NFT Markets - Crypto Academy S4W3 - Homework Post for @imagen

in SteemitCryptoAcademy2 years ago (edited)
Greetings to all users and professors! I am writing this post in response to the assignment task given by professor @imagen, I really enjoyed your class and really appreciate and am thankful to you for your work for the steemit community.



1.) Dеѕсribе in dерth thе Nifty Gаtеwау рlаtfоrm. Who are itѕ fоundеrѕ? Whаt mаrkеt оr tаrgеt iѕ it aimed аt?

image showing homepage of nifty gateway taken from NIFTY GATEWAY WEBSITE
At present time we are getting more dependent on the online shopping of the products rather than offline shopping. We can find everything on online shopping websites that acts as a mediator between a seller and buyer. Same as those websites, the Nifty Gateway platform is also developed by Duncan and Griffin Cock Foster where buyers and sellers can interact freely and execute a trade. Later, the Nifty Gateway Platform is sold to Winklevoss Twins.
One thing that makes the Nifty Gateway platform different from Amazon and other online shopping websites is that it only focuses on the buying and selling of Non-fungible tokens and unlike Amazon here the person behaves as a seller who owns the token. It doesn't affect whether he is created of that particular token or not.

How it captures traders for purchase or sale:

  1. Silent Auction: Here the buyer does not sure about the catching deal. He just make a bid and wait for the announcement of the name of the winner. If he gets the deal, he gets benefitted.
  2. Open auction: In this type, a large number of NFTs are made available to the buyer and it is open to buying in a particular time range.
  3. Marketplace: Here we get NFTs open for bidding. The seller asks for his price and the buyer are free to make a bid of his choice. If the agreement between buyer and seller satisfy then they will make a trade.

The best part of this gateway is that it offers two payment methods. Buyers get two options whether to pay via ethereum (cryptocurrency) or via credit card. For the convenience of the user, the price of NFT is displayed in US dollars.

Screenshot taken from NIFTY GATEWAY Marketplace

This prevents users from affording loss because of uncertain fluctuation in the price of cryptocurrencies.


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

ERC-1155 tokens are made to resolve many problems which were occurring in handling the ERC-20 and ERC-721. It was developed by a gaming platform named Enjin in the year 2018. It helps in performing transactions of fungible and non-fungible tokens both in the same contract address.

  • Difference of ERC-1155 from ERC-20 and ERC-721:
  1. In ERC-721, we were getting the facility to transfer only one NFT per transaction but in ERC-1155 we are allowed to transfer more than one NFT per transaction. This facility helps the buyer in saving much money as transaction fees because ethereum based transactions are a little costly.
  2. Unlike ERC-20, we can get back our coins if mistakenly sent to the wrong address but in ERC-1155, the assets reverse back if the address is wrong.


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.

Now as the first task is to log in to Etherscan, I will open the Etherscan website and click on signup as shown in the screenshot.

On clicking the SIGNUP, we will be redirected to the login page. Here, we will see CLICK TO SIGN UP


It will show the registration window, we will put all the details, click both the checkboxes and then click on CREATE AN ACCOUNT.


From the above screenshot, we can see that my account is registered now but we need to confirm the email address before continue.
After email confirmation, go back to the login page, fill the username and password and press LOGIN

Number of ERC-1155 tokens in the etherscan at the time of writing this assignment

To find the above task, click on the TOKEN and select the ERC-1155.




So, here we find that at the time of writing this post, a total of 18599 ERC-1155 token contracts were available on the ethereum blockchain.

First 5 tokens by volume of transactions in the last 24 hours:

Here in the screenshot, I am showing 5 tokens based on the volume of transactions (details are written below)

  1. OpenSea Shared Storefront (OPENSTORE)- 19217 transfers in 24 hours.
  2. PAGE- 13321 transfers in 24 hours
  3. 0x54f456b544abfb785694400bcb1d85629b2d437f- 5079 transfers in 24 hours
  4. 0x7a44228e46cdd37a85c0b07c4043b86c11e8c315- 2207 transfers in 24 hours
  5. Woodies Mint Passport- 1279 transfers in 24 hours

Transaction hash of last transaction:


Token identified- OpenSea Shared Storefront (OPENSTORE)


Smart contract of identified token: 0x495f947276749ce646f68ac8c248420045cb7b5e

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

Now, in this section, I will enter to Enjin wallet.
I have downloaded the Enjin application from playstore and created a wallet.


Below screenshot showing the functions of the Enjin wallet. Here, we get a multiple wallet system that helps users in using multiple wallets in the same Enjin application.
In the menu section of the wallet, we get three important options that are Assets, exchange and marketplace
In the asset section, users are allowed to send the collectables to multiple users. These are very important features of this option.
In the exchange section, users get the facility to exchange his coin for other listed coins.

Now we are entering the marketplace and I will discuss it in detail.


In the Marketplace section, there were 17,472 items listed for sale at that time.
We see two dropdowns, one is Listed and the other is All Projects
In the listed projects, we get many listed projects. Let's see the top 3 projects.
The top 1 item was Aeonclipse Key. It was developed by The Multiverse selling at the price of 7.7 ENJ.
It was created on 8 April 2018. Its total supply is infinite but the circulating supply is 30,387 only.


The top 2 item was Archspire. It was developed by The Multiverse selling at the price of 12 ENJ.
It was created on 8 April 2018. Its total supply is infinite but the circulating supply is 14876 only.


The top 3 item was Wooden Shield. It was developed by EnjinCraft selling at the price of 4 ENJ.
It was created on 17 May 2019. Its total supply is infinite but the circulating supply is 21131 only.


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

From the past few years, with the rise in popularity of cryptocurrencies, everything is getting digitalized now.
A few years ago, people use to buy expensive art, painting and monuments and keep it at home. Most of the time it was at the risk of damage or getting theft. But after rising in blockchain technology, the seller and buyer are getting a clear platform as NFT Markets where buyers and sellers are interacting and executing the successful trade.
Due to this, the Nifty market is crossing the market capitalization of $335+ million and in future, I hope it will cross the capitalization of many leading industries. My reason for bullish expectancy is its unique operation.
Same as other newly developing industries, NFT markets also need much improvement in it as I saw there are many useless posters/banners/stickers which is bidding at a very high price. This should be filtered by the gateways platforms.

 2 years ago (edited)

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

Escala de ValoraciónNotaObservaciones
Profundidad del Tema1.0/2.0
Coherencia del Método2.0/2.0
Calidad de Análisis1.0/2.0
Estructura / Lenguaje1.5/2.0

  • Cumples con todos los requisitos.
  • Presentacion aceptable. Debes justificar los textos y separar los parrafos para facilitar la lectura.
  • Uso de lenguaje sencillo y comprensible.
  • Bajo nivel de contenido. Falta profundidad en tus respuestas.
  • Baja capacidad para analizar.

Continua esforzandote, espero seguir corrigiendo tus asignaciones.

Thanks sir @imagen, for evaluating my work

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