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

in SteemitCryptoAcademy2 months ago (edited)

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INTRODUCTION

It might have seemed a bit odd some time ago to attribute the status of market to the exchange of non-fungible tokens. However, considering the reality of the strong wave of development, creation and exchange these blockchain articles have experienced, it is quite fitting to say that the non-fungible token market is a rather robust and functional one.

Virtually all contemporary artists, musicians, models and a host of other great personalities own or are planning to own their own non-fungible token. The most attractive point in all these is the fact that these tokens are in high demand and attract very significant prices. Just imagine Jack Dorsey auctioning a piece of tweet for $2.9 million. Wonderful! would be a perfect exclamation.

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Non-fungible tokens have not just increased in number, value or popularity, but they have also inspired the creation of functional exchanges and market places. Also, various smart contracts have been developed to enable more people create their own non-fungible tokens. Gradually, non-fungible tokens are inspiring the institution of a formidable value chain.

There is a constant growth of the non-fungible token ecosystem with an incorporation of many players and firms. The lessons by Prof. @imagen in this current season have always been quite interesting as they continually thrill is with the amazing strides and innovations in the non-fungible token sectors or the blockchain industry. I will be attempting the homework questions for this lesson below.

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

The Nifty Gateway is one of the trending platforms where non fungible tokens are being put up for sell. It is among the top platforms dealing in NFTs at present. Nifty Gateway serves as an online platform which offers digital art for auction.

It was founded in 2018 by two authors, Duncan and Griffin Cock Foster who themselves are twin. However, the ownership of the platform was transferred to the Winklevoss twins Cameron Winklevoss and Tyler Winklevoss, who later purchased it from the original founders.

Nifty Gateway is platform has attracted a lot of patronage from top personalities. Musician Grimes, DJ Steve Aoki, Beeple, LOGIK, Eminem and a number of many others have partnered with the platform to create and auction their NFTs.

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On Nifty Gateway, users can buy, sell display and store their digital arts and collectibles. It is a market place for non fungible tokens. The aim of the platform is to create a high level of authenticity and scarcity by regularly releasing limited editions of digital arts collections and collectibles to the market.

The platform operates on its own dedicated website where digital art collections are displayed for sell. Recently in March 2021, it was reported that the account of a number of users of the platform had been hacked. Though, this had not made much headlines since then. The platform is operated in partnership with the Gemini Exchange which deals on exchange of cryptocurrencies and other blockchain assets.

On the platform, one can get to see a display of digital art collections, recently dropped assets. You can also follow live auction sells taking place. There is also a menu option for checking NFTs drops, what is happening in the marketplace, where you can search for an artist's work and activities.

Nifty Gateway covers a diverse collection of NFTs. It has digital art designs by artist, it features collectibles, it has digitized videos, songs, photographs and others. The items are displayed and their prices are attached. The platform operates an exclusive section, where only rare and very unique assets are put up.

Nifty Gateway focuses on giving for artists, celebrities, sports icons, gamers and so on, an avenue to display their authentic digitized items in order to sell and make profits. It combines blockchain technology with artwork and collectibles to create a collection of valuable digital assets that attract investment.

The items on the platform are assessed and verified by a team through a process of curation. It is only after this curation that the items can be put up on the platform. Artist and other creators who want to get their works or assets onto the platform have to undergo a registration process which includes submitting and application and filling some questionaire.

Two: What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?

ERC-1155 tokens are digital blockchain tokens created using the new standard protocol which allows for both fungible and non-fungible assets to be built on the ethereum blockchain. Thus, ERC-1155 tokens are cryptocurrency tokens that are minted using the template or format specified by the ERC-1155 protocol and commands.

ERC-1155 tokens have some special features such as the tendency to be operated across various decentralized apps as well as being swapped quickly. ERC-1155 tokens are otherwise called multi-tokens. They are a kind of hybrid between ERC-20 and ERC-721.

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ERC-1155 token standard was published and launched on 17th June 2018. The new token standard was created by a congregation of developers under the canopy of the blockchain company Enjin. These authors are; Witek Radomski, Andrew Cooke, Philippe Castonguay, James Therien, Eric Binet, and Ronan Sandford.
ERC-1155 tokens differ in a number of ways from the other tokens from ERC-20 and ERC-721 standards.

Some of these differences include:

  • ERC-1155 tokens do not require that separate contracts be developed for each separate token. A number of tokens can be minted under the same smart contract.

  • ERC-1155 tokens can be transferred in batches instead of having to go through separate protocols and addresses to transfer each token.

  • ERC-1155 tokens can be used across a number of different decentralized apps.

  • ERC-1155 tokens can be fungible or non-fungible unlike ERC- 20 and ERC-721 which produces only one type of tokens that is fungible and non-fungible respectively. Other types of token configurations like semi-fungible tokens can also be found in ERC-1155 tokens.

