Several marketplaces exist now that cater to NFTs of all types, sizes, and shapes, as well as several blockchains. However, as competition rises, many of these marketplaces are forced to compromise on quality. Nifty Gateway stands out in this regard.
Let’s take a closer look at Nifty Gateway and why it matters.
What Is Nifty Gateway?
Nifty Gateway is a well-known Ethereum-based NFT exchange that prioritizes quality above quantity. Artists and businesses collaborate with the platform to develop limited-edition, high-quality NFT collections that are only accessible on the site.
The platform aspires to be the pinnacle of the NFT industry. It exclusively selects artists who pass the application process and ensures that only high-quality collections are released. As a result, the majority of the platform’s artists and producers are already well-known in their respective fields.
In 2018, Duncan and Griffin Cock Foster, twin twins, established Nifty Gateway. Following that, Gemini, a cryptocurrency exchange, bought the marketplace in late 2019. The popularity of Nifty Gateway has only grown since then. In reality, Statista reports that between May 2020 and September 2021, the platform sold $408.8 million in NFTs.
How Nifty Gateway Works
The cryptocurrency exchange Gemini owns Nifty Gateway. You’ll need a Nifty account and a crypto wallet to buy and sell NFTs on the platform.
The following are the two payment options:
- Residents of the United States can purchase fiat currency with a debit or credit card.
- Through your Gemini account, you can get ETH.
The site allows you to buy, sell, and mint. To become a creator, you must first apply and be authorized, and the platform takes pleasure in its exclusivity.
Other NFT marketplaces, such as Rarible and OpenSea, allow anyone to register an account and be confirmed with the ability to mint, while Nifty Gateway does not. The verification and approval procedure for creation is quite restricted, and supposedly, the backlog of applications is huge at the time of writing. For the average Joe, you’re likely limited to buying and selling on the secondary market.
The Nifty Gateway Network And Currency
The Ethereum blockchain serves as the foundation for Nifty Gateway. ETH, Ethereum’s native currency, can be used to purchase NFTs.
You can buy ETH on practically every major cryptocurrency exchange, including Gemini, which is probably the most convenient choice because you can buy NFTs with your Gemini dollars.
Nifty Gateway Features
According to the company, Pre-Paid ETH is a payment option that allows “customers to deposit ETH and make purchases using their ETH balance as another payment method.” Simply said, you can deposit ETH into Nifty Gateway and use it to make purchases.
Nifty Gateway’s goal, as previously stated, is to make NFTs more accessible. They allow anyone to apply to become a creator on the platform in this regard. You must first complete an eight-part questionnaire, followed by an interview.
Additionally, each artwork sold on the platform will provide artists with lifetime royalties. And the royalty rate is entirely up to them to decide. The site, however, deducts 5% of the sale price to fund operating costs. It is currently attempting to reduce this to 2.5 percent.
Nifty Gateway also has a selection of NFT art and collectibles. Curated Drops and Verified Drops are the most common kind. The former includes collections that the Nifty Gateway staff has hand-picked while the latter is not curated by the team but the creator’s identity has been validated.
Why Nifty Gateway Is Different From The Rest
The fact that Nifty Gateway is a custodial platform is one of the primary differences between it and other NFT platforms. To put it another way, all of the NFTs on the platform are housed in a secure wallet, which is protected by Gemini’s custody system.
This is significant because artists can use the platform to purchase, sell, and gift NFTs for a fraction of the cost of gas. Furthermore, Nifty Gateway can assist you in retrieving your account or password if you lose it or forget it.
Nifty Gateway offers a variety of payment alternatives, unlike most NFT platforms, which exclusively accept cryptocurrency payments. Debit cards, credit cards, Gemini Balance, and ETH are all included in this category. Furthermore, because it supports USD, it allows sellers with US bank accounts to withdraw funds directly. Even non-crypto users can utilize the platform because of the fiat accessibility.
Nifty Gateway Fees
Royalties paid on every sale including secondary sales are Nifty Gateway’s primary source of revenue, as they are for many other marketplaces.
The fees amount to 5% of the total sale price, plus a $0.30 transaction fee. There’s also the matter of gas costs to consider.
Nifty Gateway NFT Drops
Nifty Gateway is known for its exclusive NFT drops, which include artists like as Grimes, Sinclair, Pak, Deadmau5, Eminem, and Gramatik, to mention a few.
