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

Introduction

In our previous assignments we were taught on NFTs which is also known as non fungible tokens, these are unique items or tokens which are rare, and cannot be replaced or interchangeable

Most nfts work on the etherum blockchain hence the ERC- 1155, 721,20 and they can often represent various items such as digital arts, tokens, audio files, game collectibles etc these items can be tracked on the block chain to provide the owners with proof of ownership.
Today we will be focusing on various markets were these nfts can be obtained, sold and stored.

_{1.) Describe in depth the Nifty Gateway platform Who are its founders? What market or target is it aimed at?}

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• what is nifty gateway platform

Nifty gateway blockchain is a based platform which acts as an auction site where people come to sell, buy, store digital arts and collectibles often called NFTs.

These NFTs are authentic and the platform uses blockchain to enforce scarcity and authenticity.

Popular artworks from artists like Kenny Scharf, Jon Burgerman, and Trevor Jones can be found there including other collectibles such as crypto kitties which is an online breaded NFT game.

• FOUNDERS
  Nifty gateway was founded in the year 2018 by Duncan and Griffin Cock foster. It is currently owned by a parent company known as Gemini LLC which is a crypto exchange platform. Nifty gateway is currently worth over $1.2billion.

• TARGET MARKET

The nifty gateway platform is pretty exclusive. The market place is reserved for music and artwork that been reviewed and accepted by the nifty team. Musicians such as Carl Cox, Gramatik , Lil Yachty etc have all had songs, worth thousands of dollars.

Pictures such as murals NBA sports stars like kobe bryant or footballers like ozil mesut are available. Nifty also has collaborations with some sports organizations.

Then we also have popular art works from artists justin roiland( creator of rick and morty), trevor jones,greg mike, mad dog jones. Beeples digital collage pf 5000 images sold for over $69 million.

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

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The ERC-1155 token is a standard token within Ethereum that can change the landscape of DApps in a blockchain through its multitoken capacity and a new number of functions making it a very effective system.

Developed by “Enijin” The ERC-1155 promotes NFTs and fungible tokens alike. Its faster and better for carrying out batch token transfers. It allows massive transfers of tokens included in smart contracts so for example if we have a bunch of NFTs or fungible tokens, a user can make multiple transfers of these tokens in the same operation making it efficient.

DIFFERENCE BETWEEN ERC20 and ERC-721

When looking at the difference between ERC-20 and ERC-721 its equally the same as spotting differences between fungible tokens and non fungible tokens. Fungible tokens of the type ERC20 represent value such as that of a Currency note, its interchangeable and not unique. NFT tokens of the type ERC721 represents unique assets such as a certificate of painting for an artwork. They are not interchangeable and they hold more value than that of the ERC-20
ERC-20 tokens are fungible meanwhile ERC-721 tokens are non fungible hence the name non fungible tokens (NFT)
ERC-20 tokens can be changed(interchangeable) as they represent a single asset meanwhile ERC-721 are not interchangeable and represent different classes of assets for example the NFT game crypto kitty
ERC20 tokens are divisible hence you can give 0.1 of your tokens to someone else whereas ERC721 tokens are not divisible

How does ERC 115 differ from ERC20 and ERC721

ERC-1155 was created as a result of the limitations of the ERC-20 and ERC-721. When users of ERC-20 tokens mistakenly send tokens to a wrong address, the transfer is void and the data would’ve been lost forever. The ineffectiveness of transfer quality in both tokens are solved by ERC-115 which is not only effective but can take multiple data.
Both the ERC20 and ERC-721 standard of operation works by deploying a new smart contract separately for every token within its data base and its impossible to identify a particular token directly which makes transactions quite tricky.
Another issue with the ERC-20 and ERC-721 token is their incompatibility. Since many defi-apps makes use of both of them it creates more difficulty since they are built differently.
Meanwhile ERC-1155 assigns an identity to every token and lets each ID represent a new token type that can be configure
It also allows multiple transfers in a single transaction instead of single transfers and due to this there will be reduced congestion and lesser fees to pay.

_{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.}

• ERC-1155 Tokens: At the time of writing, A total of 18,200 ERC-1155 Token Contracts was found.

• Number of transactions in 24 hours

A total of 5,196,083 transactions were found at the time of writing.

The first five transactions are:

OpenSea shared to Storefront

transaction hash:
0xb25e87cc86d2b1f6a70ce5f63c3ab8d4ffbc5a9aee066086218a05e7d436c26e

Token contract:
0x495f947276749ce646f68ac8c248420045cb7b5e

Nostalgia finance

transactions hash:
0x7d39ed6da5c0f01be024f816dda0cecff8822d988f7d03a4ce56159faa2bc320

Token contract
0x6cff6eb6c7cc2409b48e6192f98914fd05aab4ba

Opensea to open sea wallet

transaction hash:
0x137b01eb203002f84a464e27787be8bf174bf2b13c1cad35b8bc375bd29071fb

Token contract :
0x7be8076f4ea4a4ad08075c2508e481d6c946d12b

Riarable:exchange proxy to riarable:treasury

Transaction hash:
0xc209b7bfc61b6f0c3905a20f8e01d4f0aeb7cc2340469f9b9f0b8b055b579eaa

Contract
:0x9757F2d2b135150BBeb65308D4a91804107cd8D6

Opensea to opensea:wallet

Transaction hash:
0x32c75597ce4b85c36eb70b08eff26b2f208c629db399870bd1dc1fb235217051

Contract:
0x7be8076f4ea4a4ad08075c2508e481d6c946d12b

_{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.}

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Enjin wAllet has the following features:

• Wallets: The enjin platform provides a wallet where users can store their crypto assets. It allows for different token on different blockchain and you can add any one of your choice. Each chosen coin automatically creates a wallet on the homepage.

• Qr code: an available code is here to be scanned mostly for security reasons .

• Assets: this option can be found on the menu bar at the top left part of the screen. In this link you can send and multi send assets as-well as receive collectibles.

• Settings- the settings option comes with a general settings for the application. It includes, security ,display,system, language,currency settings and more. Users can configure it to whatever suites them the most

• Marketplace: this display comes with various collectibles and projects put up fro sale. As at the time of writing there are 17,475 items on sale with the first 3 being

The dividing supremacy

The origin of this item stems from two very powerful sisters who wilded powerful enchanted axes. Their hearts are captured by a cunning deceitful man who puts them against each other leading to a battle that cause the separation of the axe into 2
This item has unique properties and plcements.
Rarity- mystical
Item type- axe
Item sub type- two handed
Its currently on sale starting from 650 enj $884.00

Tears of sincerity

The origin of this item comes from a challenge of discovering the ancient kingdom of Anaria left adventurers trying to find their way home Their wilderness leads to solitude and the potion represents their tears of loneliness.
This item comes with some unique properties of its own such as
Rarity: epic
Item type: potion
Items effect: +1000 health over10secs and invisibility during this time
Its currently on sale starting at224 enj $304.64

Nestlables founders token

This is another distinct collection for a particular community, the token is a reward for founding members who formed the origin of the Nestables community, by supporting both early development and community engagement.

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

I believe NFT Market are here to stay.
Before the introduction of blockchains, collectibles had already existed although extremely rare. The introduction of block chain system has created some sort of network to make collectibles accessible through various networks.

NFTs welcomes digital arts, tokens, music, sports and game collectibles etc. Due to this, there has been growing interest in this market as people can use their talents and businesses to create something tangible for themselves.

Games using NFTs are getting popular and are in demand, artistes are beginning to develop more digital arts, sportsmen are participating etc
In coming time there is no doubt that NFTs would be a big as crypto currency’s today.

Cc
@imagen