As NFTs continue to make headlines across the globe, there is no dearth of NFT marketplaces. Today, we have several marketplaces that cater to NFTs of all types, sizes, and shapes as well as the different blockchains. However, as competition grows, it is not uncommon for many of these marketplaces to compromise on quality. This is where Nifty Gateway differs.
Let’s take a look at what Nifty Gateway is and why it’s important.
What is Nifty Gateway?
Nifty Gateway is a premier Ethereum-based NFT marketplace that focuses on quality over quantity. The platform partners with artists and brands to create limited edition, high-quality NFT collections available exclusively on the platform. Its NFTs are called “Nifities”.
To be sure, the platform aims to be the crème de la crème of the NFT space. It only accepts artists who pass the application process and takes utmost care to ensure to launch only high-quality collections. For this reason, most of the platform’s artists and creators are already well-known in the space. This includes Pak, Fewocious, Beeple, Deadmau5, and Grimes, to name a few.
However, this does not mean the platform is inaccessible. In fact, its mission is to “make NFTs accessible to everyone.” Besides, the platform’s bold statement reads: “We will not rest until 1 billion people are collecting NFTs.”
What Does Nifty Gateway Do?
One of the major ways in which Nifty Gateway is different from other NFT platforms is that it is a custodial platform. To explain, all the NFTs on the platform are stored in a secured Nifty Gateway Omnibus wallet, supported by Gemini’s custody technology. You can think of Omnibus as a master holding account for transferring NFTs to and from the platform without the need to process a transaction or pay the gas fees.
This is important because creators can buy, sell, or gift NFTs on the platform pay paying only a fraction of the gas fees. Besides, even if you lose your account or forget your password, Nifty Gateway can help you retrieve it.
While most NFT marketplaces offer only payments in cryptocurrencies, Nifty Gateway provides a number of options. This includes debit cards, credit cards, Gemini Balance, and ETH. What’s more, as it supports USD, sellers with US bank accounts can also withdraw earnings directly. This fiat accessibility makes it easy for even non-crypto users to use the platform.
Who Owns Nifty Gateway?
Nifty Gateway was founded by twin brothers Duncan Cock Foster and Griffin Cock Foster in 2018. Thereafter, in late 2019, the cryptocurrency exchange, Gemini acquired the marketplace. Since then, Nifty Gateway’s popularity has only soared. In fact, according to Statista, the platform raked in $408.8 million in NFT sales between May 2020 and September 2021.
Now that we have covered the basics of what Nifty Gateway is, let’s dig deeper into its features.
Can Anyone Sell On Nifty Gateway?
As previously mentioned, Nifty Gateway’s aim is to make NFTs accessible. In this regard, they allow anyone to apply to become a creator on the platform. For this, you have to first answer an 8-part questionnaire, followed by an interview.
Moreover, artists will receive lifetime royalties from each artwork sold on the platform. And it is entirely up to them to decide the royalty percentage. However, the platform charges 5% of the sales price to cover operational costs. It is currently working on bringing this down to 2.5%.
Furthermore, Nifty Gateway offers a range of NFT art and collectibles. These are mainly available as Curated Drops and Verified Drops. The former features collections that are hand-picked by the Nifty Gateway team. On the contrary, while the latter is not curated by the team, they have verified the identity of the creator.
What wallets does the marketplace support?
Initially, Nifty Gateway only allowed purchasing, selling, and storing NFTs via their custody system. However, with a new update early in 2022, the platform now supports ETH wallets.
Furthermore, it offers a Wallet 2 Wallet (w2w) feature, which allows users to buy and sell NFTs in ETH directly from external ETH wallets. According to the team, this feature reduces gas fees by up to 70%. It also lets users connect to as many wallets as they like. To list an NFT directly from their wallets, users simply have to sign up for an account on the platform, connect their wallet, select the wanted NFT, and click “list for sale”.
Does Nifty Gateway charge gas fees?
Although gas fees are incurred during all transactions, creators and collectors don’t have to pay them for all transactions. To explain, Nifty Gateway covers the gas fees of all purchases of natively-listed NFTs via card or account balance. It also covers the gas of minting an NFT, listing an NFT from the Nifty collection for sale, as well as making a global offer on a project.
Conversely, collectors have to pay the gas fees while buying: NFTs Wallet-2-Wallet, cross-listed NFTs from OpenSea, and NFTs with Prepaid ETH. Gas is also payable when listing NFTs for sale through Wallet-2-Wallet, withdrawing NFT or prepaid ETH, or depositing NFTs to the marketplace.
Does Nifty Gateway have fees?
Is Nifty Gateway Good?
Nifty Gateway is a great choice for artists and for those looking to invest in NFTs from popular artists. Since Gemini owns the platform, there is an added layer of trustworthiness. Furthermore, the easy-to-use interface makes it accessible to even NFT newbies.
However, Nifty Gateway came under flak early last year after hackers stole NFTs worth thousands of dollars. But, in a statement, the company claimed that the platform was not compromised. Rather, only a “small number of users”, who had not enabled two-factor authentication (2FA), were affected.
In addition, currently, the platform only supports fund withdrawals to US-based banks or a Gemini account. As a result, it is not convenient for non-US residents without a Gemini account. Finally, as the NFTs are based on the Ethereum blockchain, there are concerns about high environmental costs.
The marketplace boasts some notable partnerships
Nifty Gateway has been consistent in its efforts to push out high-quality collections and stand apart from its competitors. For one, it is home to collections by some of the most notable figures in the world. Take for example the paintings by former South African president, Nelson Mandela that the platform auctioned last month.
The marketplace has also dropped one of Beeple’s earlier NFT artworks. Called CROSSROADS, the piece fetched $6.6 million back in February 2021. Acclaimed artist Pak’s “Merge”, which currently holds the record for the most expensive NFT, was also sold on Nifty Gateway.
What’s more, Nifty Gateway has also supported several charity auctions and important causes. This month, it partnered with the global leadership platform, Seneca Women, to drop an exclusive NFT collection promoting gender equality. Titled “The Seneca Women Equality Collection”, the collection features female artists whose works envision a world that embraces equality. Early this year, the platform also launched an NFT advisory program for museums, funds, family offices, corporations, and large brands.
Apart from these, Nifty Gateway has collaborated with some of the biggest global brands and NFT projects. For instance, it recently partnered with Cool Cats for its latest wallet-to-wallet feature. The feature aims to further lower the gas fees for NFT traders.
Another feather on its cap is the collaboration with Samsung. Together, the two will develop the first-ever smart TV NFT platform. With this move, users can now access Nifty Gateway via Samsung’s NFT platform in their premium products such as QLED and Neo QLED TV. Besides, Nifty Gateway also teamed up with RECUR to launch RECUR Portal Pass.
All things considered, Nifty Gateway is an important NFT marketplace to consider if you want to create and sell your NFTs. The simple, easy-to-use interface is well-suited even for newbies.