| on NFTs- Market.

in SteemitCryptoAcademy • 3 years ago (edited)
Am happy to be part of this weeks lecture delivered by our dear professor @imagen, I must say this lesson is an eye opener and I learnt so much form exploring it. I went through the lecture carefully and also decided to participate in the task. Here is my entry below.

Introduction

I would love to start by writing a bit about NFT which is the main focus of this weeks lecture, understanding what it is will help go a long way in maximizing it.

What is NFT?

Image credit

NFT which is written is full as non fungible token are digital asset that are used to represent object that are real such as artworks, collectibles, photographs, paintings and the like, these token are powered using a blockchain system. one of the major advantages in this sytsem is that people can claim exclusive right over any asset bought such that no other person can lay claim of that particular asset be it paintings, photograph, artwork etc. It is also important to mention that there are market place for NFT’s where people can bid and ask for these assets. One of these platform includes Nifty Gateway which we will be discussing right away.

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

Nifty Gateway platform

Image credit

The nifty Gateway platform is one of the platform in the blockchain space that was created as a result of a need to make Nft thrive and also see massive success in that industry, Nifty gateway is a market place for NFT’s powered by Gemini where one can both buy and sell collectibles such as art works, photograph, paintings and the likes. It was founded by Duncan and Griffin cock Foster (twin brothers) in 2018 and has since then continue to grow even to becoming one of the prominent Nft market in the world today. The drive behind this platform is captured in an image on their official website.They want to ensure that NFT (Nifty) becomes an household stuff which people can benefit from.

Mode of Operation.

Since we know that Nifty gateway is a market place,it means buying and selling activities are carried out on it, but how do they go about it? Let take a quick look. The Nifty platform allows the collectibles and other asset such as artwork, paintings, photographs also referred to as Nifties to be offered on their platform for buyers to buy and this is within a stipulated period of time. This offering is reffered to as "drop", so it therefore means there is a specific period when "drop" stays on display for sale i.e 3 weeks.

The platform also thrives on what we call royalty, of course if you get a store where you intend selling your good, you will have to pay for rent or lease as the case may be. But in this case, you will have to pay a particular percentage to Nifty gateway as royalty and this is how this platform thrives and maintain the market place. It is also important to mention at this point that withdrawer is also possible in this market and this to me personally is what make it very transparent and safe to transact in, unlike platforms where you go and then make so much but unable to withdraw your money due to condition that are grossly unrealistic.

Merit.

  • It a safe place to transact NFT’S
  • The withdrawer option for users make it more transparent

Demerit

  • It also has some forms of limitation in its functionality.

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

ERC-1155 Token.


Image credit

The ERC-1155 token is also referred to as the Ethereum ‘Multi Token standard’ and was officially accepted as Ethereum token standard in year 2019.This token gives room for enormous amount of both fungible and non fungible in a single smart contract, you can call it an improvement on the tokens that came before it such as the ERC-721 and the ERC-21. Lets quickly explore some of it features.

  • Multiple token.
    Fungilble and nonfungble token can be configured within a single smart contract using the ERC-1155 token while this is very impossible with the ERC-21 and ERC 721.

  • Gas saving.
    Of course we know some of the transaction carried on these network involves huge gas (fee) but the introduction of the ERC-1155 has been said to have reduced the gas fee (up to 90%) when carrying out a transaction

  • Enables nemerous token swap.
    It allows for large amount of token to be swaped with easy and simplicity

  • Enables Multi Transfer.
    Users can send token with high speed and at a go to multiple recipients.

Why ERC-1155 is preferred to ERC-21 & ERC -721

(i) ERC-21 & ERC -721 cannot configure both fungible and non fungible token in one single smart contract, it has to be created separately and this make ERC-1155 preffered because it can.

(ii) ERC-21 & ERC -721 uses a very high amount as gas fee while ERC-1155 uses low gas fee.

(iii) ERC-1155 in structure and essence is the combination of the ERC-21 Token which are basically fungible token & ERC-721,Non Fungible token .

’Login to Etherscan. Please indicate the number of ERC-1155 tokens in existence at the time of writing your assignment. Indicate the first 5 token by volume of transaction in the last 24 hours. Indicate the hash of the last transaction carried out and the identification of the token as well as it smartcontract. Show screenshot.

