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It is my pleasure to submit this homework post to Professor @imagen in response to the assignment given after his lecture on "NFT Markets." The lecture was an elaborate one and very educative. So, I will be responding to the questions given one after the other.
Describe in depth the Nifty Gateway platform Who are its founders? What market or target is it aimed at?
Nifty gateway platform is an NFT art selling platform. Nifty gateway platform is an online market platform where artists can sell their Collectibles. It was created in the year 2018. According to research, the platform, Nifty gateway made a total sales worth $303.8 million between the month of May,2020 and April, 2021.
Nifty gateway is a centralized market place. This means the platform is monitored by central system. The management of the platform decided to make it a centralized platform so that it will be a curated market place and as such high quality art will be sold to the collectors on the platform.
This platform partners with many professional artists to enable that the collections are found on the platform. Since, it is a centralized platform, all activities related to transactions, sales etc. are monitored and managed by the platform. This also makes the artist to focus on the work, since they wouldn't have to bother themselves with those things.
Recently, Nifty Gateway has launced some features to the platform which make it easier for collectors to acquire NFTs at a price they are interested. For example, a price graph was added to the platform which enable the users to access the historic information of the NFTs. Also another feature was added. Collectors can set alerts to a price level and when the price of the NFTs, Nifities reaches the place they will get notified and can acquire or buy the NFT.
The aim of nifty gateway platform is to make Nifties available to all users. The nifties in nifty gateway platform stands for "non fungible token." So, it means, every user of the platform, can sell their collectible and be paid with non fungible token, nifties, thereby making it available for them as asset.
The founder of Nifty Gateway are Duncan and Griffin Cock Foster. These guys are twin brothers who are very talented.
Fig 1: Picture of Duncan and Griffin Cock Foster
In 2009, a crypto platform called Germini acquired Nifty Gateway Platform. The founder of of the Germini are known as The Winklevoss twins who have been the lovers of cryptocurrencies since the invention of bitcoin. According to research, they are one of the early Investors of bitcoin.
Operation of Nifty Gateway Platform
Nifty gateway platform partners with different professional artists which can create digital art collection which will be placed and displayed on the platform.
Before, an artist will be allowed to the platform, he or she must meet certain requirements. This is because, Nifty Gateway Platform wants digital art collections with high quality which will be attracted by people and thereby maintaining their own reputation. Firstly, an artist has to go through application process and after, he will have to be interviewed. If he scales through the process, he will be allowed to issue NFTs on the platform.
Nifty gateway does a kind of market promotion for the digital art collections which they want to release for the collectors. This actually done by announcing the release date of a collection, putting the name of the artist who owns the art, and some other important details about the art are included in the newsletter which they normally publish to the public. This promotion will let entire populace and the collectors to be aware of the new digital arts they want to release. And as soon as the collectors are aware, they will be preparing to get it if they are interested because as soon as it is released, it doesn't take more time before the collector acquire it.
To sell or buy collection on nifty platform, sellers or buyers must create a nifty account. It is also important, that the sellers and buyers get metamask wallet, because it is the wallet they can connect to the platform.
There are four ways by which sales are done on Nifty Gateway Platform. They are:
Silent Auction: This way involves bidders placing a blind bid. They will then be informed after the auction if they obtain the asset, NFTs.
Global Offers: Here, collectors will interact with the artist by submitting an offer to him. If they both agree with the proposed price, they the artist will release the NFT to collector.
Open edition: Another way by which sales takes place on Nifty Gateway Platform is through open edition. This method involves making NFTs available for a short period of time like 10 to 15 or 20 minutes and the collectors who are interested in the arts work obtain them.
Drawing: This is the newest method of sale introduced on the Nifty Gateway Platform where all interested collectors enter a lottery to acquire specific NFTs.
What are ERC-1155 tokens? How do they differ from ERC-20 and ERC-721 tokens?
ERC -1155 known as Ethereum Request for Comment 1155 is a type of token that allows creation of every asset, ranging from currency to art, gaming etc. This means that ERC-1155 support fungible and non fungible token.
ERC - 1155 is known as the ethereum token standard. This token is available for Ethereum development community. This token has multi function, which means It can perform more than one functions. This token called ERC-1155 can act as ERC-20 or ERC-752. It can also act as both, thus, its multiple function.
ERC -1155 was created to cover the short comings or limitation of ERC-20 and ERC-721. ERC-20 is token for fungible token and ERC-721 is for non fungible token. For example, one of the limitations in both ERC-20 and ERC-721 is the issue of transaction. For instance, in ERC-721, if you want to transfer 5NFTs to a single person, you may need to transfer it one after the other, that I transfer it 5 times. This will make the transaction fee increased.
