Crypto Academy / Season 4 / Week 3 - Homework Post for [@imagen] - NFT Marketplaces.
Today i am happy to learn about a new topic of NFT marketplace through a comprehensive lecture of professor @imagen. I am testing my understanding through homework task as below:
Describe in depth the Nifty Gateway platform Who are its founders? What market or target is it aimed at?
Nifty Gateway is a digital art marketplace for non-fungible tokens (NFT) founded by Duncan and Griffin Cock Foster,and has since been acquired by the Winklevoss twins (cameroon and Tyler).
Nifty has a target of teaching 1 billion people. It is a premier platform to own and value the digital work of artists from different walks of life. There are different types of NFTs on Ñifty and of varying price starting for 1 dollar to thousands of dollars. With its acquisition by Gemini, the collaboration has added to the fame of platform.
Nifty is home for NFTs by very famous digital artists like Beeple, Grimes, LOGIK etc. The artists get Incentivized by primary as well as secondary sales of their artwork with a small fraction of primary sales going to platform and a small fraction of secondary sales going to artist. In other words, major chunk of primary sales go to artist and major chunk of secondary sales go to primary buyer of artwork.
There is least resistance for sale of NFTs on Nifty. A simple access to wallet like Metamask is all needed on part of artist to gain entry to the marketplace. For buyers, platform offers different opportunities to get the precious tokens. Among the most common tokens are sale by direct edition, public auctions, packs and silent auctions. The NFT lovers can get notified on addition of NFTs of desired category.
Nifty platform has a live auction system for NFTs and count down timer for new releases. To sum up, Nifty Gateway is a premier auction platform for NFTs.
What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?
ERC-1155 is a token standard catering to both FTs and NFTs. Token standard refers to set of rules or guidelines to be followed by a particular token for operating on a blockchain. For example, ERC-20 is meant for regular Etherium tokens . Initially the NFTs were run of ERC-721 standard but soon the need of interoperability of FTs and NFTs begin to arise and that gave birth to new standard known as ERC-1155. It is popularly known as "next-generation multi-token standard". This multi token was developed by Enjin and its peculiarity lies in its support for both NFTs and FTs.
How ERC-1155 differ from ERC -721 and ERC-20.
ERC-1155 token standards foster interoperability as it supports both FTS and NFTs where as ERC-20 only supports FTs and ERC-721 supports NFTs only.
ERC-1155 allows faster transfers then ERC 20 and ERC-721.
ERC-1155 supports multi token transfer at one time while none of the other two does.
ERC-1155 does not allow transfer of transactions to the wrong addresses and is therefore superior at least in this context to other two ERC standards.
Eliminating congestion by multi token support has advantage of allowing transaction with less gas fee.
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 https://etherscan.io/.
From mobile screen view, click on top right corner .
- A menu with lot of options will drop down.
- Click on log in and enter your log in details as asked. Click log in and you are done.
Indicate the first 5 tokens by volume of transactions in the last 24 hours.
Again we click on top right corner , a list of options is seen.
Click on "Tokens" And we saw different subcategories of tokens.
Select ERC-1155 Top Tokens. We got to see details of top ERC-1155 tokens.
As seen in the screenshot above, at the time of creating this post, there were 18 406 ERC-1155 tokens and the top traded ERC-1155 tokens include:
1 - OpenSea Shared Storefront (OPENSTORE)
2- Zapper NFT V2
3- Zapper NFT (ZPR_NFT)
4 - 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5
- 5 - Rekt Anniversary Tickets
Indicate the Hash of the last transaction carried out and the identification of the token as well as its smart contract.
Now we have to perform another operation on same lines as above.
Click on top right corner, a menu of options will appear.
Click on the ERC-1155 Transfer button. We got to see details of top ERC-1155 token transactions.
Click on the transaction hash of the last transaction.
The last transaction hash was 29 seconds old with hash
- To find details of transaction, click on transaction hash, All the details about the transaction like "From" , "To" , "Transaction hash " , "Gas fee" Etc 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 app. Once app is launched, main interface looks like
Main interface of Enjin wallet
Before discussing top panel, we can see that the main interface shows the list of the cryptocurrencies along with their balance.
In the top panel, i have marked different options with arrows, starting from left to right. At top left, we have three rows marked with arrow 1 . Click on it and we see below interface :
- Next we move on to option number 2 where an contact icon is shown. Click on this icon and we got the next page where we can add token address along with name of token.
Next we have arrow 3 at + icon. Click on + icon and we get option to add tokens to main wallet.
Arrow no 4 points to three dots. Click on three dots and list of options is seen like, Back up wallet rename wallet, edit coin list, auto add token, mamage wallet and rate enjin wallet.
Enter the Marketplace: indicate the number of items for sale, indicate the first 3 items on the list.
To enter marketplace, click on three horizontal lines at the top left corner, a drop down menu will be seen and click on marketplace.
As shown in above screenshot, we have 17 475 items on sale and the first three items are , Tears of serenity, Nestables Founders token,
Tears of Serenity.
Nestables Founders Token
In your personal opinion, what is the future of the NFT Markets? Give reasons for your answer.
With the boom in technology and day to day advancements, new twists are unfolding day in and day out. Bitcoin gave rise to Altcoins and than NFTs. Future of NFTs is bright as for my understanding is concerned due to following reasons :
NFTs are involving people from all walks of life. From artists to singers to muscians to sports personalities all are involved in trade of NFTs. Since adoption is involving masses, its roots are strengthening and is likely to flourish in future.
As for utility of NFTs is concerned, they are gaining entry in more practical fields. Worth mentioning are gaming, artwork, adventure, biodiversity. Gaming craze even outside NFTs is exponentially increasing. So NFT based gaming has great potential to floorish and keep NFTs viable. Fund raising for conservation of biodiversity is a recent kick into this field. Tokenisation of artwork, vedio files etc was pioneer utility of the tokens.
Non fungible token is a unique and non interchangeable unit of digital data on blockchain. NFTs are gradually being created by artists in all fields of daily utility. Morever, NFTs are now tackling real life issues like conservation of biodiversity and other environmental issues as well. People from all walks of life are joining hands to make NFTs a success.
Gracias por participar en la Cuarta Temporada de la Steemit Crypto Academy.
Continua esforzandote, espero seguir corrigiendo tus asignaciones.
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