The number of ERC-1155 token in existence as at the time of time of homework.

There are about 18,192 tokens as at the time of doing this homework.

The first 5 token by volumn in the last 24 hour

As at the time of writing this homework, the top five tokens based on transactions in the last 24 hours are:

(I) OpenSea Shared Storefront (OPENSTORE) - 16,136 transfers

(ii) 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5 - 4,400 transfer

(III) Rarible (Rari) - 1080 transfers

(iv) Woodies Mint Passport - 784 transfers.

(v) Zapper NFT (ZPP.NFT) - 584 transfers.

Hash of the last transaction/Token Identification

  • The last hash transaction is:0x032dd2a3c6d234aa9620d65eb618fcdc72be3dbb

  • The name of the token is : HashDemons

  • Contract: 0x032dd2a3c6d234aa9620d65eb618fcdc72be3dbb

’Enter enjin wallet. Describe the functions that it present in it user interface. Enter market place; indicate the numbers of items for sale, indicate the first three item on the list and their description. Show screenshots.

Function in users interface

I launched the app

I eplored by clicking the menu on the right
You can get more info about coins here.

I clicked on the top left coner

Here I got option such as exchange,DApps rating,market place where you can carry out seemless transaction using the enjin platform.

Number of items for sale

As at the time I was writing my homework,17486 items are on sales

First 3 items on the list/description

INFOWAR

Description: Official channel for real Alex Jones &nuncensored info war connect promotions!!! Share the link.
Tune in 24/7: infowars.com/show
Subscribe: Infowar.com/newsletter
Support: Infowarstore.com – YOU ARE THE RESISTANCE.
Price : $1.32
Standard: ERC-1155
Project : INFOWARS.COM
Created: 2 years ago (17 March 2020 17:23:35)

DRAGONSCALER

Description: As the sharpened arrow pierced it’s heart, the crystalline dragon tumbled to the ground, It’s glimmering coat shattering like a thousand sheets of fallen grass in synchronous fashion. Leaving behind but a mass of lucid scales and jubilant relief…..
Price: $190.08
Standard: ERC-1155
Project: Lost Relics
Created : 2 years ago (28 Nov 2019 01:59:56)

TEARS OF SERENITY

Description :The kingdom of Anaria has been a well kept secret for centuries, and the Anarians would like to keep it that way. Located on the outskirts of the known world, and nestled deep within the jungles of the land it lay, Anaria is a remarkable, and never-ending realm of discovery.
Price : $236.30
Project : lost Relic
Standard : ERC-1155

’In your personal Opinion,What is the future of Nft market? Give reasons for your answer.

The future of NFT is indeed bright, who would have thought that one day painting, arts design, music, videos games and collectibles of different nature will feature in the crypto world, it would have been a mirage then, but today we have it and so many are willing to buy this asset with very reasonably price and also trade them at future date to earn massively in return. NFT has come to stay and it will feature for a very long time because of the entry of new investors.

Conclusion

Better day are indeed coming for the NFT, to me it is still in it infancy stage and more innovation will be birthed as time goes on and this will be of great advantage to many of us in this space. Thanks you so much professor imagen for the lecture well delivered , I hope you find my entry interesting.

CC: @imagen

#imagen-s4week3 #cryptoacademy #nft #market
3 years ago in SteemitCryptoAcademy by
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     3 years ago (edited)

    Gracias por participar en la Cuarta Temporada de la Steemit Crypto Academy.

    Escala de ValoraciónNotaObservaciones
    Originalidad1.0/2.0
    Profundidad del Tema1.5/2.0
    Coherencia del Método2.0/2.0
    Calidad de Análisis1.0/2.0
    Estructura / Lenguaje2.0/2.0
    Total7.5/10

    • Cumples con todos los requisitos.
    • Buena presentacion. Uso de lenguaje sencillo y comprensible.
    • Falta profundizar en tus respuestas.
    • Falta mayor originalidad.
    • Debes tomarte un poco mas de tiempo para profundizar en tus analisis.

    Continua esforzandote, espero seguir corrigiendo tus asignaciones.

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