As a result of the limitations associated with ERC-20 and ERC-721, ERC-1155 was created to bridge the gap. This means that ERC-1155 was created to make sure that the limitations in these two ERCs tokens we're overcome, giving rise to more effective and effective tokens for the developers the users. The use of ERC-1155 is more efficient than the ERC-20 and ERC-721. For example, an App developer which uses ERC-1155, it means the users can register for fungible and non fungible tokens. This means users will use the same address and contact which more of saving resources.
Difference Between ERC-1155, ERC-20 and ERC-721
ERC-1155 are standard tokens which support fungible token and non fungible token. ERC-20 supports only fungible token, and ERC-721 supports only non fungible tokens (NFTS)
ERC-1155 is much more efficient and faster than ERC-20 and ERC-721. ERC-1155 is very fast in making transfer of tokens compared to ERC-20 and ERC-721
Unlike ERC-20 and ERC-721 where gas fee is higher, the gas fee in ERC-1155 is very low.
Transfer of token in multiple can be done in ERC-1155, whereas in ERC-721, tokens have to be transferred one by one.
Also, tracking NFTs in terms of ownership in ERC-1155 is not easy. Whereas, this is easier in ERC-20 and that of ERC-721.
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.
To enter Etherscan, visit https://Etherscan.io. Upon entering the website, you will see the homepage appear right in your front. Because we are interested in seeing the number of ERC-115 in existence, click on "token" at the top of the page.
Fig 2: Etherscan Homepage | etherscan.io
Upon clicking on the token, a pop features will appear, click on ERC-1155 Top Tokens
Fig 3: Features in the token section | etherscan.io
Clicking on the "ERC-1155 Top Token" , we will be taken to a page where we will see the number of ERC-1155 token in existence. As at the time (21/09/2021) of writing this article, the number of of ERC-1155 tokens in existence is 18,101.
The screenshot below shows the number of ERC-1155 in existence.
Fig 4: Number of ERC-1155 tokens in existence | etherscan.io
Scrolling down the page, we will see the first 5 tokens by volume of transactions in the last 24hours.
Fig 5: first 5 tokens by volume of transactions in the last 24 hours. | etherscan.io
As it is seen in the screenshot above, the first five tokens by volume of transactions in the last 24hours are:
- OpenSea Shared Storefront (OPENSTORE)
- Rarible (RARI)
Now, the next thing I'm going to show is Hash of the last transaction carried out and the identification of the token as well as its smart contract. To show this, click on "**view ERC-1155 Transfers**"
Fig 6: Token section ' s Features | etherscan.io
Upon clicking on it, a page will be loaded where you will see the last transaction. In the screenshot below, I have used a red rectangle box to indicate the last transaction. By clicking on it, we will see details of what we want.
Fig 7: Last transaction | etherscan.io
Upon clicking on it, you will see a page displaying details, such as hash, contract, token etc about this transaction.
Fig 8: Last transaction showing detailed information | etherscan.io
In the screenshot above I used a black rectangular box to indicate the hash of the transaction. The hash of the transaction is 0xa88d249de9af6f6753f3e751c2f4d6789779c7cc10bcb244c17edf570b9daa62
The second red rectangular box highlights the contract. By clicking on it, we can even see more details about the contract. Let's see the screenshot below
Fig 9: Screenshot showing more details on contract | etherscan.io
We can see details in the contract overview. The contract address is 0x7be8076f4ea4a4ad08075c2508e481d6c946d12b
The last blue rectangular box in figure 8 shows the token. We can also click on it to see details of this token. The screenshot below shows the details of the token.
Fig 10: Token Details| etherscan.io
As it is seen in the screenshot above, the token is OpenSea Shared Storefront.
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.
To enter Enjin wallet, we will have to download the wallet on the enjin website or better still go to Google play and search for it. For this task, I'm going to use Google play store. On getting to Google play store, you can use the search box and type "enjin wallet." Click on the result.
Fig 11: Searching Enjin wallet on Google play store| google play store
Once you click on it, you will see where to install. Click on install.
Fig 12: Installing Enjin Wallet | google play store
Then, upon clicking on Install, the wallet will download and install. Once the installation is complete, click on open. As soon as you click on open, a page will be shown for you. In the page, click on "open wallet."
Fig 13: Open Wallet on Enjin Wallet | enjin wallet
Then, next is to create the wallet. cL on create wallet
Fig 14: Creating Enjin Wallet | enjin wallet
Next is to back up the wallet. Click on back up. Upon clicking on it, you will be asked to write down twelve words. Write them down keep them safe.
Fig 16: Backing up Enjin Wallet| enjin wallet
Then, once you are done with writing those words, you can click "I have written them." Upon clicking it, you will see the homepage of the wallet. In the homepage, you will see five (5) features display with their icon at the top of the page.
