Recently, Non-Fungible Tokens (NFT) have become one of the most popular concepts to emerge from blockchain technology. Regarding the popularity of NFTs, several digital marketplaces have emerged where users can buy and sell (NFTs). One popular choice is Nifty Gateway.
Like NFT marketplace SuperRare, Nifty Gateway is known for emphasizing high-end digital art and curated collectibles. The platform regularly offers limited edition collections through partnerships with leading artists and brands, including Beeple, Daniel Arsham, and Pak. While other Ethereum blockchain-based marketplaces, such as OpenSea and Rarible, continue to dominate, the extensive digital art collection and unique custodial options offered on Nifty Gateway provide a different experience for NFT collectors.
So, to understand what Nifty Gateway is, how it works, its unique features, the differences between Nifty Gateway vs. Rarible vs. OpenSea, and how to sell and buy NFTs on this platform, check out the following review!
What is Nifty Gateway?
Quoting phemex.com, Nifty Gateway is an NFT marketplace platform founded by twin brothers, namely Duncan Cock Foster and Griffin Cock Foster. Their mission is “to make the Nifties accessible to everyone.”
Nifty Gateway’s ambitious mission states that it will continue to strive until one billion people collect Nifties. Please note that “Nifties” is a play on the abbreviation NFT which means non-fungible token.
Nifty Gateway was founded in 2018. Between May 2020 and April 2021, Nifty Gateway recorded total sales of USD $303,800,000 across its primary and secondary markets. The platform has reportedly launched a total of 2,960 new NFTs from 263 artists during the same period.
How Does Nifty Gateway Work?
Still citing phemex.com, Nifty Gateway collaborates with artists and brands to create limited-edition digital art collections exclusive to the platform.
Nifty Gateway is also highly responsible for curating which NFTs are issued on the platform. In this case, artists must go through an application and interview process before being allowed to mint and issue NFTs. This ensures that all art collections are high quality and helps maintain the platform’s premium reputation.
On the other hand, market hype is created for these rare digital art collectibles by releasing them through scheduled “drops” and only being available for a limited period of time. Nifty Gateway launched its special digital newsletter to provide the latest information regarding soon-to-be-released NFTs. For “drops” by famous artists, collectors may choose to pre-register, as popular NFTs often sell out soon after release.
Unique Features of Nifty Gateway
Nifty Gateway offers various interesting features on its platform, ranging from “Drop” Models, Auctions, to Fractionated Ownership.
Quoting blockchain-council.org, the following is a review of the unique features of Nifty Gateway, including:
1. “Drop” Model
Nifty Gateway’s “Drop” Model is a unique feature that creates a sense of exclusivity and urgency around the NFTs offered on the platform. Instead of offering a constant flow of NFTs, Nifty Gateway releases a limited number of NFTs at certain times. This also creates a surge in demand, often resulting in NFTs being sold out in just minutes.
2. Auctions
In addition to the “drop” model, Nifty Gateway also offers auctions for unique NFTs. These auctions can be very competitive, with some NFTs selling for tens of thousands or even hundreds of thousands of United States dollars (USD). This feature allows creators to create unique NFTs and allows buyers to own something unique.
3. Creator-Controlled Sales
Unlike other NFT marketplaces that take a percentage of every sale, Nifty Gateway allows creators to set their own prices and keep 100% of the sale proceeds. That gives creators more control over the price and distribution of their NFTs which can lead to more revenue and exposure.
4. Secondary Market
Nifty Gateway has a secondary marketplace feature that allows users to resell their NFTs to other users. This feature is important because it allows buyers to get back their investment if they decide to sell their NFT. It also creates a market for NFTs that have seen an increase in value which could increase demand and result in higher prices.
5. Premium Partnership
Nifty Gateway has partnered with several well-known brands and artists to offer exclusive NFT collections. For example, they partner with the NBA to offer officially licensed NFTs and with artists such as Trevor Jones and Mad Dog Jones to offer unique NFT collections. These partnerships provide Nifty Gateway users access to highly sought-after NFTs and can help increase the platform’s visibility and reputation.
