6 mins readWith NFTs or Non-Fungible Tokens taking the whole world by storm right now, NFT marketplaces are also on the rise. There are now numerous marketplaces catering to all shapes, sizes, and types of NFTs and different blockchains as well.
But as competition gets tougher by the day, it’s almost expected for quality to be compromised on most of these marketplaces. The good news is that the exclusive NFT marketplace Nifty Gateway is here to change the name of the game.
Overview of Nifty Gateway
As a premier NFT marketplace based on the Ethereum Network, Nifty Gateway focuses mainly on quality instead of quantity. This platform works hand in hand with brands and artists to come up with high-quality and limited edition NFT collections exclusively available on the platform. Nifties is the name given to its NFTs.
Stats on the Nifty Gateway
For assurance, the goal of the platform is to become the NFT world’s ultimate cream of the crop. Nifty Gateway only accepts those artists who will pass the process of application. They also take utmost care to guarantee that they will only be launching top-of-the-line collections.
This is the reason why most of the creators and artists of the platform are also renowned in the NFT space, including the likes of Grimes, Deadmau5, Beeple, Fewocious, Pak, and more.
But it doesn’t mean that you can no longer access the platform if you aren’t among these artists and creators. The mission of the marketplace is to ensure that NFTs will be more accessible to anyone and everyone. The bold statement of the platform also states that they won’t rest and stop until a billion people collect NFTs.
How Nifty Gateway Works
One of the things that set Nifty Gateway apart from the rest of the NFT platforms out there is the fact that it’s a custodial platform. Every NFT found on the platform is stored in the secured and safe Nifty Gateway Omnibus wallet with support from the custody technology of Gemini. Omnibus is like a master holding account that transfers NFTs from and to the platform with no need to pay the gas fees or process a transaction.
It’s important since creators will be able to gift, buy, or sell NFTs on the platform and pay just a fraction of gas fee costs. Nifty Gateway can also help you retrieve your account if you lost it or forgot your password.
Unlike the majority of NFT marketplaces that only provide payments in the form of cryptocurrencies, you can take advantage of several options on Nifty Gateway. It includes ETH, Gemini Balance, credit cards, and debit cards.
In addition, since it also supports USD, the sellers who own bank accounts in the UIS can also make direct withdrawals of their earnings. The fiat accessibility makes the platform easy to use even for those who are non-crypto users.
Who’s Behind Nifty Gateway?
Griffin Cock Foster and Duncan Cock Foster
The twin brothers Griffin Cock Foster and Duncan Cock Foster founded Nifty Gateway in 2018. Gemini, the cryptocurrency exchange, acquired the marketplace in late 2019. Since then, the popularity of Nifty Gateway has been enjoying soaring popularity. Statista also revealed that the platform was able to rake in NFT sales worth $408.8 million from May 2020 to September 2021.
Who Can Sell on Nifty Gateway?
The main goal of Nifty Gateway is to improve the accessibility of NFTs. Following this, they let anyone apply to become one of the platform’s creators. To do this, you need to answer a questionnaire with 8 parts first followed by an interview.
The artists also receive royalties for life from every piece of artwork they sell on the platform. It is also completely up to them to determine and set the royalty percentage. But take note that the platform will charge 5% of the price of the sale to cover the operational costs. Nifty Gateway currently strives to bring it down by as much as 2.5%.
In addition, Nifty Gateway also provides an extensive selection of collectibles and NFT art. These are mostly available as Verified Drops and Curated Drops. The latter features the Nifty Gateway team’s hand-picked collections. On the other hand, although the team doesn’t curate the former, they still have verified the creator’s identity.
Nifty Gateway’s Supported Wallets
Nifty Gateway initially just allowed the purchase, sale, and storage of NFTs through their custody system. But with the latest update rolled out during the early part of 2022, the platform has also started supporting ETH wallets.
It also provides a feature known as Wallet 2 Wallet (w2w) that lets users sell and buy NFTs directly in ETH from external ETH wallets. The team behind Nifty Gateway stated that the feature lowers gas fees by as much as 70%. This also allows users to connect to all their preferred wallets.
BULL RUN #16/271 - BEEPLE: EVERYDAYS
Users can list NFTs straight from their wallets by just signing up for a Nifty Gateway account, connecting it to their wallet, choosing their preferred NFT, and then clicking on the option “list for sale.”
Are There Gas Fees Charged in Nifty Gateway?
While all transactions incur gas fees, collectors and creators are not required to pay for each transaction. Nifty Gateway covers all gas fees of the purchases of the NFTs that are natively listed through the account balance or card.
This also covers the gas of NFT minting, listing NFTs from for-sale Nifty collections, and making global offers on projects.
Collectors, on the other hand, are required to pay gas fees when buying cross-listed NFTs from OpenSea, NFTs with Prepaid ETH, and NFTs Wallet-2-Wallet. It’s also required to pay for gas to list for-sale NFTs through Wallet-2-Wallet, deposit NFTs to the Nifty Gateway marketplace, or withdrawal of prepaid ETH or NFT.
Are There Other Fees in Nifty Gateway?
Aside from select cases with gas fees, Nifty Gateway charges listing fees as well. The platform currently provides a couple of listing systems, namely V2 and V1. Although the latter charges a flat fee of 5%, the former charges 2.5%.
The V1 listings are exclusively available for authorized sellers with items in the Nifty Gateway wallet. Other modes of payments are also accepted including Gemini balance, prepaid ETH, and credit cards.
The V2 listing, on the other hand, is for those with held items in their ETH wallets. It also only directly accepts payments from the ETH held in their ETH wallet.
