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

4개월 전

Hello Everyone!

This is Sami Zuberi , hope you all are well. I am exceptionally hope set aside a few minutes for perusing my homework post for @imagen and valued it. Here i am going to impart my views on "NFT Markets". So how about we begin

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Made this above poster on Canva

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Question 1.

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

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Nifty Gateway is indeed an interactive digital marketplace that allows you to buy, sell, trade, and display your nifties. About there main goal is to make art more accessible to everyone by partnering with very talented artists and influencers. To sell on their platform, you must be a very talented artist, not just some random person stealing and reposting other people's artwork. This distinguishes it from other energy platforms such as open sea and rare, but in general, this marketplace allows everyone to claim genuine ownership of their work. In a word, the Nifty Gateway platform provides a marketplace allowing non-fungible tokens to be bought and sold. No one could ever take them away from you, not even the person who produced it, since everything is stored upon that blockchain, which is safe as well as decentralized.

Qualities of NFT's & Values :

I really like frameworks and rules that nifty gateway have in place because it keeps out moderate artwork and because of the structure, it creates waves of excitement and hype for both buyers and artists selling their services on the platform since on the sales side, which is the artist, they can make a lot of money. On the seller's side, they can earn a lot of money by dumping their limited edition artworks quickly, and on the buyer's side, they can make a lot of money by reselling them, thus the total quality of artwork being sold is extremely good, and it may be worth thousands of dollars when resold. Moreover, it provides benefits to both buyers and sellers who use the nifty gateway.

Marketplace of Nifty :

Nifty gateway when you first visit the website, you'll see a weekly calendar that shows you what's coming up in the coming week. Many artworks that are sold sell at a specific time or start giving you a time window to sign up and then choose the eventual winner at random, but artists also have other options such as trying to set up public auctions and silent auctions, so the selling tools that artists have for their artwork are actually quite impressive, and that they can sell a limited amount or an unlimited amount also known as open editions, and if you're a buyer wanting to acquire and resell artwork, you'll need to be quick upon your game. Particularly limited editions, because they sell quickly and have a high resell value. If you're interested, simply establish an account, and if you're eligible to acquire one, you'll receive an email with the opportunity to purchase.

Nifty Gateway's proprietors and founders :

Gemini LLC, the underlying organization, owns the Nifty Gateway platform. Gemini LLC seems to be a virtual currency. While sale and purchase NFTs through Nifty Gateway generally secure, it must be emphasized it is a regulatory NFT marketplace, which means their NFTs are held mostly on service and in the account. Sports groups including such as customs have also partnered with the site.

Market Stats :

The worth of each entity artwork can be shown in the market stats area, and it's incredible to see how many of these artworks have been shot. The market stats page may be used if you have a NFT and want to see how much your energy artwork is worth. Nifty Gateway is a fantastic platform for well-known artists and influencers to use and display their work. There's a feature where you can buy these NFT artworks with your debit or credit card, making it really accessible to those who don't know how to crypto and their crypto wallets, which is understandable given how complicated the crypto space is. NFT gateway is a fantastic platform for buyers and sellers.

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Question 2.

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

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ERC-1155 is a one-of-a-kind token that may be used to hold both non-fungible NFTs as well as fungible tokens. Regarding group token exchanges, it really is better as well as more beneficial. On ethereum, there are a few different token specifications. When dealing with the contract, ERC-115 manages fungible, semi-fungible, and non-fungible tokens all in one contract, which is significantly higher convenient, costs, and resources including such gas. ERC-1155 also system based application developers to register both fungible tokens and nonfungible tokens just use the same convention address. ERC-1155 seems to be a unique source of increasing tokens which enables better quick trading with transaction packing.

Difference between ERC-20 and ERC-721 tokens :

The RC-1155 token standard doesn't really need the implementation of a distinct program on every non-fungible token, like ERC-721 implies. One of the difference between ERC-1155 tokens, ERC-721 and ERC20 is that ERC721 tokens have been known as Non-Fungible tokens. ERC20 tokens it's what we'll refer to as "Fungible Tokens." While the ERC-1155 token format makes it possible to create Fungible, Non-Fungible, and Semi-Fungible tokens all in one. Despite ERC-20 and ERC-721, which makes it nearly impossible to send several nonfungible tokens simultaneously time, ERC-1155 permits many NFTs to provide in any specific transaction. ERC-1155 is different from ERC-20 and ERC-ERC-721 in that its management is difficult to monitor.

