Last Updated on July 19, 2024 by Kamran Ali
Nifty Gateway, a well-established art NFT marketplace, was bought by Gemini, a popular crypto exchange, in 2019. It sells popular items called “nifties” from famous artists, often through auctions. Here is what you need to know about the Nifty Gateway platform.
Is The Nifty Gateway Platform Right for You?
The Nifty Gateway platform is widely known for featuring renowned artists and brands, making it a top choice for NFT collectors looking for exclusive collections.
Potential NFT buyers often need more time to set up their crypto wallet and proceed with buying crypto. Nifty Gateway streamlines this process by accepting credit and debit cards, amongst other payment methods, making it much easier to buy with traditional money than with crypto.
Gas fees are undoubtedly a concern for many NFT collectors, especially on Ethereum. Nifty Gateway’s custodial platform avoids gas fees; however, marketplace and wallet-to-wallet users still incur them. Nonetheless, by streamlining transactions, Nifty has reduced these fees by up to 70%.
Limitations of Nifty Gateway
While the Nifty Gateway platform aims to make NFTs accessible by offering crypto-free payments, first-time users often need help navigating the site, with limited educational materials and buried fee information.
Another downside is that Nifty only uses the Ethereum blockchain, which leads to high gas fees, congestion, and energy costs, though it offers a way to reduce these fees.
Nifty is focused on digital art in its entirety. It doesn’t sell domain names, gaming/metaverse NFTs, or low-cost variations of popular collections like Bored Apes.
FAQs
Is the Nifty Gateway safe?
You own all NFTs stored under Nifty Gateway’s custodial option. Nifty Gateway will never freeze or seize your NFTs as long as they are entirely paid for and there is no proof of criminal activity.
What percentage does Nifty Gateway take?
Each artist decides what percentage of royalties they receive. For each secondary market transaction, Nifty Gateway deducts 30 cents off the sale price in addition to 5% to pay credit card processing costs and fund the platform’s operations.
How does Nifty Gateway work?
Nifty Gateway is an NFT marketplace that allows users to easily buy, sell, and trade NFTs.
Who runs Nifty Gateway?
The Nifty Gateway platform was founded by Duncan and Griffin Cock Foster. The Winklevoss twins have since bought it.
How to become a seller on Nifty Gateway?
Users must provide personal information or have an active bank account or debit card to cash out any proceeds from credit or debit card payments.
Is Nifty Gateway exclusive?
Nifty Gateway is an exclusive marketplace for artwork and music curated by the Nifty team.
How to post on Nifty Gateway?
To list an NFT for sale, follow these steps:
- Navigate to the “My Collection” tab on the platform.
- Click on the “List an Item” button.
- Type in basic details about the NFT, such as its name, description and price.
Takeaways
Nifty Gateway offers exclusive, high-profile NFT collections with easy credit card payments, making it accessible to traditional buyers. However, its focus on digital art and reliance on the Ethereum blockchain may limit appeal for those interested in a broader range of NFT categories or lower-cost options.
