Nifty Gateway

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Nifty Gateway Review

Nifty Gateway is a platform for buying and selling non-fungible tokens (NFTs or Nifties). An NFT is a digital token recorded in a ledger called the blockchain. NFTs are similar to cryptocurrencies, which are also recorded in this way, but can be any type of asset, such as art, music, or games, and are non-fungible (meaning they are not exchangeable). Think of collectible sports tickets, but they are stored digitally on an IPFS network.

Nifty Gateway is owned by parent company Gemini LLC, a cryptocurrency exchange website with twin owners and founders, the Winklevoss brothers. Gemini is a New York trust with no foreseeable IPO and therefore no stock or share price. Nevertheless, a recent valuation estimated the company to be worth between $774 million and $1.2 billion, as Nifty sales have surged in recent months.

Whats makes this site special?

Recently, Nifty Gateway made headlines in the crypto and tech world when users reported account hacks, with nifties worth thousands of dollars stolen. The users were targeted for not using 2FA, which is recommended by the company to increase protection. Since its acquisition by the Winklevoss twins, Nifty Gateway 2.0 launched with new features, including services that tapped Google and Facebook’s APIs.

Nifty Gateway is an exclusive marketplace for music and artwork curated by the Nifty team. Popular DJs and musicians such as Deadmau5, Carl Cox, Gramatik, Ozuna and rapper Lil Yachty have already placed their works on the marketplace, with sales running into the thousands of dollars. Murals of famous athletes such as NBA basketball player Kobe Bryant and soccer player Mesut Özil are also popular. There are also collaborations with sports organizations like OG Esports.

And then there are the classic NFT artists that started it all, like Beeple – whose digital collage of 5000 images sold for over $69 million. Then there’s Trevor Jones and his Bitcoin Angel artwork, Mankind, known for his compelling collection of moving pieces, and New York-based artist Kenny Scharf.

How to create and Sell NFTs on Nifty Gateway

To purchase a Nifty, you must first create an account. Click on the “Register / Login” button on the homepage, enter your details and create a username. When you fund your account, you can choose from two payment options. You can pay with a credit/debit card or with Ethereum using an ETH prepaid balance. Once logged in, navigate to the account section and link your card or ETH. Alternatively, find the Nifty you want to buy and click “Place a Bid.” From here, you will be prompted to enter your card details.

If you already have an NFT, you can upload it to your Nifty Gateway Omnibus Wallet using MetaMask. Nifty Gateway currently only accepts NFT deposits through this method. If you want to become a Nifty Creator and sell your own artwork, you can apply through the website. To do so, you will need to fill out an 8-part questionnaire and complete an interview.

Nifty Gateway makes its money by taking a percentage of each sale, including secondary sales made through the marketplace. When a Nifty is sold, the platform takes 5% of the sale price in fees and taxes, plus 30 cents to cover transaction fees. 10% of the sale price goes to the original artist, so if you’re looking to resell a Nifty, keep that in mind. One drawback to Nifty Gateway is that the fees are not necessarily completely transparent. Users have complained that the “gas fees” can add up quickly.

If you have sold a Nifty and want to cash out or have made a deposit and want a refund, you can do so on the account page. You can cash out directly to your bank account, but this feature is only available to US bank account holders. There is a weekly withdrawal limit of $5000 to bank accounts. Alternatively, you can withdraw to a Gemini account wherever you are in the world. Withdrawals are unlimited with this method.

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