Nifty Gateway: Collect Digital Art Review-The Gray Market

Duncan and Griffin Cock Foster founded Nifty Gateway, an online auction website for non-fungible token (NFT) art, and Winklevoss Twins acquired it in 2010.  Several widely followed NFT artists have sold at Nifty Gateway, including Beeple, Grimes, and Logik. A partnership between Nifty Gateway and Sotheby’s began in March of 2021.

With backing from the Winklevoss Twins’ crypto exchange, Gemini, Nifty Gate is a top NFT art marketplace built on the Ethereum blockchain. On the platform, NFTs are called “Nifties,” and drops occur every three weeks. However, after the fall, the only place to buy them is on the website. A marketplace where everyone from Steve Aoki to deadmau5.

As a creator, anyone can apply and decide what commission they will receive, whether it is 5% of every secondary sale or 50%. 5% of secondary sale proceeds and 30 cents are taken by Nifty Gateway regardless of the artist fee.

Pros:

• Platform with extremely exclusive artists
• Credit cards can be used to purchase NFTs
• Crypto beginners can use this platform easily

Cons:

• Marketplace for NFT without wallets (custodial)
• To be accepted on a platform, an artist must be famous.

Is Nifty Gateway Safe?

However, it is essential to note that website is a custodial NFT marketplace, which means your NFTs are not kept in your wallet but rather on the platform.

As with OpenSea, no wallet needs to be connected. It has caused issues where users who did not set up two-factor authentication (2FA) could have NFTs removed from their account without even signing blockchain transactions since hackers simply logged into the website and sent/received the NFTs. Because it is credit card friendly, hackers could buy NFTs from the platform and have them immediately sent to themselves.

How to Purchase an NFT on Nifty Gateway

On the website, you can purchase NFTs in several different ways. You can choose an auction, a limited drop, or an open drop. Drops are the only way to order art directly from an artist, although sometimes they are conducted through a raffle or lottery.

When these drops are complete, you can either place an offer (if the seller allows that to happen), buy it for the list price, or make a global offer, meaning every owner (if multiple) will get a notification and choose whether or not they wish to accept it.

What Wallets Does Nifty Gateway Accept?

To use Nifty Gateway, users do not need to sign up for any crypto wallet, as it acts as a custodial marketplace. Suppose you receive your works from Nifty Gateway in an external wallet to Nifty Gateways, such as MetaMask. In that case, they cannot be sold on the website until they are withdrawn to an external wallet.  As soon as you withdraw them, you can list them on the website platform or deposit them into another marketplace like OpenSea.

Advantages of Nifty Gateway

Nifty Gateway is primarily known for its exclusive artists. Some of the world’s most renowned artists are featured on the site.  It’s easy to resell after purchase due to the predictability of drops. The website might be most attractive to beginners because it makes it easy to initiate NFT purchases with a credit card, Instead of requiring them to create a crypto wallet, fund it with ETH, connect it, pay gas fees, and sign a transaction.

Disadvantages of Nifty Gateway

Because Nifty Gateway is an exclusive network, you are unlikely to appear on their platform unless you have some kind of industry clout. Most other artists must therefore use another marketplace, such as OpenSea or Rarible. The other drawback of the website is that it is a custodial NFT global market, which means you do not own the NFT unless you withdraw it from the site, which is not an easy procedure compared to buying NFTs on the website.

In cases where 2FA is not enabled, a person who logs into your account can withdraw the NFT to their address because they are stored on your account.

Nifty Gateway Community Guidelines

A healthy, inclusive environment is a priority at website. The key to strengthening this ecosystem is for each member to contribute positively, share perspectives that can enhance and benefit the ecosystem, and take responsibility for its improvement. Our guidelines and expectations are reiterated in this spirit.

• Tolerance for different perspectives and opinions will be demonstrated in the community. Though passionate discussions are a natural part of any town hall, we expect everyone to strive for peaceful resolutions to disagreements and meaningful discussions.

• Keep hate speech and harassment to a minimum. Racism, ethnicity, sexism, gender, sexual orientation, religion, or disabilities will not be tolerated as forms of harassment or attack. Diversity is celebrated as a strength, and we all show each other support in inclusive spaces.

• Communal members who threaten violence may be banned from Discord and their account restricted on the leading site if they express hate speech or malicious threats.

• Defying the ban/restrictions may require you to create alternate accounts. Please do not do this. Our policy will cancel and restrict this account and future ones if we find out it was an alternate account.

As a community, we are committed to building the best possible experience for every Nifty Gateway member. Accordingly, the above guidelines will be continuously evolved.  The purpose of this is to ensure that we stay on track towards creating an inclusive and healthy community. If any of our members do not adhere to the above guidelines, we reserve the right to exclude and ban them from Nifty Gateway Discord and the website.

