By accepting payments via credit cards and debit cards, Nifty Gateway is working toward its goal of making it simple for anyone to acquire or trade NFTs. A wider marketplace is also available for unscheduled sales on the site, in addition to scheduled drops that are used to auction limited-edition works. Learn more about the distinguishing features of this platform by reading our comprehensive evaluation of Nifty Gateway.
Comprehensive analysis of the Nifty Gateway
What exactly is this cool Gateway?
Nifty Gateway is an art NFT (or non-fungible token, to give its full name) marketplace that has been around for quite some time. It does this by selling well-known artifacts, often known as “nifties,” by well-known artists, most frequently through auctions. The site makes it simple to pay and create an account; but, there is a lot of terminology that is unique to the website, which can be difficult to understand for new users. The fact that the platform was acquired in 2019 by Gemini, a well-known cryptocurrency exchange, bolsters Nifty Gateway’s claims of being a secure cryptocurrency gateway.
Top rewards
Includes well-known musicians and brands as participants.
This is an invitation-only NFT site that targets collectors who take their hobby quite seriously. Through Nifty Gateway’s curated drops, you are able to purchase limited-edition NFTs from notable names in the industry directly from the developer. In addition to providing in-depth information about each artist and piece of work, the website also hosts a variety of other events, such as discussions with the artists themselves.
Option for a Custodial Wallet
The custodial wallet offered by Nifty Gateway is not going to be appealing to all customers. But it will be appealing to art enthusiasts who want to buy NFTs without having to possess cryptocurrency or worry about setting up a wallet. Those people will be able to do so without having to deal with either of those issues. In addition, the custodial platform allows collectors to buy, trade, or give away non-fungible tokens without having to pay exorbitant gas fees. The wallet-to-wallet option that Nifty Gateway offers will be appealing to those individuals who are passionate about NFTs but would rather store their assets off platform in a crypto wallet that they have full control over.
lowered or eliminated prices at the pump
On the Ethereum network in particular, gas fees present a challenge for a great number of NFT collectors. Nifty Gateway customers who store their assets on the company’s custodial platform can, in many instances, steer clear of paying any gas expenses at all. Customers who make use of the marketplace and the wallet-to-wallet functions are subject to transaction fees. However, Nifty claims that it has discovered a method that can cut those fees by as much as 70% by reducing the number of steps that are required for each transaction.
Credit and debit cards are accepted here.
The necessity of establishing a cryptocurrency wallet and purchasing cryptocurrency prior to getting started with trading NFTs deters some people who were considering making the investment. The Nifty Gateway marketplace is compatible with a variety of different payment options, including credit and debit cards. In point of fact, it is almost simpler to purchase using conventional currency than it is with cryptocurrency.
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What aspects could use some work?
Not beginner friendly
Nifty Gateway claims that its goal is to make NFTs available to anybody, and that one of the ways it plans to accomplish this goal is by supporting crypto-free payment methods. However, in general, the website is difficult to navigate. When a player is using the game for the first time, it might be challenging to navigate the different sorts of auctions, drops, and collections. In addition, there is not a great deal of educational content available to new investors.
Additionally, the information regarding the fees can be found on the Nifty website, but it is hidden at the very bottom of other material. The activities that you can participate in without having to spend money on gas are promoted by Nifty Gateway. However, because there is no clear website describing the costs, it is difficult to determine how much you are paying for the art as opposed to how much you are spending on fees of any kind, including gas.
Only uses the blockchain of Ethereum.
Ethereum is a well-established blockchain that serves as the primary location for the minting and storage of many non-fungible tokens (NFTs). Nevertheless, it faces challenges in the form of high energy expenses, expensive gas fees, and network congestion. Multiple NFT markets provide customers with alternatives to Ethereum, allowing consumers to cut expenses and gain access to NFTs developed on chains other than Ethereum. Instead, Nifty provides a means to reduce the costs of using Ethereum’s gas, but this can only go so far.
Narrowly focused forms of NFTs
Nifty is an NFT marketplace that focuses on digital art and is geared toward consumers who are relatively serious about their purchases. It does not sell domain names, gaming or metaverse non-fungible tokens (NFTs), or low-cost variants of Bored Apes. If you are interested in purchasing things of this kind, you will need to look in a different location.
Possible alternatives to think about
Rarible provides users with not one, not two, but four different blockchains to choose from, in addition to a diverse selection of NFTs. Check out their website if you wish to purchase or trade non-fungible tokens (NFTs) on Ethereum, Tezos, Flow, or Polygon.
If you are looking for a platform that is easier to use, OpenSea is the most popular NFT platform currently available. It offers a variety of different kinds of NFT, an easy-to-use interface, and helpful materials for people who are just starting out with NFT.