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Question 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.

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A total of 18,111 ERC-1155 Token Contracts were identified now at moment of writing.

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That the very first five transactions are listed below :

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  • OpenSea Shared Storefront and it's contract is 0x495f947276749ce646f68ac8c248420045cb7b5e and it's 24 hour trading volume is 29,361. The last transaction hash of OpenSea Shared Storefront is 0x06da62328ee8c87c3036264ed8e2e21b7511c8218a059874c211533a09c71ef0

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  • ERC-1155 token with contract 0x715565baf69afcbbe88f56d46f1c9fe2df828705 and it's 24 hour trading volume is 4,744 and it's last transaction hash is 0x7f8add5861991225c75a3d39fea2fadb73fd1743f8eb8805d566c676748142cd

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  • ERC-1155 token with contract 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5 and it's 24 hour trading volume is 3,900 and it's last transaction hash is 0xb247ab1c6d155584404a92129a923560d0b7287a7305f0bc0f412bc351c36bbd

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  • Rarible (Rari) token with contract 0xd07dc4262bcdbf85190c01c996b4c06a461d2430 and it's 24 hour trading volume is 1,408 and it's last transaction hash is 0x14cd7a9b111cbf9090050ed31792a2d94f384997fcd581648442b456ddad595b

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  • ERC-1155 token with contract 0x7a44228e46cdd37a85c0b07c4043b86c11e8c315 and it's 24 hour trading volume is 897 and it's last transaction hash is 0x72ef2b325e49c1b363b0663060ea7f94ccefc8fe546937b3b39f3974078762fb

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Question 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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First i go to the Engin website, to answer this question.

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The functionalities I identified on its interface, one of which is a security feature. Engin is highly concerned about security, and therefore uses dual encryption. With engin, they built their own app, and the keyboard is not the default keyboard on your phone. Since it is the engin keyboard, it is immune to attacks.

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Engin includes built-in exchange access, allowing you to convert from basic assets or BTC to USDC coin. Every supported currency in the wallet will obviously be supported on these exchanges, but it does offer you access to a large number of coins, so whatever is supported on these exchanges should also be supported in the Engin wallet, which is another great feature.

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At the time of writing, the Marketplace has 17,485 goods for sale. As of this writing, the first three items for sale on the market are:

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  • Dragonscalor.
  • Tears of Serenity.
  • Uncertainty [Skin]

Dragonscalor :

It was established on November 28th, 2019 (2 years ago) and is selling for 144 ENJ. ERC-1155 is Dragonscalor's standard (Engin). Dragonscalor has a total supply of 494 and its supply type is collapsing.

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Tears of Serenity.

It was also established on November 28th, 2019 (2 years ago) and is selling for 170 ENJ. ERC-1155 is tears of serenity standard (Engin). Tears of Serenity has a total supply of 968 and its supply type is collapsing.

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Uncertainty [Skin] :

It was also established on July 12, 2020 (1 years ago) and is selling for 250 ENJ. ERC-1155 is uncertainty standard (Engin). Uncertainty [Skin] has a total supply of 150 and its supply type is also collapsing.

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Question 5.

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

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In my opinion, NFTs will expand far off artworks throughout the future to include everything that can be digitally mastered. With each passing day, NFTs linked to real-time games enable the NFT industry to gain in importance and usage. There should be no need to visit an artwork with in long term to acquire artworks because they can get obtained via NFTs, which are safe because they are constructed upon that blockchain.

Because of the use of NFTs, many artworks have been segmented, and individuals may now buy and own them. Items may be purchased and sold on the NFT market, giving them genuine worth. NFT assets would be generated, as well as the NFT market may well lead or be comparable to the current crypto exchange. Authentic title of digital assets would be recognized via NFTs. The market involving exchanges among these distinctive blockchain commodities, known as NFT, is growing now than ever.

Conclusion :

Finally, I'd like to say that professor gave us a really informative lecture during which I learned and studied the NFT Market in more depth. Nifty Gateway is a dynamic marketplace where you can buy, sell, trade, and exhibit your nifties. Their major objective is to make art more accessible to the general public by collaborating with very brilliant artists and influencers. The Nifty Gateway platform is owned by Gemini LLC. I anticipate that as more artists and professionals become aware of NFT, the market for transactions involving these unique blockchain assets will grow. NFTs would be used to verify the authenticity of digital asset titles.

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Special mentions to ;
@imagen

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