The nonfungible token (NFT) market is estimated to be worth $82 million in 2020 and an astounding $17.6 billion in 2021, indicating rising demand and high user interest in NFT. The meteoric rise of trading these digital assets ranges from weird cartoon JPEGs to National Basketball Association trading cards, artwork, music and more. One such marketplace for collecting and trading NFTs is Nifty Gateway.
Nifty Gateway was founded in 2018 by Duncan Cock Foster and Griffin Cock Foster. In 2019, it was acquired by Tyler and Cameron Winklevoss’s cryptocurrency exchange, Gemini. Nifty Gateway is positioned as the premier NFT marketplace on the Ethereum blockchain, partnering with top digital artists, musicians, athletes and brands to create exclusive limited edition launches. The platform has sold NFTs by Beeple, Pak, Refik Anadol, rapper Lil Yachty and other NFT artists who have a large following.
During the NFT market peak between May 2020 and April 2021, Nifty Gateway launched 6,623 NFTs representing the artworks of 418 artists with total sales of $403.8 million in the primary and secondary markets.
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What makes Nifty Gateway unique?
There are three things that make Nifty Gateway’s Ethereum-based NFT market stand out:
Curated and verified art
Artists who launch on the Nifty Gateway NFT market are usually recognized and recognized in the art community. Many have celebrity status in the crypto art community, making their work verifiable, legitimate and valuable.
Nifty Gateway is selective about who is allowed to display their artwork on the platform. Before being allowed to create and issue NFTs, artists must complete an application and interview process. In this aspect, Nifty Gateway is similar to a modern art gallery that gathers, organizes and displays a verified collection.
Exclusive drops
NFT drops often refer to the creator releasing a new limited edition NFT or a complete collection of nonfungible tokens for sale. Collectors can buy lost NFTs before they sell. While many platforms do nonfungible token airdrops, Nifty Gateway is especially known for its exclusive art drops, which are limited-edition and in limited quantities, and they often sell out quickly due to high demand.
Nifty Gateway partners with top artists, musicians and creators to ensure that these drops are made exclusively on the platform. This enhances the exclusivity of the Nifty Gateway brand.
In February 2021, Beeple launched “Crossroads” NFT and “Spring/Summer 2021 Collection” through an exclusive drop on Nifty Gateway. “Crossroads” was designed as a response to the 2020 United States presidential election and sold for $6.6 million on Nifty Gateway.
Fiat on-ramp accessibility
Nifty Gateway supports US dollar fiat currency for US bank account holders, allowing NFT purchases using debit and credit cards. This feature is rare for the NFT market as others such as OpenSea, SuperRare and Blur can be accessed through Web3 wallets.
Nifty Gateway is a subsidiary of the Winklevoss twin crypto exchange company, Gemini LLC. This allows them to be supported by Gemini’s secure institutional grade infrastructure to explore various crypto and fiat payment methods.
related: Cryptocurrency on-ramp and off-ramp, explained
How to start with good Gateway
The following steps explain how to set up a Nifty Gateway account:
Step 1: Register an account
Sign up at Niftygateway.com/signup with your valid email and password to get started. Alternatively, the option to connect via Web3 wallet is also available.
Step 2: Fill in your profile details
After the account is created, it is recommended to enter other important information to improve the user experience. Uploading your profile picture and switching to your preferred profile icon is a good place to start.
Step 3: Add a payment method
Three payment options are available to choose from: link your account with Gemini Wallet, connect with Web3 digital wallets like MetaMask to confirm transactions or add a credit or debit card.
How to buy NFTs in good Gateway
The following steps will guide anyone who wants to buy NFTs on Nifty Gateway:
- To buy NFTs, visit the Nifty Gateway market.
- Browse available NFTs by artist, collection or category. A search function is also available to find specific NFTs or collections.
- Choose NFT and buy with your preferred payment method. Purchased NFTs can be sent to your MetaMask wallet or Nifty Gateway account.
How to sell NFTs in good Gateway
The steps on how to sell NFTs on Nifty Gateway are listed below:
- To list NFTs for sale, go to the “My Collection” tab in the good Gateway and click on the “Item List” button.
- Enter basic information about the NFT, such as name, description and price.
- Users have two payment method options for selling NFT: They can send directly from their MetaMask wallet for Ether (ETH), or they can sell US dollars by registering as an official seller using Stripe. When someone buys a registered NFT, the funds will be transferred to the linked wallet.
How to gift NFTs in a good Gateway
Gifting NFTs is one of the features offered by Nifty Gateway, account holders can send NFTs to other users on the platform as gifts to anyone just through a valid email address.
To send NFTs to users on the platform:
1. Open the “My Collection” tab and select the NFT you want to send.
2. A new page will appear. Click on “Send Nifty.” Enter the recipient’s username in the search box and select their profile (you can add a personal note if needed).
3. Click “Send Nifty” to confirm the transfer. Fast transfers without gas fees for transfers on the platform.
In addition, Nifty Gateway also allows NFT gifting to anyone who is not on the platform through a valid email address, as explained below:
- Find the NFT you want to send as a gift and check if it is available for gifting. Some NFTs may not be a gift, so check before proceeding.
- After choosing the NFT to gift, click the “Gift” button. This will open a new page where you have to enter the recipient’s email address (and add a personal message if you want).
- Next, choose whether to give the NFT immediately or on a specific date. After choosing your gift option, review the details and click “Confirm” to complete the transaction. Make sure you have some funds to cover transaction costs. Recipients will receive an email notification with instructions on how to claim gifted NFTs.
Gateway’s fee structure and pricing are good
Nifty Gateway has a standard fee system consisting of two different models: V1 and V2, as defined by WalletHub Nifty docs.
Method V1
This model is for listings held in Nifty Gateway’s custodial model. With this approach, Nifty Gateway takes a cut of 5% of the selling price as a fee. Credit card, Ethereum wallet or Gemini account can all be used for payment. Additionally, there are no gas fees associated with the transaction.
Method V2
This applies to any vendor that registers NFTs for sale using an Ethereum cryptocurrency wallet like MetaMask. ETH must be used to pay for this transaction, and Good Gateway charges a 2.5% fee on the total sale price. The user has to pay the gas fee when completing the transaction.
Is Nifty Gateway safe?
As with all NFT platforms, it is important to consider the safety and security of using them and ensure that your digital assets remain protected. Overall, good Gateway has taken steps to ensure the safety of its users. The platform is backed by reputable investors, and has been used by many famous artists and celebrities.
Nifty Gateway also uses industry standard security measures, such as encryption and two-factor authentication, to protect user accounts and transactions. Additionally, Nifty Gateway benefits from parent company Gemini’s focus on maintaining best practices for security in the cryptocurrency industry.
Gemini fulfills the bank’s routine compliance, follows financial regulations, and uses hardware security and custodial services to maintain the security of Gateway’s good wallet. The custodial system model ensures that the market has ownership of all NFTs listed on the platform.
Even so, Nifty Gateway is not immune to hacking. In March 2021, some Nifty users complained about “account takeover,” in which NFTs had disappeared from their Nifty Gateway accounts. Nifty Gateway claims that the website was not hacked and that the affected accounts lacked two-factor authentication, compromising their own security. According to reports and certain consumers, Nifty Gateway has successfully recovered stolen goods.
Also, like any investment or financial transaction, there is always some level of risk involved. NFTs can be volatile, and their value can fluctuate significantly over time. It is important to do your own research and understand the risks before investing in NFTs.