Nifty Gateway Tutorial for Beginners

by Dec 15, 2022NFTS Metaverse0 comments

Users can purchase and trade non-fungible tokens (NFTs) on several digital exchanges (NFTs). Nifty Gateway, launched in 2018 by brothers Duncan and Griffin Cock Foster to make NFTs “accessible to everyone,” is one popular choice. In late 2019, Tyler and Cameron Winklevoss’ cryptocurrency exchange Gemini purchased it.

Like NFT marketplace SuperRare, Nifty Gateway is recognized for focusing on high-end digital art and selected collections. The portal routinely delivers limited-edition collections through collaborations with famous artists and businesses such as Beeple, Daniel Arsham, and Pak.

While other Ethereum blockchain-based marketplaces, such as OpenSea and Rarible, continue to dominate the industry, Nifty Gateway’s massive selection of curated digital art and its unique custodial option provide NFT collectors with a fantastic experience.

What distinguishes Nifty Gateway?

Nifty Gateway has numerous services that set it apart from other NFT markets.

Custodial system

One of Nifty Gateway’s key differentiators is providing a custodial option. Crypto custody refers to who is accountable for keeping digital assets secure. That phrase is most commonly associated with crypto wallets, which can be custodial or non-custodial. Nifty Gateway acts as a third-party custodian of NFTs purchased and traded on its marketplace.

NFTs saved on the platform are held in a secure offline system called “cold storage” by Gemini’s custody product. To transport NFTs throughout the network without completing a transaction on the blockchain, Nifty Gateway employs an “omnibus wallet,” also known as a master holding account. This approach eliminates the need for gas expenses, which are generally required for any Ethereum blockchain transaction, including the transfer of an NFT.

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Notably, this choice implies that Nifty Gateway can assist consumers if they lose access to their account or password.

Payments by credit card

Nifty Gateway’s custodial option allows traders to pay for an NFT using a variety of payment methods, including debit or credit cards, prepaid ETH placed into a platform-linked wallet, or crypto money from a Gemini account.

Wallet2Wallet (w2w)

Nifty Gateway also provides Wallet 2 Wallet (w2w), a non-custodial solution for NFT sales that allows users to purchase and sell NFTs in ether (ETH) straight from their external crypto wallets. Gas fees are required since w2w transactions occur on the blockchain; however, Nifty Gateway’s bespoke smart contract makes NFT transactions more efficient, cutting the cost of gas fees by up to 70%.

As of August 2022, users can only generate a w2w listing for an NFT kept in an Ethereum wallet, and they can only purchase w2w listings with ETH held in a MetaMask wallet. One in every five listings on the site is w2w.

No gas fees when minting

Nifty Gateway additionally pays for 100% of the gas expenses associated with minting an NFT on its platform at no cost to the collector.
Collectors will be accountable for gas expenses solely when withdrawing prepaid ETH, withdrawing an NFT using payment mechanisms like Google Pay and Apple, or purchasing an NFT with prepaid ETH and depositing NFTs into Nifty Gateway.

Furthermore, the recent upgrade will reduce the company’s marketplace cost for listings from 5% to 2.5%, which is the same amount that rivals like OpenSea and Rarible charge. The price for SuperRare is 3%.

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According to the platform, users will never be charged a fee to delist an NFT.

Curated and verified drops

Before selling new NFT versions, Nifty Gateway needs them to be vetted and confirmed.

Curated Drops are chosen by Nifty Gateway and sold only on the site by the creator. Nifty Gateway checks the authenticity of Verified Drops across the NFT ecosystem. Those drops are published as a calendar on the site, with the date and hour of each fall marked in advance.

The app also includes a secondary marketplace where users may buy famous verified collections such as Bored Ape Yacht Club and World of Women.

Nifty Gateway

How to use Nifty Gateway

Nifty Gateway’s platform is available as a web and mobile app.
To begin, users will be asked to join by either creating a custodial account using an email address or linking to a wallet address via MetaMask.

Purchasing NFTs on the Nifty Gateway

Users can configure their payment methods after they are joined. Users may then attach monies to their accounts by clicking “Account Settings” and “Payment Methods” in the top right-hand menu.

Users may pay for NFTs by attaching a credit or debit card, using their Gemini account balance, or putting ETH straight from their MetaMask wallet into a prepaid ETH wallet address protected by the site.

Users can explore Nifty Gateway’s core marketplace of Curated Drops or Verified Drops after they have chosen their payment preferences. Drops can be listed in a variety of ways, depending on the creator’s discretion, and can include Open Editions, Packs, Auctions, and other options. Users may browse collections on the Marketplace tab that have been confirmed by the team and are reselling on the secondary market.

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Selling NFTs on Nifty Gateway

To sell an NFT, users may either advertise it in ETH straight from their MetaMask wallet or trade it in USD by enrolling as an approved seller.

Users may utilize the w2w option to sell an NFT for ETH by going to their profiles and selecting an NFT to list by clicking “List for Sale.” Users must approve the transfer from their wallet to Nifty Gateway’s exchange wallet, and they must pay gas fees when they do so.

Users may approve their accounts using Stripe to sell NFTs for US dollars. Users will be directed to the Stripe website, where they will be asked to connect their bank account or debit card in order to get a payout.

Nifty Gateway will need artists and makers of an NFT collection to register to list their NFTs on the site.

Is Nifty Gateway safe to use?

Nifty Gateway is a popular option for consumers wishing to purchase and trade NFTs that have been validated and selected by the Nifty Gateway platform. Because Gemini owns Nifty Gateway, the service has access to the cryptocurrency exchange’s tools and security measures.

Nonetheless, the site is vulnerable to hacking. A limited number of site users complained that their NFTs vanished from their Nifty Gateway accounts in March 2021. The platform stated that the affected accounts lacked two-factor authentication and that the website had not been compromised. According to certain consumers, this platform was able to recover their stolen valuables.

Conclusion

Overall, Nifty Gateway provides a one-of-a-kind custodial option as well as curated NFT collections, making it appealing to consumers wishing to purchase and sell rare art collections.

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