Hello everyone, it is with great enthusiasm that I write this week and participate in the crypto academy of week 3 season 4 and to be a part of the lecture by @imagen. Without taking too much time, I would like to go to the assignment given by the lecturer.
https://c.files.bbci.co.uk/31F0/production/_117548721_nfts2.jpg
[image credit](https://www.bbc.com/news/technology-56371912)
#### <center>Introduction</center>
NFTs (Non-Fungible Tokens) are real tokens, aren't they? Without any doubt, these are real tokens but as the implies, they are non-fungible. NFTs are digital assets that represents real-world objects such as collectibles, artworks, photographs, and so on built on the Blockchain. When purchased, there is an exclusive right to the owner of the NFT. Unlike Bitcoin and other coins which are fungible, NFTs are non-fungible and cannot be divisible making them Unique tokens which represent collectibles, arts and so on, on the blockchain.
Just as beautiful as NFTs are, so are the marketplaces where they are sold. NFT marketplace are a platform to allow NFT creators, sellers, and buyers to meet to trade NFTs. Amongst these platforms that allow NFT creators to create NFTs, sell NFTs as well as allow buyers to purchase NFTs are Nifty Gateway, OpenSea.io, Rarible, and many more. For the purpose of the assignment and the 1st question, I will write on Nifty Gateway.
#### <center>Nifty Gateway platform Explained</center>
If you are conversant with these phrases, “Premier Marketplace for Nifties”, or “We will not rest until 1 billion people are collecting nifties”, then you are not new to Nifty Gateway.
Founded by Duncan and Griffin Cock Foster (twin brothers) who got into cryptocurrency in 2017. In their quest to find a niche in the cryptocurrency world, they started to look into NFTs but since there weren't many companies in the NFT industry, they decided to create their company. Nifty Gateway, created in 2018, is a top marketplace where NFTs are created and traded, built on the Ethereum Blockchain. Nifty Gateway is currently owned by Gemini, a reputable crypto exchange created by the Winklevoss Twins. [1](https://academy.ivanontech.com/blog/exploring-nfts-what-is-nifty-gateway).
Nifty Gateway is focused on exclusive, limited edition, and high quality NFTs (called Nifties) but simple collectibles can also be found on the platform. Artist on the platform includes 3LAU, Aloe Blacc, Genies, Marc Tudisco, Lushsux, ARC, Greg Mike, John Burgerman and so on. [2](https://niftygateway.com/marketplace)
#### <center>Trading on Nifty Gateway, Fees, and Withdrawal</center>
**Trading**
On Nifty Gateway, nifties such as Musics, Videos, and Artworks. These nifties are offered for sales as **drop**, which are opened at a specific date and time and if collectors miss this drop period, they can purchase from other sellers who want to sell their NFTs. This **drop** is done once every three weeks with the aim of continuing until 1 billion people would have bought NFTs from the drop. NFTs for sale can be uploaded with the Nifty gateway Omnibus Wallet via MetaMask, while NFT creators can become an art of Nifty gateway by answering a series of questionnaires and completing an interview. [3](https://www.daytrading.com/nifty-gateway).
**Fees**
As usual, it is expected that Nifty make revenue from somewhere, since it is a custodian and not the owner of the NFTs. Sure, Nifty makes its revenue by taking royalties from each sales of NFT on the platform. 5% is charged on each sales of NFT and when it is a secondary sale, 10% of the sale goes to the original artist who created the NFT. This does not cover gas fees, as gas fees are determined by miners. [4](https://www.cryptowisser.com/nft-marketplace/nifty-gateway/)
**Withdrawal**
Nifty Gateway is one of the few platforms that allow collectors and sellers to withdraw their funds to their bank account, but this is currently available in the US only while on the other hand, users from around the world can withdraw their funds to Gemini. Currently, these are the two methods of withdrawing, in the future, more method of withdrawal and deposit could be accepted.
**Setting a Gemini Account for Payout**
In other to cash out from Gemini, you need to first connect your Gemini account on your Nifty Gateway. This is done via simple steps:
* Go to the account setting
* Click on payment methods
* click on connect a Gemini account and log into your Gemini account.
* select Gemini balance as preferred payment method at checkout.
* To cash out to Gemini from Nifty Gemini, Click on Cash out to Gemini
* Enter the amount to cash out and click on confirm.
* Cashout to Gemini shouldn't take more than an hour but in some cases, it could go up to 2 days. [5](https://help.niftygateway.com/hc/en-us/articles/4406256071443-Gemini-Connect-Pay-Cashout)
##### Advantage of Using Nifty Gateway
* NFTs from exclusive artist can be found on the platform
* NFTs can be purchased using credit cards, and can be withdrawn to both bank account and to Gemini exchange.