The Nifty Gateway marketplace operates differently than the majority of the other major NFT marketplaces. To begin, this platform is predominately a custodial platform, which indicates that assets are stored on the platform as opposed to being saved in an external wallet. Because of this, it has greatly reduced the cost of the gas (or no gas fees at all).
It would appear that some of Nifty Gateway’s competitors adhere to the philosophy of “load ’em high and sell ’em cheap.” Instead, Nifty places a greater emphasis on goods that are unique. You may view a calendar of impending content drops on the website, and it provides daily content drops, most of which are released by well-known artists. (A new NFT will be made available for purchase or minted at predetermined periods known as NFT drops.) Because the majority of Nifty’s wares are sold via auction rather than at predetermined prices, you will need to be prepared to place bids on them.
It is possible that Nifty Gateway will be challenging to understand and utilize for first-time users. There is a significant amount of tacit information and conditions, many of which can have an effect on the price, the fees, and the method of payment. For instance, the payments on its “main” and “secondary” marketplaces operate in a manner that is distinct from one another.
Services
On Nifty Gateway, users are able to purchase, sell, and trade NFTs, but only verified creators are able to mint NFTs. Additionally, in order to sell an NFT, you will be required to confirm your account with a third-party service provider known as Stripe. Because this is not available everywhere, you should determine whether or not you are eligible to participate before you invest too much time or effort. It would be quite annoying if, after purchasing an NFT on the platform, you discovered that you couldn’t then put it up for resale on the platform.
A bewildering variety of auction formats can be found on Nifty Gateway. Take the time to familiarize yourself with the functionality of each one before making any purchases on the platform. That way, there is less of a chance that you will purchase an item that you believe to be one of a kind, just to find out that hundreds will be produced.
The following is a list of some of the sales that Nifty currently has:
• Open Editions gives users a predetermined amount of time during which they can purchase nifties at a specified price. For instance, the creator might decide that the time limit should be 10 minutes and the fee should be $400. After that, they would produce an amount of NFTs equal to the total number of units sold in the previous 10 minutes.
• First Come, First Serve: This is quite similar to the open edition; the only difference is that the creator decides the price and the number of editions available. When the drop becomes live, sales are conducted according to the principle of “first come, first served.”
• At auctions, prospective purchasers have a set amount of time, typically twenty-four hours, to place a public bid on a piece of work. The winner is the person who bids the most.
• In a silent auction, prospective purchasers can make anonymous bids on individual works of art. At the conclusion of the auction, the one hundred people who placed the highest bids will each be awarded one of the editions.
Blockchains
The Ethereum blockchain is the only one that Nifty Gateway supports. Even if a significant number of non-fungible tokens (NFTs) are generated and kept on the Ethereum blockchain, competition from other networks is gradually increasing their market share. It would be great if Nifty could provide at least one other option to choose from.
The high cost of gas and the high cost to the environment are the primary reasons why people might wish to steer clear of Ethereum. Although Nifty has implemented a few creative strategies to cut down on gas costs, investors who are concerned about the environment may still be concerned about the company’s energy consumption.
Wallets that are supported
Because Nifty is a custodial non-fungible token (NFT) marketplace, this indicates that your assets are kept on its platform. You have the option to link a MetaMask wallet to the platform. Nifty has also just introduced a wallet-to-wallet offering that enables users to purchase and trade non-fiat currencies (NFTs) directly with one another. In the past, Nifty Gateway required its users to move their assets into a custodial wallet before they could sell those assets on the site.
Payment mechanisms
Nifty is now in the midst of implementing a new charge and payment structure for its users. It says that it intends to progressively transition away from its current system, but that up until that point, both systems will coexist.
Current system (V1):
Payments can be made at Nifty using credit cards, debit cards, Ethereum, or directly through Gemini. It is a peculiar circumstance in that the purchase of an NFT does not need the possession of bitcoin. You also have the option of viewing prices in the cryptocurrency ETH or in US dollars. The many payment choices can be explained like this:
If you want to utilize the secondary marketplace, you will need to validate your card by allowing Nifty to make two minor deposits. This can be done with a credit or debit card. You are able to access the primary marketplace, which is where Nifty makes drops of work that has been vetted and verified, even if your card has not been confirmed.
• Ethereum: The platform enables users to make deposits of ETH into prepaid wallets for Ethereum.
• Gemini account: Customers who have a USD, GUSD, or DAI balance in their Gemini account can also use it to make payments on Nifty.
