NFT Markets - Crypto Academy S4W3 - Homework Post for @imagen
Describe in depth the Nifty Gateway platform Who are its founders? What market or target is it aimed at?
NFT it's naturally fixed for act because the same way you can explain to people that Bitcoin is a digital gold. It really to explain what NFT is by saying it let you collect digital art the same way you collect physical art that's same way you collect physical art and that's why it has the attraction than any use case.
Nifty Gateway aim at connecting other people on the side of the world who are not making money through NFT by auctioning their digital art. Nifty Gateway is focusing on onboard artist and creator the right way and creating to do to have people who are focus for long term.
What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?
ERC 1155 is a popular token standard for NFTs even though it can be used for other things a well. You can manage multiple token types in the same contract. If you have the same owner of two projects, they can create multiple different NFTs in the same contract using ERC 1155 and that means that it will take up less space on less space on the blockchain. Because when this was released, there was a lot of talk about how crowded the blockchain is and how much data is consumed. They were looking for ways to make this more efficient, meaning provide the same functionality but with less space.
If we have fewer contracts to deploy, then instead we can use one contract to manage a lot of different token types. Not only can they manage multiple NFTs, but they can also have a mix. Some can be NFT tokens, some can be normal fungible tokens, and some can be a mix.
ERC20 tokens are fungible, whereas ERC721 tokens are not because it not replace for different types of asset, hence it is called Non-Fungible Token (NFT).
ERC20 tokens are can be divided and represent a single asset, whereas ERC721 tokens are unique for a single asset. Also, ERC721 tokens are not dividable.
ERC token can be used for almost anything ERC token is a representation of some sort of asset on the ethereum blockchain. ERC 20 token can represent a lot. It could represent a currency like a cryptocurrency, US dollars, shares in a company, and also some point in some sort of reward system or also some point in some sort of reward system or a game. While ERC 721 tokens are unique for a single asset.
For example, if you have $1 and you exchange it with another person you don't actually care because it is the same value and a dollar can represent a dollar. But if it's a deed for a house that would tell you that you don't want to just switch the deeds with someone else to your house bet's unique. It proves ownership to a specific asset and that is what we call Non- Fungible Token. That is why ERC 20 tokens are fungible tokens and ERC 721 are non-fungible tokens.
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.
| Number | Token | Transfers (24H) |
|---|---|---|
| 1 | OpenSea | 17,853 |
| 2 | 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5 | 4,673 |
| 3 | Rarible (RARI) | 1,198 |
| 4 | 0xa7206d878c5c3871826dfdb42191c49b1d11f466 | 1,188 |
| 5 | Woodies Mint Passport | 835 |
OpenSea Collectibles
0x495f947276749ce646f68ac8c248420045cb7b5e<
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.
This is where you can exchange your cryptocurrency with another cryptocurrency. All you have to do is to click on exchange and enter the amount you want to send. Then you will receive an equivalent token value.
This function enables the users to scan QR codes of other wallet addresses for an easy and safe transaction.
User can store their tokes and collectibles.
This is where the collectables are listed and you can also receive collectables are listed and you can also receive collectible with the address or QR code address.
This is where Defi, exchanges, games & collectible, marketplace, and some other things are been listed for user that might want to use other third party platform. These are been listed for easy access to some useful platforms.
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In your personal opinion, what is the future of the NFT Markets? Give reasons for your answer.
There will be huge growth in both NFT the culture and NFT the technology. NFT the culture and NFT the technology as sort two distinct things because there is this unique that's grown up around NFT. There's a group of people who are dedicated to them and there entire life is on NFT. I think NFT is dedicated on find new artists.
I think by 2040 it'll be larger than the physical art market. The reason i think it'll be larger physical art market is just because the logistics of it are so much easier. I will to compare it to Uber, where Uber expanded the transportation market by making it way easier to call an Uber than a taxi. It's so much easier to get started collecting NFTs than physical art. I think NFT technology will probably be used for the providence of physical assets, and to track all sorts of financial products on Chain.
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