* Beginners can start to buy, sell their NFTs
##### Disadvantage of Using Nifty Gateway
* It is a Custodial marketplace and it has been exposed to hacking in the past where users with no 2FA lost their artwork
* Withdrawals to bank can only be done in the US
#### <center>What are ERC-1155 tokens?</center>
Ethereum ERC standards have no doubt shaped the crypto world, starting with the ERC-20, ERC-721 and so on. ERC-1155 is another Ethereum standard that is unique. Its uniqueness is in the ability to perform two functions, thereby acting as ERC-20 as well as ERC-721. Let me explain to you that ERC-20 standard tokens are responsible for fungible tokens, while ERC-721 standard tokens are non-fungible tokens. It is regarded as the multiple token standard, since it can act for both fungible and non-fungible tokens.
ERC-20 and ERC-721 tokens are meant to be deployed separately on different contracts, thereby limiting several functionalities, being cumbersome to handle and comprehend, but with ERC-1155 it is easy for one contract to do both the medium for purchase and the asset.
#### <center>How ERC-1155 Differ from ERC-20 and ERC-721 tokens?</center>
**ERC-20** is Ethereum's most popular standard which allowed us to be able to create tokens as well as perform ICO, but then ERC-20 tokens can be lost in a contract forever if a user sends the token to a wrong address.
**ERC-721** is mainly for non-fungible tokens, thereby allowing people to own assets in tokens. Thanks to ERC721, NFTs were possible and people could own art works, musics and so on. With cryptokittens, I even own a cat, which I take care of and breed.
**ERC-1155** created by Enjin CTO Witek Radomski in 2018 allows for both the minting of fungible and non-fungible tokens (both ERC-20 and ERC-1155 tokens) in one contract. Solving the NFT problem of having to send different tokens from different contracts because one is fungible, and the other is Non-fungible.
ERC-1155 do not require different contracts for both fungible and non-fungible tokens, thereby reducing gas fee since both tokens can be sent from one contract. It is secured and tokens can be reverted to the issuer if verification shows that the transaction isn't carried out.
**Login to Etherscan. Please indicate the number of ERC-1155 tokens in existence at the time of writing your assignment.**
To log into Etherscan, you need to visit https://etherscan.io to have access to view the Ethereum blockchain.
Click on the Token Button, then click on view ERC1155 top tokens
The page showing the ERC-1155 token shows, and in the top left corner is the number of ERC-1155 token contract available.
As at the time of checking, a total of 18,096 ERC-1155 Token Contracts were available on the Ethereum blockchain.
**Indicate the first 5 tokens by volume of transactions in the last 24 hours.**
As at the time of checking and writing, the top five tokens based on transactions in the last 24 hours are:
* OpenSea Shared Storefront (OPENSTORE) - 28,039 transfers
* 0x715565baf69afcbbe88f56d46f1c9fe2df828705 (contract) - 4,729 Transfers
* 0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5 (contract) - 3,513 Transfers
* Rarible (RARI) - 1,330 transfers
* 0x7a44228e46cdd37a85c0b07c4043b86c11e8c315 - 867 Transfers
**Indicate the Hash of the last transaction carried out and the identification of the token as well as its smart contract.**
The Last ERC-1155 transaction as at the time of writing is **0x769ee40ce4769f4821b5ea6466d1def555dfc93cc507bc7b28eb440d20f47d1b.**
The token was (**Treasure (for Loot) Minter**) with the contract address **0xd0ed73b33789111807bd64ae2a6e1e6f92f986f5**
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
Enjin is a blockchain platform that allows for the owning of NFTs via Enjin coin. The coin is infused into NFTs via the process known as mining, thereby creating an NFT coin which can be owned by individual, organisations or brands.
While the coin is valued at $1.29, coins with NFTs are valued at real life vlaues. Do not forget that the NFTs are on the blockchain and at such makes them transparent and secured.
Enjin has a virtual world where all this NFTs can be used since the virtual world. On accessing the marketplace, there are 17,490 items on sale and these items includes Crystal rosin, Enjin bills, and many more.
On the market, the first three item for sale as at the time of writting are: Uncertainty [Skin] by Cryptonom, Selling at 250 ENJ. TGCW_Platinum_Pack by Pandemic World, Selling at 150 ENJ. and, Crystal Rosin, Lost Relics, selling from 415 ENJ.
**Uncertainty [Skin] by Cryptonom, Selling at 250 ENJ.**
It was created 12 Jul 2020, an ERC-1155 (Enjin),
**TGCW_Platinum_Pack by Pandemic World, Selling at 150 ENJ**
It was created on 12 Mar 2021, created by pandemic world, and it is an ERC-1155 standard.
**Crystal Rosin, Lost Relics, selling from 415 ENJ.**
Created 28 Nov 2019 by Lost Relics
#### <center>In your personal opinion, what is the future of the NFT Markets? Give reasons for your answer</center>
Before NFTs, we always get to go to the galery to buy artworks and other relics just to have them in our homes and in archives but then, this artworks could be stolen, copywrites are even stolen in some cases, and there came NFTs, which allows anyone to purchase artworks on the blockchain (exclusive ownership of right). In the future, there will be no reason to go to the art galery to purchase artworks since they can be purchased as NFTs and since it is built on the blockchain, it makes it secure.
In the future, NFTs willgo beyond artworks to everything that can be digitalized including right to music and so on. NFTs will be used to determine original ownerships of digital assets as well as the history of how the assets has been passed from one person to another.