New system (V2):
ETH stored in an ETH wallet will be the only means of payment accepted for listing purchases on Nifty after the new system is implemented. It is not entirely clear whether Nifty intends to permit payments to be made using credit and debit cards or whether it will allow individuals to pay using their Gemini accounts.
Fees
In the wake of the introduction of its wallet-to-wallet functionality, Nifty Gateway is in the process of implementing a new fee structure. On the new method, the listing charge will be cut down from 5% to 2.5% of the total sale price.
Transaction costs on Ethereum can quickly build up, making gas fees an important factor for investors in NFTs to consider. Depending on the situation, Nifty Gateway either pays for or helps avoid paying for petrol costs. It also claims that its gas prices are 70 percent less than those of competing markets. It accomplished this, as stated on its website, by cutting down on the number of procedures required for NFT listings. Because there are costs associated with each stage, lowering the total number of transactions can result in significant savings.
Which NFTs are available for purchase on Nifty Gateway?
Nifty takes great satisfaction in its ties with some of the most successful artists and businesses. It is a rather niche website that caters to serious purchasers and focuses on cryptocurrency art. Beeple, Pak, Daniel Arsham, and Josie Bellini are just a few of the well-known artists whose work can be found on the Nifty Gateway platform. On this website, you won’t find any non-fiction texts that cost a few dollars, domain domains, sports non-fiction text collectibles, music or video non-fiction texts, or NFTs that cost a few dollars.
In the last section, we discussed the many sorts of sales categories. Nifty also has a lot of different ways of dividing up its art NFTs, most of which don’t have much to do with the kind of art you’re trying to find.
It classifies NFT drops as either “selected” or “verified,” respectively:
• Curated indicates that the selection was compiled by the Nifty team using their own personal preferences.
• Verified denotes that Nifty has determined that the individual is who they claim to be and that the item satisfies specific requirements.
A good number of the drops come with additional advantages. For instance, at the time that “The Big Dream” was being written, drop offered not only to display the artwork in the International Space Station but also to take part in decisions over which non-governmental organizations (NGOs) should receive financial donations.
Is it risk-free to make use of Nifty Gateway?
When it comes to investing in NFTs, safety is a significant concern. Not only is it important for you to be aware that your assets are kept in a safe location, but it is also beneficial for you to be aware that you have some protection against NFT fraud and copyright infringement. Let’s take a look at some of the problems one at a time, shall we?
Wallet held in custody
The majority of NFT systems make use of bitcoin wallets that do not involve custodial services. Because of this, you are solely responsible for ensuring the safety of your NFTs, as they will be kept in a cryptocurrency wallet that you manage. Nifty Gateway makes use of a custodial platform that is safeguarded by Gemini, the company’s partner. Gemini is a well-known cryptocurrency exchange that takes great satisfaction in maintaining a rigorous standard of safety. Nevertheless, centralized platforms can give hackers with an opportunity to attack a specific location. Make sure you have a solid understanding of the dangers that come with using one of these two methods of storing digital assets.
Copyright violations and offenses committed by NFT
Swindlers have been quick to capitalize on the recent surge in popularity of non-fungible tokens (NFTs), which are evolving at a breakneck speed. For instance, several artists have voiced their displeasure because con artists have created NFTs of their work without obtaining permission from them beforehand. The fact that Nifty Gateway only sells the work of artists who have been vetted and selected reduces the possibility of purchasing counterfeit goods. However, it is unclear how it will address this problem on the wider market now that users are able to sell NFTs obtained from other sources.
Users of Nifty Gateway are urged to enable two-factor authentication for increased account security, which is a positive move in the right direction. In addition to that, the website features an understandable privacy policy. But it’s possible to take it much further. Since phishing scams are yet another challenge for NFT purchasers, it would be beneficial if Nifty were to include specific anti-phishing procedures. Phishing is a form of online deception in which con artists pose as law-abiding businesses and even create fake websites in an attempt to dupe consumers into divulging their account information.
Finally, it is odd that Nifty Gateway does not have any kind of genuine know-your-customer (KYC) screening, considering that it is connected to the Gemini exchange, which is known for its serious approach to the subject of regulation. To be honest, none of the leading NFT marketplaces have KYC, so it is not alone in this regard. However, because of this, it is difficult for investors who wish to avoid dealing with money that has been laundered to act with trust.
One other thing to mention is that Nifty Gateway is not the same as Nifty Drops, despite the fact that NFT drops are an essential component of Nifty Gateway’s website.
You should sign up for Nifty Gateway if you have:
• It is clear that you are a dedicated collector of NFT art.
• You want to use your credit card or debit card to purchase NFTs.
• You already have an account with Gemini and you’re interested in testing out the waters of the NFT market.