  • There is more flexibility and ease of transferring ERC-1155 tokens using very simple two-step commands.

  • The transaction cost associated with ERC-1155 tokens is very low as multiple tokens can be transferred together. It is stated that minting ERC-1155 tokens reduces gas cost upto 90%.

  • It is easy to mix both fungible and non-fungible tokens together. The tokens can perform

  • Balances of various ERC-1155 tokens can be queried with a singular command.

  • Operations involving ERC-1155 tokens do not cause congestion in the blockchain network as there is minimal volume of data to be moved and processed. They create less load on the blockchain.

  • ERC-1155 tokens have wider variety and functionalities. They can be currency, real estate, digital art or gaming items.

  • ER -1155 tokens are made to be compatible with both ERC-20 and ERC-721 which are incompatible to each other. That is, one cannot directly link ERC-20 and ERC-721 without having to create additional functionalities. But ERC-1155 tokens can be easily linked with any other them.

  • ERC-1155 tokens have a secure token transfer protocol. In this way, tokens transferred to wrong or non-existent addressed are not lost or locked up in the smart contract but they are reverted to the original address. This is quite unlike with ERC-20 and ERC-721 where wrongly transfered tokens got lost. ETC-1155 has a protocol for tracking and verifying transfers to ascertain if such transfers has been executed and if not it voids the operation and returns the asset to the issuer.

  • As every single token's block address in a transfer does not need to be accessed, significant length of time is saved by with ERC-1155 tokens.

The ethereum blockchain has made it possible for standards, smart contracts and other projects to be built on its blockcain. Already in existence were ERC-20 and ERC-721 standards.

The most recent has been the ERC-1155. This standard is an intervention of the features of previous two with even better additions and enhancement. Thus, ERC-1155 has better interface, functionalities and application than the previous two. Most of the limitations and weaknesses of the previous standards have been fixed and more fun usability infused into ERC-1155. Thus, it offers a better choice than ERC-20 and ERC-721.

Three: 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.

  • Step 1. I began by login into the Etherscan site and landed on the home page. You can see the drop-down menu at the top right hand corner.

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  • Step 2. Using the sign in option on the drop-down menu, I was able to find the button to sign up and register.

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  • Step 3. I then typed in a username, my email address and picked a strong password.

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  • Step 4. A pop-up notification displayed which showed that my account was successfully registered pending email verification.

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  • Step 5. I was referred to my email inbox where I was to find a mail with directions on how to confirm my registration. A link was sent in along with the mail which I was to click.

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  • Step 6. After confirmation, I received a congratulatory message informing me of successful verification of my account and that I could then log in with the already created password and username.

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  • Step 7. I logged into my account and was taken to my profile.

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  • Step 8. From my profile, I went to the home page.

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  • Step 9. I accessed the drop down menu. There among other options, I saw tokens.

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  • Step 10. Clicking on the tokens option, I saw the different token protocols displaying along with their transfer records options. I tapped on the ERC 1155 Top Tokens option.

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  • Step 11. A screen displaying the top tokens was shown with a long list of tokens. From the screens I noted that as at the time of my visit to the page, there were 18,489 ERC 1155 Token contracts.

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  • Step 12. The list was made according to the amount of transactions made with the token over time.
    On the list were the top five tokens in descending order of their transaction volumes.

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The list of the top five are:

  • a. Openstore Shared Storefront (OPENSTORE)
  • b. 0x54f456b544abfb785694400bcb1d85629b2d437f
  • c. 0x7a44228e46cdd37a85c0b07c4043b86c11e8c315
  • d. 0xc52e56f5a53ccc02db5503d915497e568c762ebb
  • c. Zapper NFT V2

From here, I proceeded to examine the last transaction on the ERC 1155 standard protocol.

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So, I went back to the drop-down menu and tapped on the token menu.

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From there I selected view ERC 1155 Transfers
There has been a total of 5,265,711 transfers of tokens.

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Since my concern was with the latest transfer, I clicked on the topmost transfer which was made some eleven seconds before I visited the page.

The screen that loaded showed a comprehensive record of all the details of the transfer as shown below. Some of the details were:

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Transaction Hash : 0x73c3438f5f441c958d502ad5d69e2559d2939b36625c1967fbb6221d67ef54b6

Contract : 0x7be8076f4ea4a4ad08075c2508e481d6c946d12b (OpenSea)

Time : Sept- 25-2021-09:01:45 AM + UTC

Transaction Value : 0.001 Ether

Block Involved : 13294039

In the screenshot above, you can check out other information concerning the transaction.

  • Screenshots are all from the same source *.

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.

Since I did not have the Enjin wallet on my android device. I needed to first get it. So I went through the procedure of downloading and installing it.

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So I first visited the wallet site and I found options for downloading the wallet as an android app on google play store or as an IOS app on apple play store.