Fig 17: Enjin Wallet Homepage | enjin wallet
The first icon pointed at with a red arrow is the drop down menu which contains different features such as wallet, asset, scan, marketplace, exchange etc
Fig 18: Drop Down menu section with its features | enjin wallet
Then, the next icon beside drop down menu is main wallet the blue arrow pointed at it in figure 17. Here you can create new wallet, watch wallet and import wallet.
Fig 19: Main Wallet section | enjin wallet
By clicking on it, you will see where to either create, watch or import wallet.
Fig 20: Main Wallet section – Import, create and watch wallet | enjin wallet
The next icon is like an image with @ sign. A yellow arrow is used to point at this icon in figure 17. This icon is a feature where you can add contact. You can select the place where arrow is pointing at in the screenshot below to change the address type, then write the contact address and contact name.
Fig 21: Add Contact Page | enjin wallet
Now, the next icon is + icon. This feature allow user to add more token or coins to use. There is a place at the top of the page after clicking on the plus icon where you can add all coin at once. However, you may decide to add it one after the other by selecting the tiny square box beside the coins.
Fig 22: Add Coins Page | enjin wallet
The last icon at the top of homepage is a three points like icon. Black arrow pointed at this icon in figure 17. By clicking on this icon, you will some features. You can back up wallet, rename wallet, edit coin list, auto add tokens, manage wallet, and rate enjin wallet.
Fig 23: Features in the Three points Icon | enjin wallet
Now, the next thing I'm going to do is to enter market place and show the number of items on the sale and the first three list and their description. Let's see this quickly.
To do this, click the drop down menu or box on the enjin wallet homepage and click on the "marketplace"
Fig 24: Martket place feature in the drop down menu | enjin wallet
Then, upon clicking on it, you will be directed through a browser to the market place page. The home page of the market place will show the amount of items on sale and the list of those items.
Fig 24: Martket place feature in the drop down menu | enjin.io
As it it seen in the screenshot above, as at the time of writing this article, the number of items on sale is 17, 940.
Also, the first three items on the list boxed with rectangle and are labeled in the screenshot above as 1 , 2, and 3. They are:
- Uncertainty (skin)
- Crystal Rosin
Now, let see the description of these three.
- Uncertainty (skin)
Below is the screenshot showing the description of the uncertainty.
Fig 25: Description of Uncertainty (Skin) | enjin.io
Below is the screenshot showing description for TGCW_Platinum_Pack.
Fig 26: Description of TGCW_Platinum_Pack | enjin.io
- Crystal Rosin
Below is the screenshot showing the description for Crystal Rosin.
Fig 27: Description of Crystal Rosin | enjin.io
In your personal opinion, what is the future of the NFT Markets? Give reasons for your answer
NFT markets have been gaining ground recently because of the increase in the adoption of Non fungible token. So, as a result of increase in demand for non fungible tokens, many people have known the the market place for these tokens. NFT markets will continue to grow and as time goes on, many more NFT markets will be created.
The token, NFTs used in NFT markets are unique token which can not be divisible, which means it is either you own its entirety or you don't own it at all. Also the token cannot be interchanged. These tokens represent individual's digital asset. So, the artists, musicians, footballers and all other people creating anything digital asset have access to issue NFTs in which they can sell their art work for the collectors. And they only market they can sell their asset is NFTs markets. So, as a result of that, NFTs markets will attract many professionals who can create digital work and thereby increasing the popularity of the market.
Recently, to be precise in the year 2021, NFTs becomes over hype as the demand for it greatly increased which is a sign that people adopted NFTs this year. Many aspect of life have begun adopting the technology of selling the work digitally. This will let many professional earn from their work and reduce the stress they would go through if it should be sold physically.
Further, some players of a popular sport have been creating their NFTs. We all know that football is a popular game which almost everybody watches. In the month of March 2021, a popular player named Cristiano Ronaldo launched his first NFTs. Also, just a month ago, in August 20th, 2021, Lionel Messi, another famous football player launched his NFT. He called his NFT Messiverse.
Fig 28: Lionel Messi NFTs
We can see that more people are adopting NFTs and thereby creating their NFTs for public sale. So there is no doubt that the NFT markets will keep growing and attracting fans from different field of life.
In fact, this year alone NFT markets compete with crypto markets as there are a lot of popular people invested on NFTs. With what we have seen and increase in the adoption of NFTs, I strongly believe that more people will adopt NFTs and thereby making NFTS markets in existence popular and even creating more NFT markets.
NFT markets is an online market place where digital assets such as art work , must collections etc are sold. NFT markets will gain more popularity as time goes on as a result of increase in the adoption of NFTS.
Thanks to Professor @imagen for bringing this topic. I have learnt one or two things from the topic. I have been able to explore Nifty Gateway Platform, know the founders and how it operates. I have also been able to explore enjin wallet.
CC : @imagen
Written by @msquaretk