The Nifty Gateway marketplace allows you to buy, sell, trade, and showcase your Nifties Tokens (NFT). The NFT market already has a large number of sites where both celebrities and ordinary users post their creations. Nifty Gateway is considered one of the most famous platforms for creative people to implement their creative projects.
What is the Meaning of NFT Tokens
NFT is one of the most popular blockchain technologies. It is almost the same cryptocurrency asset as BTC or ETH, but with a fundamental difference. It lies in the fact that NFTs are not interchangeable, as they are completely unique. NFT has value as both an investment and an art form. Any unique objects that are of interest to buyers can be submitted in the form of an NFT.
How to Use Nifty Gateway
The Nifty Gateway platform was founded in 2018. In 2019, it was acquired by Gemini LLC, a crypto exchange and trust company. Gemini is based in New York City and is regulated by NYSDFS.
Nifty Gateway is a marketplace for NFT transactions. It uses the Ethereum blockchain to create non-fungible tokens. From May 2020 to April 2021, Nifty Gateway’s primary and secondary market sales were $ 303.8 million. During this period, the platform released about 3,000 new NFTs from over 260 artists.
Nifty Gateway is partnering with digital artists and brands. They collaborate to release limited edition digital art that is exclusive to the Nifty Gateway site. The Nifty Gateway management is very responsible for choosing the NFTs that are created on this platform. Artists go through rigorous controls before being allowed to develop and release NFTs. This approach ensures the high quality of all artwork presented and helps maintain the reputation of the premium platform.
Difference of Nifty Gateway from Other Platforms
Nifty Gateway is an NFT art marketplace where the administration controls the creation and release of NFTs. Many other major NFT marketplaces like OpenSea are decentralized. Users do not need to go through the application process to create an NFT, so the quality of the tokens sold can be questionable.
Unlike many other NFT trading platforms, Nifty Gateway does not require users to have BTC, ETH, or any other cryptocurrency to complete a transaction. Purchases can be made using ordinary bank cards. Nifty Gateway allows you to work with US dollars so that users who have bank accounts in the US can deposit and withdraw money directly in dollars.
Selling and Buying on Nifty Gateway
Nifty Gateway plans to increase the availability of NFT to the masses by offering a wide range of transaction options. The platform has convenient functionality for NFT operations.
The objects for sale and purchase are digital artworks in the NFT format. By the way, the team began to use a different designation for their platform — Nifty, instead of the abbreviation familiar to many. That is, Nifty Gateway is a marketplace for Nifties.
Market hype for NFT collections is generated through their scheduled releases, during which they are only available for a limited time interval. It is called a drop. After the sale is completed, the objects are available only in the “Marketplace” section. It is a section of the site that allows participants to trade NFT among themselves.
How to Sell on Nifty Gateway
If a user wants to sell a work on Nifty Gateway, he has to take a few simple steps:
- leave an application and fill out a questionnaire on the resource;
- provide links to the portfolio;
- indicate the object of sale.
The site quickly reviews applications. It verifies personal information and bank accounts. If the application is approved, the user will be able to upload the work and trade during the drop.
To place your NFT in the Nifty Gateway you need:
- download Nifty Gateway app;
- connect this app to your Nifty Gateway account.
NFTs are automatically displayed in the creator’s profile as a collection. To popularize his work, the creator must:
- upload high-resolution versions of your work in your profile;
- share your profile URL with anyone on social media, websites, etc.
In this case, all interested people will be able to follow the link directly to their personal profile and see the collection.
There are four main ways to sell:
- Online auctions without sound. Bidders are blind bidders and receive a lot of information only if they have received the item after the auction.
- Lottery drawing. To participate in the lottery, users buy lottery tickets for a fixed amount (principal amount). The creator of the pool sets the principle. The winner is randomly selected using a smart contract, and the principal amount is automatically exchanged for the NFTs put up for auction. The pool creator gets money from the sale, and the winner receives the NFT from the pool. The rest of the participants can demand the return of their share capital from the pool. The number of participants who can take part in the drawing is 60,000 people. Users must pay a small commission to participate in the draw. The use of smart contracts guarantees the fairness of the draw results.
- Personal Inquiries to Purchase NFT. The owners of this digital art are notified and can sell it at the suggested price if they wish.
- Open editions. The number of defined NFTs becomes unlimited for a short time interval, for example, from 5 to 15 minutes. Interested collectors will find it easier to get their hands on the artwork.
How to Buy on Nifty Gateway
In order to become a buyer on Nifty Gateway, the user must register and create an account. You will also need to connect to your MetaMask wallet to fund your deposit. The MetaMask wallet is the only way to top up your Nifty Gateway account.