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So, I first went to my play store. There I searched for the app. When it popped up, I clicked on download and then install.

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The app was downloaded into my phone.

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I then launched the app. On opening it I found the open wallet option and I clicked.

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I was then given an option to create wallet which I selected.

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The terms and conditions governing the operation of the wallet was shown to me which I agreed to .

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A list of currencies and assets were displayed for me to choose the one I would be transacting with and I selected them. After selecting I clicked on the create wallet option.

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I needed to them type in a username and password. I couldn't take screenshots of the password section as I got a notification that taking screenshots is not permitted by the app.

Then an option to backup my wallet was displayed which I selected. The backup procedure Involved me noting down a sequence or 12 words which I later confirmed to be sure I had taken note of them. Here too, I couldn't take screenshots.

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From there my main wallet page was opened.

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So I then proceeded to carry out some exploration

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

Personally, I would say that the NFT markets have a very bright and lucrative future. I have this mindset because of some prevailing conditions and relative advantages that NFT markets have. Some of my reasons are listed below:

  • i. In the ordinary world, items of antiquity command strong demand and high prices. People are always in the look out for these items and are always eager to acquire them for themselves not minding the cost. They are highly sought after.

  • ii. Also, beautiful works arts, great pieces of music and the likes are always well appreciated and patronized. These are what non-fungible tokens represent in the blockchain world. So, there will always be large number of individuals scanning through NFTs markets to seek rare, peculiar and authentic assets to acquire for themselves.

  • iii. Just like how physical collectibles enhance prestige, these tokens, are items of prestige and will always been hot in the market.

  • iv. Creators and authors need visibility and audience to sell their assets to. These are offered by NFTs markets. Accordingly, NFTs will always enjoy patronage from these authors because along with providing a platform to display their articles, these markets also run promotion and adverts for the products.

  • v. Some markets like Nifty Gateway offer token owners the opportunity to continuously earn from their token as a certain percentage of revenue goes to them whenever the tokens get resold. This additionally makes the markets to be quite attractive.

  • vi. There is no benchmark or embargo placed on the creation of new tokens. Almost daily, more non-fungible tokens are being developed. More smart contracts are being made. There is minting of more assets. Accordingly, NFT markets will never run short or run out of tokens to sell.

  • vii. The great demand for NFTs and the tremendous expansion of the blockchain sector means that more people will keep patronizing the NFT markets. NFTs markets in the sports sector are amassing huge revenue from their sales.

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This photo is from a Lebron James NFT video which was reported sold for $71,455.

  • viii. The integration of NFTs with decentralized applications (DApp) like gaming and so okay media apps, means that as people keep playing more tokens are being produced. Also, there will before demand for assets with better specifications like more power, better weapons, funny memes and lost more. As such, people will always to go the NFT markets to search for what they want while also putting up what that have produced for sell.

Recently, a side eyeing meme is about to be auctioned for about $15,000

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  • ix. NFT markets operates on blockchains as such, they are immutable.

  • x. There is great flexibility about the operation for NFTs. At present, some markets accept payment using cryptocurrencies as well as using fiat currencies and cards. This makes for great utility adaptability. The markets could easily swap products for other cryptocurrencies in cases of any eventualities.

On the whole, I am positive that NFT markets are going to be quite sustainable and profitable in future. There are just too many factors that favour the market.

Also, coupled with how dynamic they can be, there are enough possibilities that lie in the NFT markets.

The graphics and images you use must have your username.

CONCLUSION

Currently, there is very little ignorance in the blockchain industry as well as the mainstream sectors about non-fungible tokens. There have just been so much going on around these assets that it would escape notice. A very interesting fact about these NFTs is that the can be manipulated in the same way as native cryptocurrencies.

Whenever there is a new line of products, there is always need to equally create a market and a market structure for them. As the progress in non-fungible tokens was steady and positive, there was the need to find suitable platforms for offering these tokens. This is probably what precipitated the emergency of NFTs markets.

At present, there are several NFTs markets in operations all cashing in on the golden eggs laid by non-fungible tokens.

In reality, the non-fungible token market is quite diverse as there is a variety of products that can be found in the market. Not all NFTs have the same characteristics, market value and presentation. Thus, some markets have some peculiarities about them.

Some of them have been created to focus solely on some specific kinds of tokens. Some of them are general markets. The proliferation of NFTs is not unconnected with the fact that most of them are from the world of entertainment, art and sport which are sectors that have high appeal to individuals. Thus, it is not strange that non-fungible tokens emanating from these sectors are attracting so much attention and value.

Non-fungible token market as is it is a very large and dynamic one and there is clearly no indication that the enormous explanation in the market will slow down any time soon with the obvious potentials that NFTs markets have. This lesson by Prof. @imagen is quite informative. Well done sir.

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 2 months ago (edited)

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

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