Nifty Gateway NFTs: How to Buy and Sell？- CoinNav.io

Non-fungible token (NFT) marketplaces witnessed a remarkable surge, with transactions reaching approximately $82 million in 2020 and an astounding $17.6 billion in 2021. This exponential growth in digital asset trading encompassed a diverse array of items, spanning from whimsical animated images to collectible basketball cards, artwork, music, and more. Among the platforms catering to the collection and exchange of NFTs, Nifty Gateway stands out.

Established in 2018 by Duncan Cock Foster and Griffin Cock Foster, Nifty Gateway gained notable recognition. In 2019, it came under the ownership of the cryptocurrency exchange Gemini, owned by Tyler and Cameron Winklevoss. Positioned as a premium NFT marketplace on the Ethereum blockchain, Nifty Gateway collaborates with leading digital artists, musicians, athletes, and brands to curate exclusive limited-edition launches. The platform has featured NFT offerings from renowned creators like Beeple, Pak, Refik Anadol, rapper Lil Yachty, and other influential figures in the NFT space.

During the zenith of the NFT market between May 2020 and April 2021, Nifty Gateway initiated the launch of 6,623 NFTs, showcasing the works of 418 artists. This translated to reported total sales amounting to $403.8 million across both primary and secondary marketplaces.

Your Go-To Source for the Latest News and Tools in the Blockchain Sector - Coinnav.io

 

Nifty Gateway's Distinctive Features

Nifty Gateway's Ethereum-based NFT marketplace stands out due to three key elements:

1. Curated and Verified Art: The artists featured on Nifty Gateway's NFT marketplace are often established and highly regarded within the art community. Many of these artists hold celebrity status in the realm of crypto art, lending authenticity, value, and recognition to their work.Nifty Gateway maintains a selective approach, granting entry to artists through a rigorous application and interview process before they can mint and release NFTs. This approach mirrors contemporary art galleries that curate, oversee, and present authenticated collections.
2. Exclusive Drops: Nifty Gateway is renowned for its exclusive art drops, which involve limited-edition releases of NFTs or collections by creators. Collectors have the opportunity to acquire these NFT drops before they are sold out. Unlike traditional NFT airdrops, Nifty Gateway's approach focuses on limited quantities, contributing to their swift sell-out due to high demand.Collaborations with prominent artists, musicians, and creators reinforce Nifty Gateway's exclusivity by ensuring that exclusive drops occur solely on its platform. This strategy further enhances the brand's unique identity.

   As an example, Beeple's "Crossroads" NFT and "Spring/Summer Collection 2021" were launched through an exclusive drop on Nifty Gateway in February 2021. "Crossroads" was conceptualized as a response to the 2020 U.S. presidential election and achieved a remarkable sale of $6.6 million on the platform.

3. Fiat On-Ramp Accessibility: Nifty Gateway supports the U.S. dollar fiat currency for U.S. bank account holders, allowing seamless NFT purchases through debit and credit cards. This feature sets Nifty Gateway apart, as most NFT marketplaces require users to engage with a Web3 wallet for transactions.Benefiting from its affiliation with Gemini LLC, a cryptocurrency exchange founded by the Winklevoss twins, Nifty Gateway can leverage Gemini's secure and institutional-grade infrastructure to offer a variety of crypto and fiat payment methods.

 

Getting Started with Nifty Gateway: A Simple Guide

Follow these steps to initiate your journey with Nifty Gateway:

Step 1: Account Registration

Begin by signing up at Niftygateway.com/signup using a valid email address and a secure password. Alternatively, you have the option to connect through a Web3 wallet.

Step 2: Profile Enhancement

After creating your account, it's recommended to enhance your profile by providing essential information. Starting with uploading a profile picture and customizing your profile icon can enhance your user experience.

Step 3: Payment Method Addition

You have three payment options to choose from:

1. Linking with a Gemini Wallet: Seamlessly integrate your account with a Gemini Wallet for streamlined transactions.
2. Connecting with a Web3 Digital Wallet (e.g., MetaMask): Utilize a Web3 wallet to facilitate secure and authenticated transactions.
3. Adding a Credit or Debit Card: Opt for convenience by adding your credit or debit card as a payment method.

By following these straightforward steps, you'll be on your way to navigating Nifty Gateway with ease.