If the user has NFTs in another wallet, he can use them through MetaMask. But the user must first replenish the deposit. Depositing NFT into a MetaMask account requires a verification process. The user will not be able to deposit without proof of ownership.
To do this, the user must:
- select the proof of ownership option in the account information, which will redirect the user to the confirmation page;
- provide the information required for verification.
If the verification passes without any problems or restrictions, it is pretty easy to make a deposit.
Purchased Nifty is displayed in your personal account. The user can dispose of the digital art at will, for example, resell on the secondary peer-to-peer market. To sell Nifty, you need to find the “Put up for sale” option, click on it, and assign a price. Then you just have to wait for someone to show interest in creativity.
Transferring NFT from MetaMask to another wallet involves a few simple steps:
- enter the wallet address;
- select an object in your personal account;
- confirm the transaction.
Transactions take place within a couple of minutes.
The Nifty Gateway platform provides an opportunity to purchase objects in two ways:
- during a drop, immediately at the creator of the work;
- in the “Marketplace” section of other participants.
What is Drop
The organizers of Nifty Gateway are connecting with renowned artists and collectors to release their digital art exclusively on their site. It is called a drop. Drops are carried out approximately every three weeks. During the drop, new NFTs are available for purchase for a limited time. It is the best chance for collectors to get any item at the lowest price. When the time is up or when the quantity is sold out, the collector will be able to buy art only in the “Marketplace” section. Sometimes in the secondary market, they have a much higher price.
Nifty Gateway informs users about upcoming digital art releases. Preview is important because the most up-to-date NFTs are sold out in minutes.
Cashing Out Money Through Nifty Gateway
Only US Nifty Gateway users can withdraw money to a bank account. For this, you need:
- pass authorization on the Nifty Gateway website;
- open the balance page in your personal account;
- add your bank details;
- мerify your bank account by completing the required steps.
After adding details, users will be able to withdraw funds to a bank account. Withdrawals can take up to 3-5 business days, but they are usually much faster.
Users from other countries can cash out their accounts using the Gemini wallet. For this, you need:
- log in to the Nifty Gateway website;
- open the balance page in your personal account;
- add your Gemini wallet details;
- adding a Gemini wallet will be approved by the administration.
Further, the withdrawal of funds does not differ from other payment methods. The user will need to select the Gemini wallet, enter all the required data and confirm the transaction.
Nifty Gateway releases elect digital art collections exclusively on its platform. It adds to the uniqueness of the Nifty Gateway site and attracts new users.
In turn, performers benefit from the ability to exhibit their NFTs in a large venue with an active audience. Nifty Gateway handles all the technical aspects of sales and transactions, so performers have the opportunity to focus entirely on their creativity.
Fees and Interest
Artists earn a percentage of the profits each time their work is sold on the Nifty Gateway. This feature is only available in the NFT markets and is an essential argument for attracting many artists. Nifty Gateway allows each performer to choose their percentage of royalty.
That being said, the platform charges 5% of the selling price to cover operating costs (credit card processing fees and service charges), and 10% is a creator’s commission. Some works have higher creator fees, but these are mentioned in the art description at the time of the initial sale. The site administration keeps 5% and 30 cents from all subsequent sales. These funds are used to maintain the site and ensure financial processes.
Development of Functionality for Users
In 2020, Nifty Gateway introduced additional features for platform users:
- A collector’s chart that shows the historical trend in the price of an asset.
- Ability to view the rating page to get a quick overview of the most popular NFTs in terms of aftermarket sales.
Nifty Gateway also introduced additional functions for the convenience of users. Collectors can be notified of price changes and transactions of their selected NFTs.
Also, the site has the following additional features:
Pros and Cons of Nifty Gateway
The Nifty Gateway offers a large selection of exclusive NFTs. However, for the sake of this, the Nifty Gateway management abandoned decentralization, which would allow the market to be entirely open for users. Even though the Nifty Gateway platform quickly gained great popularity, it has both advantages and disadvantages.
- convenient and responsive user interface;
- a large number and variety of digital assets;
- the ability to purchase with a bank card;
- availability of a mobile application for Android;
- fast registration procedure;
- exclusivity of collectibles.
- lack of affiliate programs;
- a very rigorous choice of authors, which makes the site practically inaccessible for novice artists;
- high commission percentage;
- limit on the withdrawal of fiat currency;
- lack of extended AML verification;
- insufficient security against hacker attacks.
According to experts’ forecasts, the digital art market will continue to develop. The number of sites that provide their services in this area will also grow, as will the competition between them. Traders are more and more actively involved in NFT trading, observing the potential of this market. However, it is very important that the trader must be careful before making purchases. As with any market, successful NFT investment depends on the trader’s intuition and knowledge of the latest trends.