How Does Nifty Gateway Work 2022?

The NFT industry is gaining popularity by leaps and bounds, and back in 2021, the NFT sales hit the all-new $25 billion objectives. People becoming more fascinated by the art has resulted in more asset sales, and the market has also diluted for purchasing or simply trading the NFTs. 

Many freelancers, who were just working as graphic designers, are now shifting their focus from graphic designing to selling NFT. They are now creating NFT art and selling it on different marketplaces such as Nifty Gateway. This has helped people earn way more than what they were earning in just the graphic designing field. 

It’s an NFT marketplace focused on quality and has advanced features that help sell authentic art. The art pieces are named in the community, and in the upcoming future, the platform intends to become the art leader in the digital world.

Since it’s a comparatively new platform, many people have a hard time understanding how it works, which is why we share the Nifty Gateway platform’s ins and outs!

Introduction Of Nifty Gateway

This marketplace was launched in 2018 by Duncan & Griffin Cock Foster, and they started receiving funding from Boost VC, a well-known California-based investment. According to the sounder, the platform was designed to help novice artists gain more opportunities and access better revenue streams while leveraging the potential of blockchain technology. 

However, it was later purchased by The Winklevoss Twins in 2020 through Gemini LLC, which boosted the growth of this marketplace. In 2020, Nifty Gateway helped sell NFTs valued at $11 million.

In addition, it hosted the NFT collection by Beeple, valued at around $6.6 million. When it comes down to the platform, it curates a combination of crypto technology and collectible art. 

For this reason, it has become a great place for producing a high-value portfolio of tradable assets, which promises a better investment opportunity. Nifty Gateway is partnering with brands and artists to create limited-edition art collections. The platform accepts credit and credit cards for purchasing an NFT, but it’s only available in the US. 

On the other hand, if you live in another country, you must sign up for a Gemini crypto exchange account. The blockchain-based NFTs are known as Nifties, based on the Ethereum blockchain. That’s because they are collaborating with top-notch artists and brands to produce limited-edition NFTs. They are currently charging a 15% transaction fee, which is the highest fee a marketplace charges. 

One can purchase NFTs on this platform through fiat currency, and as far as the sellers are concerned, they can withdraw their earnings to debit cards and credit cards. This is a tremendous competitive edge, and NFT trading has become more accessible. One can connect the wallet that’s ERC-721 token-compatible. 

How Does It Work?

At this point, it’s evident that Nifty Gateway collaborates with brands and artists to produce limited-edition art collections exclusive to the platform. However, the artists must pass the interview and go through an extensive application process for minting and issuing the NFTs.

It ensures that the artwork collectibles have a higher quality standard so that the platform can achieve the premium badge. 

Nifty Gateway generates market hype by launching regular yet scheduled drops, which means they are only available for a limited period. In addition, the platform produces its newsletter (yes, it’s a digital newsletter). In case of NFT drops by famous artists, the collectors can pre-register to ensure they have access to NFTs rather than spelling everything out. 

Purchasing Or Selling The Nifties

To begin with, one has to create an account for free, and as far as the sales are concerned, they can be done through drawings, global offers, silent auctions, and open editions. In the section below, we are sharing details about all of them;

• Silent auctions – the bidders will place the blind bids and only get a notification if they have managed to bag the NFT. 
• Open editions – the NFT quantity is infinite for a particular period, ranging from five to fifteen minutes. In addition, the interested collectors can acquire artwork. 
• Global offers – the collectors are known to submit an offer for the NFTs. The owners of the NFT will receive the notification and sell them at a proposed price if they are ready. 
• Drawings – the interested collectors can enter the lottery to purchase a particular NFT at a specific price. The drawings option was launched recently when unethical users started running bots to snatch the NFT prices. 

When the buyers get access to the NFT, they can resell it in the aftermarket or hold them as a part of their art collections. 

Competitive Edge Of Nifty Gateway

If you are an NFT artist or want to invest in NFTs, you can opt for this marketplace. Most NFTs sold on the platform are curated by famous artists, ranging from Deadmau5 to Beeple and Michael Kagan to Calvin Harris. In addition, it is based on the ETH blockchain, making it easier to trade whichever NFT you want, and the artists can earn handsome commissions. 

Gemini owns the platform, and since it’s based in the US, the authenticity and trustworthiness only increase. It has an easy-to-use interface, and you can even get a refund by accessing the account page (this is for people who have sold Nifties or made the deposit).

If you are in the US, you can easily withdraw money from your bank account. 

The Bottom Line

This marketplace can be utilized for uploading the NFT, and it’s the only suitable option for making NFT deposits. To use the Nifty Gateway, one needs to apply to become an artist on the platform and start selling the artwork. However, to get in, you must get an eight-step questionnaire, and there is an interview that you’ve to pass. 

Overall, this is a top-notch NFT marketplace and resembles an art auction, and the NFTs are handpicked by the website’s representatives. One gets excellent value for every NFT sale, and since anyone can use the platform, it’s time to upscale your art!