How Does Nifty Gateway Make Money?

As well as OpenSea and Rare, the website is one of the most popular and largest NFT Platforms. On Nifty Gateway, the premier NFT marketplace, you can find a wide range of valuable NFT collectibles, artwork, and assets. The website regularly elicits collaborations with top artists and brands to create precious NFT collectibles as part of its uniqueness. In addition, US dollars are being used for the purchase and sale of NFTs.

Royalties from the sale of each product and the sale of secondary products are how the website gets its revenue or income. A 30 cent transaction fee is also tacked on top of that. A fee of 5% is charged to the original creator, and a fee of 10% is set to the artist. Additionally, Nifty Gateway’s revenue soared during the first months of 2021, driving its current market value between $774 million and $1.2 billion.

Nifty Gateway and the Gemini crypto exchange offer direct withdrawal for sellers and artists from the Gemini crypto exchange to allow them to cash out their earnings directly. For those of you unfamiliar with the Winklevoss twins. They were the ones who filed the first lawsuit against Mark Zuckerberg over his ownership rights to Facebook. 

After that, they began buying cryptocurrency in 2013 and launched Gemini LLC the following year. Technology has created a revolution in the art world with the invention of non-fungible tokens. Since there was a massive copyright problem worldwide, it was difficult for creators and artists to protect their work thoroughly. 

The copyright issue is somewhat alleviated with Non-Fungible Tokens or NFTs, which is why we can sell artwork to artists like Beeple for over 70-million dollars. The artwork of many artists has been sold as NFTs for a great deal of money, including Beeple. NFTs can be created from any type of digital asset. It is thus possible to convert memes to NFTs and sell them on various platforms for NFTs. 

Meme stars are selling their memes on various NFT platforms just recently. In addition to the Nyan Cat, which was sold for 560,000 dollars, there are numerous other famous cats.  Many famous memes from the 2000s have been sold for over half a million dollars, such as the Disaster Girl Meme.

Nifty Gateway’s biggest sales

Among the highest valued NFT artists on the platform, Beeple holds the throne. In addition to Beeple’s The Complete MF Collection (2020) selling for 777,777 dollars on Nifty Gateway, the NFTs went for over 3.5 Million dollars. Steve Aoki’s Hairy was also in the top five iconic sales on Nifty Gateway, selling 888,888.88 dollars. During March, the sale was a record-breaker. In this video, Steve Aoki’s music is paired with an animation that shows off the style of music Steve Aoki plays.

One of the iconic NFT albums that sold on Nifty Gateway for a total of $1 million is Not Forgotten But Gone by WhIsBe. Here is a 16-second video clip featuring WhIsBe, known for his NFT gummy bear collectibles on skeletons. Auction Titleholder Choices Name by SSX3LAU was also purchased on the website for a whopping $1.33 million. One of the most creative NFTs involved letting the buyer choose which song plays during the NFT. Music videos made up the majority of NFT.

Nifty Gateway Exclusive Artists

The goal of Nifty Gateway is to launch exclusive art and collectibles exclusively for Nifty Gateway in collaboration with top artists. Many prominent artists have posted their art and music on the platform, including Deadmau5, Carl Cox, Lil Yachty, and Beeple.

Additionally, OG Esports and the famous NBA Top Shot have collaborated with them. The website is unique among other NFT marketplaces because of this. It’s true with platforms like Christie’s and SuperRare that sellers pay hefty fees, but these platforms are not free.  For Nifty Gateway, there’s only a 5% fee on sales and all secondary sales, compared to 15% for SuperRare.

By regularly collaborating with some of the industry’s leading artists and collectors, NFT collectibles and artworks are increasingly valued. As a result of this, the platform is known for selling high-quality collectibles and artworks. As an NFT platform, Rarible has many arts and creators and is saturated with every artist’s style imaginable.

Final Words:

In addition to OpenSea and Rarible, Nifty Gateway is the biggest and most famous NFT Platform globally. Nifty Gateway, NFT’s premier marketplace, offers various valuable collectibles, artwork, and assets.  Nifty Gateway regularly elicits collaborations with top artists and brands to create precious NFT collectibles as part of its uniqueness. A centralized platform is also used for buying and selling NFTs, which are powered by USD.

Royalties from the sale of each product and the sale of secondary products are how Nifty Gateway gets its revenue or income. A 30 cent transaction fee is also tacked on top of that. A cost of 5% is charged to the original creator, and a fee of 10% is set to the artist.  At the beginning of 2021, Nifty Gateway’s revenue also increased very quickly, and today the company is worth between $774 million and $1.2 billion.

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