Hello friends and welcome to my assignment task by professor @imagen, in this assignment, I will talk about NFT Markets, I hope you enjoy and learn from my assignment.

Question one

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

Nifty Gateway's NFTs are stored on the Ethereum blockchain.Well, Ethereum is largely regarded as one of the safest blockchain platforms available.

Nifty Gateway is a leading NFT art marketplace established on the Ethereum blockchain and backed by Gemini, the Winklevoss Twins' crypto exchange.

NFTs on the platform are referred to as "Nifties," and they are released every three weeks. After the drop, the only location to buy NFTs is the Nifty Gateway marketplace, which features works from well-known artists and performers.
Nifty Gateway is a one-of-a-kind NFT platform that has swept the blockchain industry. The platform combines cryptography and collectible art to generate a diverse range of high-value, tradable assets, opening up a whole new universe of financial opportunities.

Nifty Gateway is a cryptocurrency exchange that allows you to purchase and trade non-fungible tokens (NFTs). We learnt last week that, a NFT is a digital token that is recorded on the blockchain, a distributed ledger. NFTs are comparable to cryptocurrencies in that they are recorded in the same way, but they can be used in other ways.

Let us assume you buy an item, that item is kept on the platform unless you withdraw them to an external wallet address, however you can sell them on Nifty Gateway if they're in a wallet like MetaMask.

Nifty Gateway's Benefits
The main attraction of Nifty Gateway is the exclusivity of the artists who participate in the marketplace; the available works on the site include some of the best painters from around the world. Drops are consistent and simple to keep track of, and reselling your purchase is simple as well.

Beginners will like Nifty Gateway's ease of use, as they can simply create an account and pay for NFTs with a credit card, rather than having to create a crypto wallet, fund it with ETH, connect it, pay gas fees, and sign transactions.

Nifty Gateway’s Cons

One downside of Nifty Gateway is that it is a custodial NFT marketplace, which means you do not actually own the NFT until you withdraw it from the website, which is a more difficult process than buying NFTs on the platform.

The purchased NFTs items aren't very secure, because they are stashed in your account. That means, if someone gains illegal access to your account, he'd be able to transfer your tokens to his private account., especially if you don’t have 2FA enabled.

Founders

Nifty Gateway is a non-fungible token (NFT) online auction platform for digital art. Duncan and Griffin Cock Foster, identical twin brothers, launched Nifty Gateway in 2018 to bring the highly technical world of cryptocurrency and NFTs to a wider audience.

source

Market/target audience

Nifty Gateway is a private marketplace where you can buy music and artwork that has been handpicked by the Nifty staff.

Well-known DJs and certain musicians such as Carl Cox, Gramatik, Ozuna, and rapper Lil Yachty have themselves some good by all releasing albums on the platform, getting sales in the thousands.

Murals of well-known athletes, such as NBA basketballer Kobe Bryant and footballer Mesut Ozil, are popular. In addition, there are partnerships with sports organizations such as OG ESports.

Forever Mamba” NFT Artwork by Bosslogic, August 2020

When comparing Nifty Gateway to Makerspace, or any NFT marketplace, the artwork aesthetic is one of the most important considerations. The NFTs on the platform are collector's items developed by unique artists. Each platform, like a gallery that specializes in abstract art, has its own aesthetic aura. As a result, Nifty Gateway's unique collection is one of its most appealing features.

Question two

What are ERC-115 tokens? How do They Differ From ERC-20 and ERC-72 Tokens?

The ERC-115 token standard is a specific type of token; it allows you to create any sort of asset, from currency and real estate even digital arts. It is unique in that it uses a single smart contract to represent many tokens at the same time.

ERC-1155 was introduced to the Ethereum blockchain in 2018 by Enjin CEO Witek Radomski. In one smart contract, users might mint both fungible and non-fungible tokens. It essentially served to fill a void in the industry. Everything you need to know about NFT can now be found in one location, which makes ERC-1155 a game-changer.

Not only that, but the user-friendly design proved to be a more efficient environment for newbies. This token makes available a smart interface that can be used to represent quite a variety of fungible and non-fungible tokens. Existing standards, like ERC-20, need the use of distinct contracts for each type of coin.

The token identification in the ERC-72 is a single non-fungible index, and the collection of non-fungibles is released as a single contract with global parameters. The ERC-115 Multi Token Standard, on the other hand, permits each token ID to represent a unique customizable token type with its own information, supply, and other features.

How They Differ From ERC-20 and ERC-72.

To simply put, ERC-721 is a non-fungible token, and it is, and will always be, the gold standard for a valued collectible NFT.

ERC-1155 is a fungible and non-fungible token with a dual purpose.

The Ethereum blockchain network has accepted three primary protocols or token standards to run in the ecosystem: ERC 20, ERC-721, and ERC-1155.

These are the most prevalent token standards now in use, as Ethereum is one of the most popular and dominant blockchain on the market. Each of these token standards has distinct characteristics that set it apart from the others.
The three tokens are based on the fungibility of NFT and its progression. The ERC-20 token was the first to appear on the Ethereum network. It was (and still is) used to create fungible tokens.

The system then introduced a new token standard called ERC-721, which is used to create non-fungible tokens.
ERC-1155 was introduced in 2019. It's a cross between the two tokens. ERC-1155's USP is the ability to create non-fungible, fungible, and semi-fungible tokens in a single smart contract.