Simply choose Drops from the main navigation menu to gain access to the drops. There will be a countdown for the next drop, as well as previous drops. Also, subscribe to the Nifty Gateway ultra-exclusive drop list to keep informed about upcoming drops.
The Nifty Gateway App
Nifty Gateway offers an Android app that can be downloaded for free from the Google Play store. There isn’t an iOS app available yet, and there hasn’t been any news or teasers about one being developed. The software is only for showing NFTs you’ve purchased on Android smart TVs, tablets, and other similar devices.
With only 80 reviews, the app has a 2.3-star rating, with the majority of ratings being 1-star. Many users have reported trouble logging in, seeing big NFTs, significant buffering periods, and other technical issues.
Limitations Of Nifty Gateway
Hackers stole NFTs worth thousands of dollars, causing Nifty Gateway to come under fire early last year. However, the corporation said in a statement that the site was not hacked. Only a “limited number of users” were affected, as they had not implemented two-factor authentication (2FA).
Furthermore, the platform presently only allows financial withdrawals to US-based banks or a Gemini account. As a result, non-US residents who do not have a Gemini account will find it inconvenient.
How To Buy NFTs On Nifty Gateway
To begin, go to Nifty Gateway’s website and create an account.
When you get to the landing page, select “Sign up” in the top right corner. After that, you’ll be presented with a fairly standard account creation form. Get some crypto and link your external crypto wallet to your account, or connect your debit or credit card after you’ve completed this.
A wallet that supports ERC-721 tokens is required to store NFTs. MetaMask, Lumi Wallet, Trust Wallet, and imToken are just a few of the options available.
The buying options include:
Global offers- When you make a bid for a specific NFT on the network, all owners of the asset you’re looking for are notified. The NFT is yours if one of them accepts.
Online silent auctions- Make a blind bid based on your estimate of the NFT’s value. When the bidding period ends, you’ll find out if you were successful.
Drawings- You can enter a lottery-style drawing to win the right to acquire a certain NFT for a predetermined price. This is a new feature aimed to counteract automated systems set up by those intending to take advantage of the service.
Open editions- For a brief time, an infinite number of specific NFTs is made available for purchase. Because these slots are normally only available for five to fifteen minutes, you’ll have to be quick.
Anyone can purchase or sell the NFT on Nifty Gateway’s peer-to-peer second market once the initial sales window for a “drop” closes.
Once you’ve completed the process, you may either sell or auction your new NFT for a profit; move it to an external wallet platform via MetaMask, or utilize Nifty Gateway’s display app to display it on your devices.
How To Sell NFTs On Nifty Gateway
Follow these procedures if you already own an NFT and wish to sell it on the Nifty Gateway platform:
By selecting Profile, you can find your owned NFTs.
Choose the NFT that you’d like to sell for a set price. The NFT can be purchased with either a credit card or an account balance.
You can also list your NFT for Global Bidding, which will alert you and other NFT owners.
Although they are identical, these sorts of NFTs are not digital duplicates. There may be multiple versions of a single NFT, but each one is a distinct asset that you can purchase.
Following a successful sale, you’ll find out how to get paid once the transaction is complete.
How To Mint NFTs On Nifty Gateway
Niffy Gateway does not allow everyone to create and sell NFTs. The admission bar is high, as you might expect given the level of creators that post their work on the platform. In addition, there is a significant backlog in applications.
But don’t be discouraged; you can apply by filling out the creation form and completing the questionnaire; it should take less than 10 minutes to complete. The staff will contact you once a decision has been made. Nifty Gateway gives those few creators who make the cut a lot of options when it comes to royalties from secondary sales.
How legit is Nifty Gateway
Nifty Gateway is a reputable exchange, but it hasn’t been immune to the NFT craze. Hackers broke into various accounts in March 2021, stole NFTs, and purchased new ones with user funds. While the cash was retrieved, all of the sold NFTs were not.
Although Nifty Gateway asserts that the affected users had not fully set up two-factor authorization and that new security measures have been deployed since the attack, the harm to the company’s reputation has already been done.
There were also concerns raised regarding Nifty Gateway’s highly centralized strategy, such as whether it made the marketplace more vulnerable to hackers than others but provided for a high level of quality control.
Since its start just a few years ago, Nifty Gateway has developed into a prominent access point for some of today’s most sought-after fine art and collectibles, from artists like Trevor Jones and Kenny Scharf to popular crypto-collectibles like CryptoKitties. The platform hopes to expand its offering in the future by launching NFTs with additional athletes and more artists.