6. Social Media Integration
Nifty Gateway allows users to share their NFT collections on social media platforms like Twitter and Instagram. Not only does this help promote NFTs and the platform itself, but it can also increase creators’ demand and exposure.
7. Fractionalized Ownership
Nifty Gateway offers a fractionated ownership feature that allows multiple users to own a portion of an NFT. This benefits buyers who cannot afford the entire NFT but still want to own shares. In addition, it is also beneficial for creators who can potentially sell more shares of an NFT and increase their income.
What Makes Nifty Gateway Different from Other Marketplaces?
So, what makes Nifty Gateway different from other marketplaces? Quoting coindesk.com, Nifty Gateway is known to offer several services that differentiate it from other NFT markets, including:
1. Custodial System
One of Nifty Gateway’s biggest points of difference is that the platform offers custody options. Crypto custody is a term used to describe who is responsible for maintaining the security of digital assets.
This term is often associated with crypto wallets which can be custodial or non-custodial. With NFTs, Nifty Gateway is a third-party custodian for NFTs bought and sold on its platform. NFTs stored on the platform use Gemini’s custody product which stores digital assets in an offline secure system known as “cold storage”.
Nifty Gateway uses an “omnibus wallet” or master account to move NFTs around the platform without having to process transactions on the blockchain. That option means no gas fees are typically required for every transaction on the Ethereum blockchain, including NFT transfers. Important to note that the option also means that Nifty Gateway can help if users lose access to their accounts or passwords.
2. Credit Card Payment
Custody options on Nifty Gateway allow traders to use various payment methods to pay for NFTs, including debit or credit cards, ETH pre-deposited to a wallet connected to the platform, or crypto funds from a Gemini account.
3. Wallet 2 Wallet (W2W)
Nifty Gateway also offers a non-custodial option for NFT sales called Wallet 2 Wallet (W22), which allows users to buy and sell NFTs in ether (ETH) directly from their external crypto wallets. Since W2W transactions occur on the blockchain, gas fees are charged, although Nifty Gateway’s custom smart contracts make NFT transactions more efficient which reduces gas fees by up to 70%.
As of August 2022, this feature will allow users to create W2W listings for NFTs held in Ethereum wallets, and users can purchase W2W listings with just ETH held in MetaMask wallets. About one in five listings on the site are W2W.
4. No Gas Fees during Manufacturing
Nifty Gateway also covers 100% of gas fees during NFT creation on its platform at no additional cost to collectors. Collectors are only responsible for gas fees when they withdraw previously deposited ETH, withdraw NFTs via payment options such as Google Pay and Apple, or purchase NFTs with deposited ETH and deposit the NFTs into Nifty Gateway.
Additionally, the company’s latest update will reduce its marketplace fees for listings from 5% to 2.5%, like competitors like OpenSea and Rarible. SuperRare has a 3% fee. The platform states that users will never pay a fee to delist an NFT.
5. Curated and Verified “Drops.”
Nifty Gateway requires that new NFT releases be reviewed and verified before selling. Curated drops are selected by Nifty Gateway and sold directly by creators exclusively on the platform.
Verified drops are drops across the NFT ecosystem that Nifty Gateway verifies as authentic. The drops are listed on the site as a calendar with the date and time of each drop pre-marked. The platform also has a secondary marketplace where users can purchase popular verified collections, such as Bored Ape Yacht Club and World of Women.
Difference between Nifty Gateway vs. Rarible vs. OpenSea
After understanding what makes Nifty Gateway different from other marketplaces, now is the time to find out how it compares with other marketplaces, including Rarible and OpenSea.
Quoting blockchain-council.org, the following is a comparison of Nifty Gateway vs. Rarible vs. OpenSea:
1. Origin
The first comparison is based on the origin of each of these marketplaces. Nifty Gateway was founded in 2018 by Duncan Cock Foster and Griffin Cock Foster. Nifty Gateway is a marketplace with its parent company, Gemini, a New York-based company. Meanwhile, Rarible is a recent player that debuted in 2017, but emerged in 2020. Rarible is one of the NFT marketplaces with a presence in the United States.
OpenSea is the oldest NFT marketplace. OpenSea is a platform based in the United States and was launched in 2017.