An ERC-1155 token is used to create Non-Fungible Tokens (NFT), which are assets that are one-of-a-kind and cannot be replaced by the same amount of another token. A single Ethereum is always a single Ethereum.

However, one NFT token cannot be exchanged for another. You can also make fungible tokens with ERC-1155 tokens.

Token standards such as ERC-20 and ERC-72 necessitate the deployment of a different contract for each token type or collection. Because each token contract is separated into its own permissioned address, this creates a lot of redundant bytecode on the Ethereum blockchain and as a result, inhibits some functionality.

But with ERC-20 approach, new features like as transferring numerous token kinds at once and saving on transaction costs are conceivable.

Multiple token trading (escrow) can be implemented on top of this standard (ERC-115), which eliminates the need to "approve" different token contracts separately. In a single contract, it's also simple to express and combine several fungible and non-fungible token kinds.

Question 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 transaction 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 signing into my Etherscan account, I accessed the ‘Tokens option’ at the top of the screen, which when I pressed down, revealed a menu where all the tokens created under the Ethereum network standards can be consulted.

• So since we are interested in ERC-1155 tokens, I proceeded to click on it. Immediately I gained access by clicking on the ERC-1155 token, I could observe through the help of the Multi-Token Token Tracker, a total number of 17,998 ERC-1155 tokens, at the time of writing this assignment, under this standard.

Furthermore, looking at the bottom of the screen we can ascertain the first 5 tokens according to their transfer volumes during the last 24 hours as asked, in the assignment.

They are:

• OpenSea Shared Store
• Token 0x715565baf69afcbbe88f56d46f1c9fe2df828705
• Woodies Mint Passport
• Rarible (RARI)
• Token 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5

• Now, going to the previous menu, I proceeded to click the ‘View ERC-1155 Transfers’. This enabled me to view the information that pertains to the transactions carried out with the NFTs.

• To proceed, we can see the list of the transactions carried out at the time of writing this assignment, registered on the Ethereum network. Furthermore, we can also view the Hash that is associated with each trade, alongside the time of the transaction, the originating, and reception address.

• Not to forget, we can also obtain the contract of the transaction. The screenshot below illustrates it, graphically.

Question four

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.

I visited the Enjin web Enjin and downloaded the mobile version through Google play store.

After the installation and creation of my account, I could observe certain features present in the interface. This part of the assignment will give a run-down of those features

• Assets: By clicking on this feature, you will be directed to a page that will display the number of collectibles you own, and also a display of your QR code address, perhaps you want to receive some collectibles from a source.

• Scan QR: This feature simply helps you scan another devices’ QR code. This is a digital asset distribution system that allows developers to send thousands of NFTs/FTs to users by scanning a QR code.

• Exchange: As graphically illustrated below, this feature allows you to simply exchange/buy your tokens for another token. You can choose to trade your Ethereum for another token such as Enjin Token.

• The Marketplace: Users can discover, buy, and sell rare and unique blockchain assets on Marketplace, an online marketplace with over 10 million digital items.

• Smart Wallet: This feature is basically one that sandwiches games, assets, and apps on the wallet.

• The DApp Browser: This feature allows users to surf the internet and receive the latest information about what is happening in the blockchain world.

Number of Items available in The Market

I ascertained from the dashboard, the number of available items in the market at the time of writing this assignment which is 17,492 items.

• The screenshot above shows the first 3 available items in the market

• The screenshot beneath shows the description of each item:

• Crystal Rosin

The screenshot below is for the first available item in the market, Crystal Rosin, item description can be found in the box indicated with a black marker.

• Sirion’s Thunder

• The screenshot beneath is for the second item available in the market, Sirion’s Thunder, item description can be found in the box indicated with a black marker.

• **Zigzag Zeal **

• The screenshot below is for the third artwork, Zigzag Zeal , item description can be found in the box indicated with a black marker.

Question 5

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

Non-fungible tokens appear to be the way of the future! You will most likely be on the winning side if you are an artist, graphic designer, or animator. Non-fungible tokens have taken the art world by storm, and because they are rare, collectors are ready to pay a high price for them.

This is in contrast to the majority of digital products, which are nearly available in infinite quantities. Cutting off the supply of a given asset, providing it is in demand is known to theoretically increase its value.

Although, NFTs have been in existence for some time now, the system has become more popular in the trading sector. Most people often the market as an investment because you have the luxury of purchasing an NFT and selling it at a higher rate later, serving as a good ROI.

Conclusion

NFTs are now relatively simple to make for oneself. The quality and quantity of NFTs will continue to rise as the decentralized finance sphere expands its reach to more consumers. To summarize, NFTs are a cutting-edge application of the powerful Blockchain technology that is uprooting the worlds of computers and finance right now.

NFT marketplaces abound, allowing you to buy, sell, and even develop your own NFTs. New and novel use cases for cryptocurrencies have begun to emerge as the world of cryptocurrency continues to grow into new domains. The emergence of NFTs has radically transformed the concept of cryptocurrency trading using Blockchain technology.

Unless otherwise stated all the images used in this post will screenshot extracts from enjinx and etherscan.

Special thanks to Professor @imagen