Nifty Gateway Review: State-of-the-art technology

NFT marketplaces include trading platforms targeted at professional artists. Nifty Gateway is one such project. We tell in our review what is special about the marketplace and how to sell NFT within its walls.

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Marketplace features

• The marketplace makes bets on the quality of the exhibited works, and not on their quantity;
• Strict selection of artists and collection owners. You need an already significant name and portfolio to be you place on the marketplace;
• Many celebrities post their work on the platform. Including on Nifty Gateway is exhibiting popular digital artist Beeple;
• The ability to use not only cryptocurrencies, but also fiat money;
• Withdraw funds immediately to a credit or debit card;
• The project team regularly releases new proven collections;
• NFTs are called nifties on the site;
• No gas fee when minted;
• Powered by blockchain Ethereum. At the same time, the platform team stores the work itself outside the “block chain”. This approach has become a reason for criticism of the high level of centralization of the project.

What is Nifty Gateway?

Nifty Gateway is one of the oldest NFT marketplaces on the market. Unlike most analogues, the platform developers have focused on the quality of work, and not their quantity.

The project was founded in 2018 by Duncan and Griffin Cock Foster. The young startup received funding from Boost VC. In 2020, the platform came under the control of the founders of the crypto exchange Gemini – Winklevoss twins.

Thanks to this fact, the site now has a good reputation. The uniqueness of the site lies in the fact that when concluding transactions, you can use ordinary money from credit or debit – in general, bank cards. True, the service is available only to users in America, the rest will have to withdraw funds to a Gemini account.

Most often Nifty lots Gateway is the NFT of already famous artists and artists who have established themselves in the crypto space. The platform team also pays attention to checking the quality of the work itself. Strict selection of lots allows developers to position Nifty Gateway as a contemporary art dealer.

Their goal is to team up with leading digital art creators and sell high quality NFT tokens that would only be available on this platform.

Interesting! Within the walls of the marketplace, the exhibited works are usually called the word nifties, derived from the name of the site itself.

Big deals

It was on this platform that the singer Grimes earned $6 million. The most expensive lot was the NFT «Death of the Old», which depicts flying angels, and the original song of the singer is used as an audio track. The token was purchased for $389,000.

Artist Beeple has sold an NFT token tied to his painting “Ocean Front” for $6 million.

How to start working on Nifty Gateway?

To start trading on Nifty Gateway, you need to create an account.

To do this, in the upper right corner, you will need to press the «Sign up». The platform will offer two registration options:

1. Via crypto wallet Metamask. To do this, you must first create an account in a crypto wallet. Detailed instructions for working with MetaMask and registering an account are in our material.
2. By setting a password.

Whichever option the user chooses, the system will ask for an email address and full name.

Marketplace interface

1. Drops

The authors of their works on the confirmed release schedule post their works. Then NFTs are sold at the appointed time on the basis of an auction. There are 2 categories of drops:

• curated drops

  

• verified drops

2. Main marketplace

All owners of works exhibit NFT here as in the secondary market. That is, it is being resold.

If you go to any item, you will see the creator, release date, entire sales history, original cost, average cost. Here you can make your price offer.

If you go to any product, you will see the creator, release date, entire sales history, original cost, average cost. Here you can make your price offer.

3. Activity

Section with data on the activity of platform users. Here, literally every 5 minutes, all the latest interesting offers and purchases on the stock exchange are published.

4. Company

In the section, users can find basic information about NFT and work on the marketplace.

Jobs section, help center and links to other services are located at the bottom of the platform.

How to sell NFTs on Nifty Gateway?

Before starting work, the system will ask the user to decide who he wants to position himself on the platform as:

• Digital artist.
• Project representative.

Depending on the choice of direction, the site will offer to answer a number of questions. The survey takes about 7 minutes.

For example, to register on the marketplace as an artist, you will need to provide the following data:

• Full name and creative pseudonym;
• E-mail address;
• Tell us about your experience and work profile;
• Indicate the purpose of work on the marketplace and share creative ideas that are planned to be implemented on the site;
• You will also need to provide links to your work sold by NFT and a video presentation of yourself.

The specified information is carefully check by the site team. Verification takes up to one month.

In case the artist does not meet the requirements, the platform will reject his request. Therefore Nifty Gateway is not suitable for beginners without experience and a big name in the crypto industry.

How to buy NFTs on Nifty Gateway?

Buy NFTs on Nifty Gateway is much easier than selling. Any registered user can buy and resell works. There is no need to pass verification for this.

To start shopping, all you need to do is register and make sure that you have funds in your account to buy digital art. You can go to the drop section or the marketplace and make your offer. After that, the owner of the work must approve your proposal, and you will become the new owner of the token.

One of the main advantages is that you can purchase not only for cryptocurrency, but also with ordinary fiat money, for example, dollars from your credit card.

Commissions on the site

Posting your work is free. During the initial sale, the buyer pays a commission of 5% to the marketplace. For further resale, a royalty of 10% is set, which is accrued to the author of the work from each transaction.

Summary

In our review, we looked at the features of the marketplace Nifty Gateway, as well as how to create, buy and sell NFTs. In conclusion, we want to say that this is a large NFT marketplace for exclusive digital art, built on the blockchain Ethereum. It features rare collectibles, fine arts, animations and music. The site has good potential, but the concept implies more exclusivity than, for example, competitor OpenSea. You can read a detailed review about it here.