There are multiple digital markets where participants can sell and buy NFTs (non-fungible tokens). One popular alternative is Nifty Gateway, first founded by brothers Griffin and Duncan Foster in 2018 with a solo mission to make these tokens accessible to people.
Acquired by Cameron and Tyler Winklevoss’ crypto exchange Gemini sometime in late 2019, Nifty is well-known for highlighting curated collections and high-end digital art, much like SuperRare, another NFT marketplace.
The platform provides limited-edition collections regularly through collaborations with top brands and artists, including Pak, Daniel Arsham, and Beeple.
While there are other marketplaces that are Ethereum blockchain-based, such as Rarible and OpenSea, dominating the marketing, the extensive collection on Nifty, as well as its custodial option, provide a unique experience for collectors. But assuming that you are new to the world of NFTS, let’s get started with this all-elusive guide for dummies!
What Makes Nifty Gateway SO Different?
Nifty Gateway provides multiple services that segregate it from other similar NFT marketplaces.
1. Custodial System:
One of the biggest points of difference for Nifty Gateway is that it provides a custodial alternative. Cryptocurrency-based custody is a term that is used to describe who is keeping your digital assets secure.
Typically, you often see that such a term is associated with cryptocurrency wallets that can be custodial as well as non-custodial. Accompanied by NFTs, this platform acts like a third-party custodian of non-fungible tokens purchased and sold on the platform itself.
NFTs that are stored on this platform utilize Gemini’s custody product. This product, in turn, holds the digital assets in a safe, secure offline system, which is also called ‘cold storage.’
The wallet makes use of an omnibus wallet or even a master holding account’ for moving non-fungible tokes in and around the platform without processing any transactions on the blockchain.
This particular alternative means there are technically zero gas fees. These fees are typically needed for most transactions, including NFT transfers, on the Ethereum blockchain. Notably, this also means that the platform can help users if they forget their passwords. Or even if they lose access to their accounts.
2. Credit Card Payments:
Nifty Gateway’s custodial option enables traders to use different payment methods in order to make payments for NFTs. This includes credit or debit cards, crypto funds from any Gemini account, and prepaid ETH to be deposited into a wallet linked to a platform.
3. Wallet 2 Wallet (w2w):
Nifty Gateway provides a crazy non-custodial alternative for NFT sales known as w2w or Wallet 2 Wallet, which enables users to purchase and sell non-fungible tokens in ETC or Ether directly from their basic, external cryptocurrency wallets.
Since w2w transitions usually take place on the blockchain, zero fees are actually incurred, though the customized smart contract of Nifty makes non-fungible token-based transactions relatively more efficient, decreasing the expenditure of gas fees literally upto seventy percent.
Till August 2022, this particular feature allowed users to develop w2w listings only for a non-fungible token held by an Ethereum wallet. Users can only buy W2W listings with ether held in a MetaMask wallet. Only 1 in every five listings on the platform are W2W.
4. No Gas Fees For Minting:
Nifty Gateway covers a hundred percent of the total gas fees during NFT minting on its platform. And that too at zero cost to the collectors.
Collectors have to pay gas fees only while withdrawing prepaid ETH or while doing the same for an NFT via payment alternatives such as Apple and Google Pay. This also includes purchasing an NFT with the help of prepaid ether and depositing the same into Nifty Gateway.
Additionally, the latest update of the company will actually cut its entire marketplace fee for various listings from 5% to a solid 2.5%, which happens to be the same amount that its competitors, such as Rarible and OpenSea, usually charge. In fact, SuperRare actually has a 3% fee.
Here, the platform mentions how users on it will never have to pay for delisting a non-fungible token.
5. Verified And Curated Drops:
Nifty first reviews and then verifies brand-new NFT releases before putting them up for sale. Often, Nifty selects curated drops for accessing the entire NFT ecosystem that the platform verifies for authenticity. The site lists those drops in calendar format, complete with the date and time of each individual drop, all flagged in advance.
The platform has another secondary marketplace. Here, users can buy well-known collections that have already been verified, such as World of Women and Bored Ape Yacht Club.
Using Nifty Gateway: A Dummies-Only Guide!
Nifty Gateway provides both a mobile and web app version of the actual platform.
To begin, users are first prompted to sign up by simply creating an optimized custodial account with their email address. You can also connect through MetaMask to a standard wallet address.
Buying On Nifty Gateway:
Once connected, the users can easily set their modes of payment. Just beneath the top right menu, you will have to tap on the ‘Account Settings’ button first. And then click on the ‘Payment Methods’ button before linking funds to your account.
The platform provides users with the alternative to pay for non-fungible tokens by just linking a debit or credit card with the help of their Gemini account balance or directly depositing ether from their MetaMask wallet right into a prepaid ether wallet address completely secured by the platform itself.
After all. Nifty makes users set their basic payment preferences. As a result, users can simply start browsing the primary marketplace on Nifty, which has all the verified and curated drops.
Now, users can easily list drops in multiple ways, depending entirely on the preference of creators, including Auctions, Packs, Open Editions, and more. Plus, users can also come across collections already verified by the Nifty team on the marketplace tab.
Selling On Nifty Gateway:
To put up your non-fungible token for sale, users can sell their NFTs for US money by simply registering the same via an authorized seller or directly listing their tokens in ETH from their MetaMask wallet.
If you are trying to sell a non-fungible token for ether with a W2W option, you have to visit their profiles first. And then, choose a token that you want to list by just tapping on ‘List for Sale.’ Please note that users have to approve this transfer taking place from their wallet to the exchange wallet of Nifty. Plus, users will also have to pay gas fees after approving this particular exchange.
To sell non-fungible tokens for US-based dollars, users can easily authorize their accounts via Stripe. Users will be first taken to the official site of Stripe. Here, the site prompts users to connect through their debit card or bank account and receive a payout.
Creators and artists of an NFT collection will have to register with the platform to list their tokens exclusively.
Wrapping Up: Is Nifty Gateway Safe?
Nifty Gateway happens to be a popular option for most users who are planning to purchase and sell non-fungible tokens exclusively that are verified as well as curated by Nifty Gateway. Since Nifty belongs to Gemini, the platform takes advantage of the security methods and tools of the crypto exchange.
In spite of that, the platform is not impervious to any hacks. In March 2021, some users on the platform reported that their tokens were missing from their accounts.
The platform, in its defense, had said that the compromised accounts did have any two-factor authentication. Plus, there weren’t any breaches in the platform. Some users even said that the platform had returned their missing assets.
Overall, the platform provides a unique custodial alternative as well as curated collections of NFTs that make it very attractive for most of us seeking to purchase and sell exclusive digital art collections.