 

How to buy NFTs on Nifty Gateway

Here's a straightforward guide for acquiring NFTs on Nifty Gateway:

1. Visit the Nifty Gateway marketplace.
2. Explore the range of NFTs by artist, collection, or category. You can also use the search feature to locate specific NFTs or collections.
3. Select your desired NFT and complete the purchase using your chosen payment method. The acquired NFT can be directed to either your MetaMask wallet or your Nifty Gateway account.

 

How to sell NFTs on Nifty Gateway

Here's a brief rundown on how to sell NFTs on Nifty Gateway:

1. To initiate the listing process, navigate to the "My Collection" section within Nifty Gateway and select the "List an Item" button.
2. Provide essential NFT details, including the name, description, and price.
3. Sellers have two payment avenues to choose from: They can opt to directly list the NFT for sale using their MetaMask wallet and receive payment in Ether. Alternatively, they can become an authorized seller through Stripe to sell NFTs for U.S. dollars. Once a buyer purchases the NFT, the corresponding funds are transferred to the linked wallet.

 

How to gift NFTs on Nifty Gateway

Nifty Gateway provides the option to gift NFTs, allowing account holders to easily send NFTs to other platform users via their email addresses.

To gift an NFT to another user on the platform:

1. Navigate to the "My Collection" tab and choose the NFT you intend to gift.
2. A new page will open. Click on "Send Nifty." Input the recipient's username in the search box and select their profile. You can even include a personalized note if desired.
3. Confirm your transfer by clicking "Send Nifty." The transfer is immediate, and no gas fees are incurred for within-platform transfers.

Furthermore, Nifty Gateway enables gifting NFTs to individuals not on the platform using their email addresses, as outlined below:

1. Locate the desired NFT to gift and ensure it is eligible for gifting (note that not all NFTs may be giftable).
2. After choosing the NFT to gift, click the "Gift" button. This action will lead to a new page where you need to provide the recipient's email address (and an optional personal message).
3. Select whether to grant the NFT instantly or on a specific date. Once the gifting option is chosen, review the details and click "Confirm" to finalize the transaction. Ensure there are sufficient funds to cover transaction costs.

The recipient will receive an email notification containing instructions on how to claim the gifted NFT.

 

Nifty Gateway Fee Structure and Pricing Overview

Nifty Gateway employs a straightforward fee system categorized into two models: V1 and V2, according to Nifty's WalletHub documentation.

V1 Method

For listings managed within Nifty Gateway's custodial model, the V1 method is utilized. Under this scheme, Nifty Gateway deducts a 5% fee from the sale price. Payment can be made through credit cards, Ethereum wallets, or Gemini accounts. Notably, no gas fees are involved in these transactions.

V2 Method

The V2 method is applicable to vendors who list NFTs for sale using Ethereum cryptocurrency wallets like MetaMask. For such transactions, ETH is the accepted payment method, and Nifty Gateway imposes a 2.5% fee based on the total sale price. Importantly, users are responsible for covering the associated gas fees for these transactions.

 

Is Nifty Gateway Secure?

Just like all NFT platforms, ensuring the safety and security of your digital assets is paramount when using Nifty Gateway. In general, Nifty Gateway has taken measures to prioritize user safety. The platform is backed by respected investors and has gained traction among well-known artists and celebrities.

Nifty Gateway employs standard security protocols, including encryption and two-factor authentication, to safeguard user accounts and transactions. Additionally, Nifty Gateway benefits from the security expertise of its parent company, Gemini, which is known for its commitment to best security practices in the cryptocurrency sector.

Gemini adheres to regular bank compliance procedures, follows financial regulations, and utilizes hardware security and custodial services to uphold the security of the Nifty Gateway wallet. The custodial system model ensures that the marketplace maintains ownership of all NFTs listed on its platform.

Nevertheless, Nifty Gateway is not completely immune to security breaches. In March 2021, a few Nifty Gateway users reported instances of "account takeovers," where their NFTs disappeared from their accounts. Nifty Gateway clarified that its website had not been breached and that the affected accounts lacked two-factor authentication, leading to their compromised security. According to reports and some users, Nifty Gateway successfully retrieved the stolen items.

Furthermore, like any investment or financial transaction, there is always an inherent level of risk. NFTs can experience volatility, causing their value to fluctuate significantly over time. Prior to investing in any NFT, it's crucial to conduct your own research and fully comprehend the associated risks.