Blockchain technology has truly set the road for the non-fungible token scene. And so, with the BOOM of the NFT market, came the rise of NFT marketplaces. But, with so many options out there, things can get a little out of hand. Therefore, to make things a lot more clear, weâ€™ve decided to go with another marketplace review for Nifty Gateway. So, what is Nifty Gateway and how does it work?
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WHAT IS NIFTY GATEWAY?
NFT GATEWAY EXPLAINED
So, weâ€™re going to start out this review with: what is Nifty Gateway?
According to their website, Nifty Gateway is a premier NFT marketplace platform. The twin brother Duncan Cock Foster and Griffin Cock Foster. They created this marketplace with one mission in mind, â€śto make Nifties accessible to everyoneâ€ť.
The marketplace aims to provide quality over quantity. And so, they EXCLUSIVELY feature verified art and established artists in the NFT community. In other words, theyâ€™ve created an environment of rich, high-value tradable assets.Â
You can use Nifty Gateway to buy and sell non-fungible tokens â€“ aka, Nifties!
But, what is Nifty Gateway history like? If it features established artists, doesnâ€™t this mean it has to be an established platform? Yes!
The platform is currently owned by the parent company Gemini LLC: the cryptocurrency exchange and custodian that allows people to buy, sell and store digital assets, including NFTs. Gemini LLC was founded back in 2014 by the two brothers, Cameron and Tyler Winklevoss. The Winklevoss brothers later acquired Nifty Gateway, which the Cock Foster brothers founded in 2018 and launched in 2020.Â
But, what is Nifty Gateway doing to move forward in a fast-paced, virtual world?Â
Recently, Niftyway Gateway shook up the entire world of crypto and NFT trading in an NFT scam! People were reporting account hacks and thousands of dollars worth of Nifties GONE! Probably one of the worst types of NFT rug pulls you can find yourself in! And so, to work against that, the platform has since launched its newest version â€“ Nifty Gateway 2.0. It includes new features including services to increase protection.
HOW DOES NIFTY GATEWAY WORK?
So, what is Nifty Gateway doing that makes it any different from other marketplaces and how does it work? The marketplace is based on the Ethereum blockchain. Artists first have to pass an application process and interview before they are allowed to mint and create NFTs. This weeds out all types of counterfeit and fake artists and NFTs on their platform.
Some of the most popular artists on Nifty Gateway include:
It accepts FIAT currency through a credit/debit card or with an Ethereum token. You can also connect another NFT wallet to deposit NFT from an external wallet. Any wallet that is compatible with the ERC-721 standard works for the platform. Or, go right into purchasing NFTs from the platform So, what is Nifty Gatewayâ€™s purchasing process?
– Online Silent Auction: Collectors place a blind bid in an NFT auction and wait to see if they won
– Drawing: a sort of NFT raffle or lottery where collectors get a chance to buy an NFT for the value price. However, only one person can win!
– Open Edition: this process allows an unlimited number of NFTs available for sale for a limited short period of time
– Global Offer: you submit an offer on a piece of work and if the owners want to sell, they will
FINALLY, WHAT ARE NIFTY GATEWAY FEES & COMMISSIONS?
So, all NFT marketplaces take a certain fee that is unrelated to the gas fee that YOU would pay. This is how they make their own revenue by taking a percentage of each sale made. INCLUDING, secondary sales made through the marketplace.
When someone sells a Nifty, Nifty Gateway takes 5% of the sale price, plus 30 cents to cover transaction fees. Also, 10% of the sale goes to the original artist on all secondary sales in NFT royalties.
Therefore, that wraps it up on everything related to WHAT IS NIFTY GATEWAY. Now you know everything there is to the platform. All in all, if youâ€™re a serious artist in the world of non-fungible tokens, Nifty Gateway is the marketplace for you! It has collaborations with some of the best world-renowned digital artists and is great for investments. Although it might not be THE best platform out there, it is definitely one to consider!