Nifty Gateway: Everything you need to know about the NFT marketplace

Nifty Gateway is an NFT marketplace that focuses on quality rather than quantity. This means that the platform will be exclusively curated and controlled art offered, and the artists are in most cases already known in the community. In the end, the Nifty Gateway is something of a modern art dealer.

But how exactly does the Nifty Gateway work? Why should you buy NFTs exactly in this marketplace and are there any NFTs you like? We answer these and other questions in our detailed tests.

What awaits you in this article:

What is Nifty Gateway?

Nifty Gateway was founded in 2018 by Duncan and Griffin Cock Foster and originally received funding from California investment firm Boost VC. The founders of Nifty Gateway explain that the project was originally developed to create more opportunities for new artists through blockchain technology.

Nifty Gateway – Source: Nifty Gateway

In 2020, the famous crypto investors Cameron and Tyler Winklevoss bought the platform through the crypto company Gemini LLC. Since then, the popularity of the NFT marketplace has increased markedly. More than $ 11 million of NFTs were sold through the marketplace in 2020 alone. An NFT drop from renowned 3D artist Beeple was also processed via the platform. The NFT decline is currently estimated at $ 6.6 million.

Nifty Gateway aims to be a unique NFT platform and makes it possible to build a diverse portfolio of high quality and marketable assets. NFTs are unique and indivisible cryptocurrencies. They confirm ownership of digital assets and are mainly used for trading digital collectibles.

An exclusive NFT platform

Nifty Gateway also works with artists and brands to produce limited edition digital art collections.

The cured platform has specific guidelines for sellers and has been used by artists such as Deadmau5, Grimes and Lil Yachty. You can only participate in these exclusive “drops” on Nifty Gateway because the platform wants to establish itself as a top-class NFT marketplace. In Germany, you must first open a Gemini account to use Nifty Gateway. If you live in the United States, you can simply pay with your credit card, which is unique to an NFT marketplace.

Overall, the success of platforms like Nifty Gateway is a testament to the growing public interest in blockchain technology.

Accepted cryptocurrencies on Nifty Gateway

Smart Blockchain NFTs, called “Nifties“, based on the Ethereum blockchain. According to Nifty Gateway, they work with top brands and artists to release high-quality, limited-edition Nifties.

It is common for NFT marketplaces to charge fees for selling NFTs. Usually the buyer pays this fee, which is a percentage of the NFT sales price. Nifty Gateway charges a 15% fee. This amount is very high compared to other NFT marketplaces but still much cheaper than traditional art galleries.

NFTs can also be purchased with fiat money, and U.S. sellers can withdraw earnings to their credit cards. This is a special feature as it is rarely found in other NFT marketplaces. This makes trading in NFTs more accessible and independent, as buyers and sellers do not need any experience in the crypto world to use the platform.

To transfer a Nifty from an external wallet, connect a wallet that is compatible with ERC-721 tokens. The purses from MetaMask, Lumi or Trust are suitable for this. So if your NFT is in another wallet, you must first transfer it to one of these wallets before you can transfer it to Nifty Gateway.

functions

Nifties are released every three weeks and are only available on the Nifty Gateway once they are released. Trading Nifties is as easy as buying and selling physical trading cards. This also makes the marketplace interesting for those who are less interested in blockchain technology.

Anyone can apply to become a creator, and as an artist you have full control over the commissions. So it is up to you whether you earn 5% or 50% on the aftermarket sales. However, artists must meet certain criteria in order to offer art on the platform.

Benefits of Nifty Gateway

Nifty Gateway is worth checking out, whether you want to invest in NFTs or are an artist yourself. Therefore, we summarize the benefits of the platform for you again.

Buy NFTs – An Image from BeInCrypto.com

Many of the NFTs sold here come from well-known artists such as Beeple, Michael Kagan or Deadmau5, which underscores the platform’s seriousness. Crypto exchange Gemini owns the platform, which is based in the USA. The company, in turn, belongs to the Winklevoss brothers. All these details increase the credibility of the platform.

Nifty Gateway is built on the Ethereum blockchain. This is the most popular blockchain for NFT trading. Anyone can also apply to become a creator. And artists can control the commissions they receive. Nifty Gateway’s user interface is easy to use. This is remarkable as many projects in the industry use complicated wording and interfaces that are difficult to use.

