Owned by the parent company Gemini LLC, which is a crypto exchange founded and owned by the Winklevoss brothers, Nifty Gateway is an NFT marketplace to purchase and sell NFTs or Nifties.
The popular platform is known for prioritizing quality owing to which it only features verified art by the verified creators and artists. Being a hub of high-profile creators, it is the most expensive NFT marketplace with loads of rewards for collectors with deep pockets but that doesn’t stop it from being among the top 10 NFT marketplaces to buy and sell NFTs.
Through this extended Nifty Gateway review, we will dig deep inside its world and uncover some real gold about the marketplace.
Creating an account on Nifty Gateway
Unlike other NFT marketplaces like Rarible and OpenSea, signing up is the way to access Nifty Gateway. To do that, visit niftyGateway.com/new-signup. The available fields are to be entered such as first name, last name, email address and password. This being done, hit ‘Sign up with password’ and it’s done.
If any issue pops up while signing up, the Nifty help center is always at the beck and call to rectify it.
Types of NFTs on Nifty Gateway
There are 3 major types of NFT releases on Nifty Gateway- open editions, limited editions and auctions.
Open editions have a set time to be put on sale but no set supply. Any number of editions are possible to be minted here.
Limited editions are confined up to a specific number of prints. Not only they are released regularly but also get sold quickly.
As far as auctions are concerned, the seller sets a minimum price for a particular duration and buyers can bid on any amount they wish, provided the amount is more than the minimum price.
In case one misses buying the NFT from the release, there’s always an option to purchase it on the secondary market.
The theory of gas fees Nifty Gateway
One of the main issues for NFT collectors is the gas fees, thanks to the fluctuating gas price and monetary accommodations during purchasing, selling or trading the NFTs.
In a number of cases, users who keep the assets on the custodial platform need not pay any gas fees. However, those who use the marketplace feature as well as wallet-to-wallet function need to pay the fees. As per Nifty, the fees can be decreased by up to 70% by reducing the steps per transaction.
How to buy NFTs on Nifty Gateway
Nowadays, nearly everyone is a pro in online shopping and for such people, buying on Nifty Gateway is a piece of cake.
All that’s needed to be done is creating and verifying an account on the Nifty Gateway. Next comes the turn to buy a crypto wallet which can hold the cryptocurrencies and store the NFTs with no room for duplicacy or fraud. Wallets that support ERC-721 are recommended.
Look through the available NFTs on the Nifty Gateway and choose the one you want from the collection. Generally, buying from the hyped release is a lot easier.
How to sell NFTs on Nifty Gateway
To become a seller, visit the Nifty Gateway Omnibus wallet through MetaMask and click on the NFTs to be sold. Choose the price you wish to sell the NFTs at and tap ‘Put on sale.’ Next, confirm the transaction to approve it.
Congrats! Your Nifties will be posted after being approved by the Nifty team.
When the NFTs are sold successfully, Nifty Gateway debits the service fees and transfers the remaining amount to your Nifty Gateway balance. The Nifty Gateway balance can be withdrawn to USDC on the profile page.
What wallet does NFT Gateway use?
NFT Gateway is based on the Ethereum wallet. Both purchase and sale of NFTs is possible in ETH directly from the Ethereum wallets like MetaMask. Being a custodial marketplace, a marketplace that handles as well as controls a wallet’s private key and holds the non-fungible tokens in custody, there’s no need to connect web-based or hardware cryptocurrency wallets.
How to list an NFT?
Listings refer to all the NFTs that are put on the marketplace. Listing an NFT is pretty easy on the Nifty Gateway. The below steps are an explanation for the same.
- Login and click ‘Create’ on the top right.
- If there’s already a collection, you can add another one or choose to create a new one. Any kind of NFT can be added or minted be it GIF, JPG, PNG, MP3, MP4 or any other.
- Type the title and description of the NFT. Make sure the title sounds appealing and is based on the digital asset. In the description, tell the purpose and theme of the NFT. Mention the rarity tier of the NFT too.
- Choose the type of listing you want. You can either opt for an instant sell price or put the NFT for auction.
- While some marketplaces offer free listings and charge later, some ask for the payment simultaneously.
- Charges taken by marketplaces are gas prices for transactions.
Upon listing the NFT, it’s time to look for offers from potential buyers. If the NFT is set up for a fixed price and a buyer wants to buy it, it is considered a public sale. Update is shared when the NFT is sold and the fiat or cryptocurrency is credited in the provided account.
In case of an auction, notifications about different bids on the NFT are sent. Private offers from buyers are possible too; however, being careful is very important.
Does Nifty Gateway allow credit cards?
Whether one intends to buy a crypto collectible or sell it, credit cards can be used even without confirmation or verification through micro-deposits for primary sales.
The same couldn’t be said for purchase on the secondary marketplace. Here, verifying the credit card is mandatory and includes two micro-deposits confirmations for safety reasons.
What are some positives and negatives traits associated with the Nifty Gateway?
|Nifty Gateway has an easy-to-navigate user experience.||ETH is a must to pay for NFTs using crypto.|
|Many high-profile creators and artists with renowned assets have sold the master NFTs on Nifty Gateway.||Not recommended to people with limited capital or scarcity of cash.|
|Fiat payments as well as credit and debit card transactions are supported.||In March 2021, the platform fell prey to the alleged NFT heist in which many Nifty Gateway accounts were hacked and thousands of dollars worth of artwork were stolen.|
|Probably the best marketplace for high-end NFT drops.||While the platform has no iOS app, the Android app only displays the NFTs.|
|It is built on the Ethereum blockchain, the most popular blockchain for NFT trades.||Though the platform is one of the most eco-friendly NFT platforms, there’s no denying that NFT transactions are harmful for the environment.|
|The platform is owned by Gemini, which is in turn owned by the Winklevoss brothers. Moreover, it is U.S. based. All these factors make the Nifty Gateway trustworthy.||Withdrawals to bank accounts are possible for U.S. banks only; hence, non-U.S. residents need to withdraw to a Gemini account. Though it is fine for crypto users, alternatives are unavailable for international users.|
Nifty Gateway is a treasure for digital art fans. Being associated with some of the very renowned artists and celebs across the world, it is perfect for anyone who has enough capital. Despite the limitations on its payment options, it is and probably will remain a great option for NFT traders.
Nifty Gateway is 100% legit since it is a well-known NFT trading platform based on the Ethereum blockchain and owned by Gemini, a cryptocurrency trading platform that is regulated by the New York State Department of Financial Services.
Nifty Gateway is open exclusively to invitation-only buyers and sellers of NFTs.
Nifty Gateway is based on the Ethereum blockchain, which is considered as one of the best and most secure blockchain platforms.
A Nifty Gateway drop is the one and only way to purchase an NFT from the platform before it hits the secondary market.
Every time an NFT is sold, the platform takes 5% of the sale price in taxes and fees. Additionally, it charges 30 cents per sale to cover the transaction fees.
10% of the sale price is shared with the original artist or creator on secondary sales. Sadly, fees are not always completely transparent, which is a major downside of Nifty Gateway.
‘Nifty’ refers to an NFT drop on the platform. Every three weeks, Nifties are dropped and are available on the secondary market only.
Nifty Gateway is home to extremely talented and skilled creators, which raises the entry bar of the platform. Therefore, not everyone gets to create and sell their NFTs. Moreover, there’s always a heavy backlog in applications.
But of course, there’s nothing bad in applying with the creator form and filling the questionnaire.