2. Target Market
Although some of these platforms are aimed at the same group, namely digital artists and content providers, there are known differences in practice. In this case, someone looking for an online platform to build a series of limited-edition premium NFTs can look at Nifty Gateway.
On the other hand, Rarible’s NFT marketplace is suitable for anyone who wants to create or collect rare digital commodities while maintaining blockchain security. Meanwhile, OpenSea is an excellent choice for users who want to benefit from smart interactions and secure blockchain technology.
3. Assistance & Training
Online help & training is another significant difference between these three NFT marketplaces. The online training and support tools are extremely useful for anyone new to the platform, both creators and digital artists. Additionally, platforms can use this feature to educate and help their consumers make the best choices. Nifty Gateway and Rarible are suitable platforms for those looking for an NFT platform with live online training options.
On the other hand, OpenSea does not offer online training. However, none of these three NFT marketplaces offer web-based instruction or face-to-face discussions.
4. Technology Integration
Finally, a comparison in terms of flexibility of technology integration. It is known that the Nifty Gateway platform integrates with Metamask and Ethereum only. Meanwhile, the Rarible platform integrates with popular wallets, such as Coinbase Wallet, WalletConnect, and others.
In this category, OpenSea is the clear winner. This platform supports integration with various technologies, including Ethereum, Metamask, Coinbase Wallet, Mintbase, Bitski, and others.
How to Sell and Buy NFTs on Nifty Gateway?
Quoting blockchain-council.org, the following is a guide to buying and selling NFTs on Nifty Gateway that you need to know:
Guide on How to Buy NFTs on Nifty Gateway
- Create an Account
- To create an account on Nifty Gateway, go to https://www.niftygateway.com/ and click on the “Sign Up” button at the page’s top right corner.
- Fill in your email address, create a password, and agree to the terms and conditions. You also need to provide your name and location.
- After completing the registration process, you will receive a verification email. Click the link provided in the email to activate your account.
- Deposit to Account
- To top up your account balance on Nifty Gateway, click the “Wallet” button in the top right corner of the page after logging in.
- Select the “Add Funds” option and select the amount you want to deposit.
- You can top up your account balance using a credit or debit card, bank transfer, or crypto.
- Find the NFT you want to buy
- To find the NFT you want to buy on Nifty Gateway, click on the “Marketplace” button located on the top navigation bar of the website.
- You can browse available NFTs by artist, collection, or category.
- You can also use the search function to find a specific NFT.
- Place an Offer or Buy NFTs Directly
- After finding the NFT you want to buy, click on the image to see details.
- If the NFT is available for sale then you can purchase it directly by clicking the “Buy Now” button and following the instructions.
- If the NFT is being auctioned, you can place a bid by clicking the “Place Bid” button and entering the desired bid amount.
Conclusion
In conclusion, Nifty Gateway plays an important role in supporting artists and driving the growth of the NFT market. As a platform founded in 2018 by Duncan and Griffin Cock Foster, Nifty Gateway is on a mission to make NFTs accessible to everyone. The acquisition by crypto exchange Gemini at the end of 2019 also added legitimacy to the platform.
Nifty Gateway stands out in the digital art ecosystem by emphasizing high-end digital art and curated collections. Through partnerships with renowned artists and brands such as Beeple, Daniel Arsham, and Pak, the platform regularly launches limited-edition collections that create hype in the NFT market.
The uniqueness of Nifty Gateway lies in its model of exclusive drops, auctions, and sales controlled by creators. This platform also offers a custodial option that ensures collectors’ digital assets’ security. With technology integration under its belt, including support for popular wallets such as Metamask and Ethereum, Nifty Gateway provides a differentiated experience for those looking to get involved in the NFT market.
As additional information, you can also read other interesting articles related to the world of NFT, such as the 8 Most Popular NFT Marketplaces in the world and the list of the best Android NFT games in the INDODAX Academy article.
It is important to note again to expand your knowledge about blockchain technology. It would be a good idea for you to read the latest articles on INDODAX Academy.
On INDODAX Academy, various materials range from basic concepts to more in-depth aspects of blockchain technology. By reading various articles on INDODAX Academy, you will gain a deeper understanding of blockchain technology, including its application in various contexts, and obtain the latest information about the crypto world.
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