Disadvantages of Nifty Gateway

The most important point to discuss is the safety of the Nifty Gateway. For in March 2021, there was a hack that affected several user accounts. Artworks worth thousands of dollars were stolen in the process. The affected accounts did not have active 2FA protection, which is why Nifty Gateway recommends all users to use 2FA.

Environmental problems are also a problem for most crypto projects, as blockchain technology can be harmful to the environment. In this regard, Nifty Gateway may be one of the most environmentally friendly NFT platforms. But in the end, all NFT transactions have an environmental impact.

Another problem is the withdrawal, because direct transfers to a bank account are currently only possible with US banks. In Germany, payments must therefore be processed via a Gemini account.

Supported wallets

MetaMask allows you to map your NFTs to Smart Gateway Omnibus wallet transferred to. This procedure is currently the only option for NFT deposits. But as a payment method, this should be common to most people who are already familiar with NFTs.

You can apply online to become a Nifty artist. You need one for that 8-part questionnaire fill in and enter interview lead because Nifty Gateway places great emphasis on the curation of all works of art offered on the platform.

Nifty Gateway also announced a feature that allows you to buy and sell NFTs directly from Ethereum wallets. Basically, the NFT transfer only happens in case of a sale. This feature is said to save up to 75% on gas fees paid at other marketplaces.

How exactly do you use the Nifty Gateway?

It is relatively easy to use Nifty Gateway. The biggest change is the curation process, in which artists and NFTs are examined by Nifty Gateway representatives. Here is a quick overview of the NFT deposit process.

  • First, click on “Deposit nifties” in your MetaMask wallet
  • You then confirm the ownership of your NFT
  • To do this, click on “Confirm Ownership”
  • Now log in via your MetaMask interface

You have now verified ownership of your external wallet and linked it to your Nifty Gateway account. Now you can transfer the NFTs from your wallet address to the Nifty Gateway Omnibus wallet. However, your external wallet cannot be linked to multiple Nifty Gateway accounts. You can also send NFTs via niftygateway.eth.

Buy NFTs at Nifty Gateway

The process of buying NFTs on Nifty Gateway is also quite simple.

  • First, create an account on Nifty Gateway.
  • Once you’ve verified your email address, sign in to your account.
  • Then associate your wallet. You can also hold your niftys directly on the platform. But if you send them to your wallet, you increase the security of your assets.

The platform offers a variety of ways to buy nifties. On the one hand, so-called “silent auctions” are held. You place a bid on an item, but you will not find out the result until the auction is over.

But you can also make a direct offer. The current owner of Nifty will then receive a notification and may confirm or deny your request. Nifty Gateway also organizes so-called “Open editions”Where an unlimited number of NFTs will be available for sale for a limited period.

Conclusion

Nifty Gateway places itself as Advanced marketplace for NFTs. The process on the platform is intended to resemble an art auction where the items are selected by the site’s representatives.

Anyone can apply to become a creator at Nifty Gateway. However, you must have one Fill in the questionnaire and do an interview. After approval, you can choose the commission you want to receive.

The big question, though, is whether Nifty Gateway can replace platforms like OpenSea. However, this depends on the needs of the users. OpenSea is still the largest NFT marketplace. While Nifty Gateway relies on exclusivity, OpenSea is an open marketplace and requires significantly lower licensing fees. However, membership in a more exclusive community like Nifty Gateway increases the chances of selling a work of art.

In general, Nifty Gateway is a solid NFT marketplace, and pretty much anyone can use the platform to buy and sell NFTs.

Frequently asked questions

Nifty Gateway is a recognized NFT platform based on the Ethereum blockchain. The marketplace is owned by Gemini, a cryptocurrency platform regulated by the New York State Department of Financial Services.

You can buy and sell NFTs on the Nifty Gateway, but the NFTs are stored directly on the platform and not in your wallet. However, you can move them to your external wallet to better protect yourself.

Nifty Gateway charges royalties on every sale. This also includes secondary sales via the marketplace. The platform charges 5% in fees and taxes. In addition, transaction fees are minimal, and Nifty Gateway also covers 100% of the gas fees incurred in stamping the NFTs.

You can apply online to become a Nifty artist. You need one for that 8-part questionnaire fill in and enter interview lead because Nifty Gateway places great emphasis on the curation of all works of art offered on the platform.

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