NFT Markets - Crypto Academy S4W3 - Homework Post for professor @imagen
1.) Describe in depth the Nifty Gateway platform Who are its founders? What market or target is it aimed at?
Before I delve into answering the question, I would love to give a brief description of what NFTs are.
Essentially, an NFT is a digital commodity that has value both as a cryptocurrency and as a work of art or culture. NFTs, are now being seen as a long-term investment, just like normal art, but in digital form. Allow me to dissect the phrase. NFT stands for a non-fungible token, which is a digital token similar to Bitcoin or Ethereum that is a sort of cryptocurrency. However, unlike a conventional Bitcoin coin, an NFT is one-of-a-kind and cannot be traded for another (hence, non-fungible).
Furthermore, Nifty Gateway is a major NFT art marketplace built on the Ethereum blockchain and funded by Gemini, the crypto exchange founded by the Winklevoss Twins. NFTs are referred to as "Nifties" on this platform, and they are released at most, every 21 days.
After they are dropped, the Nifty Gateway marketplace, which offers works by well-known artists and performers, will be the only place to buy NFTs. The blockchain sector has been swept by Nifty Gateway, a one-of-a-kind NFT platform. The ease of use of Nifty Gateway for newcomers is perhaps its most significant advantage, as users can simply create an account and pay for NFTs with a credit card, rather than creating a crypto wallet, loading it with ETH, connecting it, paying gas fees, and signing transactions. The platform mixes cryptography and collectible art to create a wide range of high-value, tradable assets, bringing up an entirely new world of financial possibilities.
Who Are The Founders of Nifty Gateway?
Cameron and Tyler Winklevoss, identical twin billionaires, bought Nifty Gateway in June 2019 through their cryptocurrency exchange, Gemini. Meanwhile, Nifty Gateway was founded in the year 2018 by Griffin Cock Foster.
What market or target is it aimed at?
Nifty Gateway is a Private Marketplace where you can buy music and artwork that has been handpicked by the Nifty staff. Murals depicting well-known athletes, such as Mesut Ozil, are popular.
For instance, if you already own an NFT item, you can use MetaMask to upload it to your Nifty Gateway Wallet. This technique is presently only accepted by Nifty Gateway for NFT deposits.
When the platform makes a sale of NFT, 5% of the sale price is deducted as fees and taxes. Additionally, 30 cents is deducted for transaction fees. On secondary sales, 10% of the sale price goes to the original artist.
2.) What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?
ERC-1155 is a one-of-a-kind token that may be used to create both non-fungible and fungible tokens. In batch token transfers, it's faster and more efficient to use. It's known as "the next generation multi-token standard," and it was created by Enjin. ERC-1155 enables many types of NFTs to be created using a single contract.
Enjin CEO Witek Radomski added ERC-1155 to the Ethereum network in 2018. Users can now create both fungible and non-fungible tokens in the same smart contract. It was primarily designed to fill a gap in the market. ERC-1155 is a game-changer since it contains all you need to know about NFT in one place. Considering this method, if we have a collection of NFT tokens or fungible tokens, (or both), we can transfer many tokens in a single operation.
Simply explained, ERC-721 is a non-fungible token that has always been and will continue to be the gold standard for a valuable collectible NFT. ERC 20, ERC-721, and ERC-1155 are principally the protocols the Ethereum blockchain network has adopted to use. Because Ethereum is one of the most popular and dominating blockchains on the market, these are the most often used token specifications right now. Each of these token standards has its own unique features that distinguish it from the others.
When was ERC-1155 released?
In the year 2019, ERC-1155 was released. Non-Fungible Tokens (NFT) are assets that are one-of-a-kind and cannot be replaced by the same quantity of another token. They are created using an ERC-1155 token. A single Ethereum remains a single Ethereum at all times.
Furthermore, ERC-20 and ERC-72 token standards require the implementation of a separate contract for each token type or collection. Because each token contract has its own permissioned address, there is a lot of redundant bytecode on the Ethereum blockchain, which prevents some functionality. However, using the ERC-20 method, new functionality such as transferring multiple token types at once and lowering transaction costs are possible.
On top of this standard (ERC-115), multiple token trading (escrow) can be implemented, eliminating the need to "approve" distinct token contracts separately. It's also straightforward to specify and combine numerous fungible an in a single contract.
3.) 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.
- After marking into my Etherscan account, I got to the ‘Tokens option’ at the top of the screen, which when I clicked down, uncovered a menu where all the tokens made beneath the Ethereum organize guidelines can be consulted.
- So since we are inquisitive about ERC-1155 tokens, I proceeded to click on the ERC-1155 token, I observed through the assistance of the Multi-Token Token Tracker, and that there were a total number of 18,308 ERC-1155 tokens, at the time of writing this assignment as shown in the screenshot below:
Furthermore, looking at the foot of the screen we will find out the primary 5 tokens agreeing to their exchange volumes amid the final 24 hours as inquired, within the task, as shown in the screenshot as well.
So to identify the hash of the token that underwent the last transaction on the list, I clicked on it to ascertain its ID and contract address as shown in the screenshot below:
4.) 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.
Having downloaded the Enjin app from the google play store, I proceeded to sign up for the app. After completing the registration process, I clicked on the three horizontal bars on the top left corner of the screen and the interface dropped down.
1. Wallets: This feature is used to store your assets just as the name implies. It includes assets such as Bitcoin, Ethereum, and so on.
2. Assets: Assets basically indicate the number of collectibles you've in your wallet. Meanwhile, it has a receive icon which when clicked you can scan your QR code to transfer or receive collectibles
3. Scan QR: This is another vital feature of the Enjin app, through the use of QR codes that are scanned using this feature; you can send or receive items in your Enjin wallet.
4 Exchange: As the screenshot below illustrates, you can swap a particular cryptocurrency such as BTC for another currency in this feature as shown in the screenshot below.
5. Market place: This feature is a platform where users can trade blockchain assets all over the world.
Number of Items for Sale on Enjin’s Marketplace.
We can also see from the above screenshot that 17,485 items were available on sale during the time of writing this assignment.
The screenshots below depict the first 3 items available for the sale on the list, alongside its description.
Golden Evanbrook Egg
Rust Barley Grains
Death's Sign
5.) In your personal opinion, what is the future of the NFT Markets? Give reasons for your answer.
Non-fungible tokens have taken the artwork international via way of means of the storm, and due to the fact they're rare, creditors are geared up to pay an excessive fee for them. Yes, Non-fungible tokens look like the manner of the future! You will maximum probable be at the triumphing aspect in case you are an artist, image designer, or animator. This is an evaluation of the bulk of virtual products that are almost to be had in limitless quantities.
So NFTs is an unstable part of the already unstable cryptocurrency market. That doesn't make them unusual moreover, even conventional artwork and collectibles are tough to price and tough to spend money on in case you do not recognize the market. It is worth mentioning that the generation of these tokens requires a lot of energy however, this con doesn't overweigh the pro of this subject matter.
Conclusion
Overall, NFTs are here to stay. There has been a lot of hype around the subject nevertheless, several artists have been making some thousands of dollars selling their pieces as NFT.
Enjin wallet exemplifies this, it has created a platform for quite a number of items to be sold. As indicated in the body of the assignment, the app registers thousands of transactions every 24 hours. Yes, NFTs’ world is a boundless one and we're yet to even start the journey, left for me.
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@imagen
Gracias por participar en la Cuarta Temporada de la Steemit Crypto Academy.
Continua esforzandote, espero seguir corrigiendo tus asignaciones.
Professor @image Thank you for your grade and corrections .........I'm returning back better 🙏
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