Rating

1/10

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Best of Nifty

• Consists of well-known businesses and artists
• Option for a custody wallet
• Reduced (or waived) fuel costs
• Accepts both debit and credit cards

Diego G. Crypto Enthusiast

Updated: August 31, 2023

Nifty Gateway Marketplace Review: Big Brand NFTs for Serious Collectors With the use of credit and debit cards, Nifty Gateway aims to make it simple for anyone to buy or trade NFTs. Limited-edition works are auctioned off on the platform using scheduled drops, and there is also a larger market for ad-hoc sales. To find […]

Nifty Gateway Marketplace Review: Big Brand NFTs for Serious Collectors

With the use of credit and debit cards, Nifty Gateway aims to make it simple for anyone to buy or trade NFTs. Limited-edition works are auctioned off on the platform using scheduled drops, and there is also a larger market for ad-hoc sales. To find out more about the unique features of this platform, read our complete Nifty Gateway review.

TYPES OF NFTS

• Art

FEES

• 2.5% listing fee

BLOCKCHAIN

• Ethereum

PLATFORM FEATURES

• Services: Buy, sell, and mint (qualified creators only)
• Supported Wallets: MetaMask
• Payment Methods: Credit and debit card, EtherCredit and debit card, Ethereum, Gemini account

More

• Affordable, high-end NFTs with an emphasis on the arts

Pros:

Cons:

Complete review of Nifty Gateway

Who this NFT marketplace is best suited for: Committed NFT collectors looking to gain access to high-end, exclusive items.

What is Nifty Gateway?

A reputable NFT (or non-fungible token, to give it its full term) marketplace is Nifty Gateway. It frequently conducts auctions in order to sell well-known artefacts, or “nifties,” created by well-known artists. Although the site employs a lot of site-specific language that can be perplexing to new users, it is simple to pay and create an account. Gemini, a well-known cryptocurrency exchange, acquired the platform in 2019, which raises the security standing of Nifty Gateway.

Top benefits

Consists of well-known businesses and artists

The target audience for this exclusive NFT platform is pretty serious collectors. Via Nifty Gateway’s curated drops, you may purchase limited-edition NFTs from well-known artists directly from the maker. The website offers comprehensive details on each artist and each piece of work, and it also plans additional events like chats with artists.

Choice of a custody wallet

The custodial wallet from Nifty Gateway won’t be appealing to everyone. Yet, it will be appealing to art enthusiasts who want to purchase NFTs without having to bother about setting up a wallet or owning cryptocurrencies. In addition, collectors can buy, sell, or gift NFTs using its custodial platform without having to pay exorbitant petrol costs. The wallet-to-wallet feature of Nifty Gateway will be appealing to NFT aficionados who prefer to store their assets off platform in a crypto wallet they manage.

Reduced (or nonexistent) gas fees

For many NFT collectors, especially on the Ethereum network, gas fees are a problem. Gas fees are frequently completely avoided by Nifty Gateway users who keep their assets on its custodial platform. Users that use the wallet-to-wallet and marketplace features must pay fees. However, Nifty claims it has discovered a solution to cut those fees by up to 70% by reducing the number of steps required for each transaction.

Accepts both debit and credit cards

The requirement to create a cryptocurrency wallet and purchase cryptocurrency before getting started deters some potential NFT consumers. Credit and debit cards, as well as additional payment options, are accepted on the Nifty Gateway marketplace. In fact, purchasing with conventional currency is almost simpler than purchasing with cryptocurrency.

Areas for Improvement

Not suitable for beginners

Offering crypto-free payments is one method to accomplish this, according to Nifty Gateway, which says its mission is to make NFTs accessible to everyone. Nonetheless, the website is generally difficult to use. It can be challenging for a new user to traverse the several categories of auctions, drops, and collections. Also, there isn’t a lot of information available for novice investors.

The pricing details are also hidden at the bottom of other information on Nifty’s website. The activities that can be done without paying for petrol are promoted by Nifty Gateway. Nevertheless, because there isn’t a clear cost page, it can be difficult to determine how much you’re spending on fees overall, including petrol.

Solely employs the Ethereum blockchain

Many NFTs are created and kept on the well-known Ethereum blockchain. But it struggles with high gas prices, clogged networks and expensive energy. For customers to save money and gain access to NFTs built on other chains, a number of NFT markets provide Ethereum alternatives. Instead, Nifty provides a limited method for reducing Ethereum gas fees.

Only a few varieties of NFTs

Nifty is a relatively serious NFT marketplace with a concentration on digital art. Domain names, gaming and metaverse NFTs, and inexpensive Bored Apes variants are not sold there. You should go elsewhere if you want to acquire these kinds of products.

Potential Alternatives:

• If you wish to choose between several blockchains, Rarible offers four blockchains in addition to a large selection of NFTs. Visit its website if you want to purchase or sell NFTs on Ethereum, Tezos, Flow, or Polygon.
• If you’re looking for something more user-friendly, the largest NFT platform available is OpenSea. It features a variety of NFT kinds, an easy-to-use interface, and helpful materials for NFT beginners.

Platform features

The operation of Nifty Gateway differs from that of other significant NFT platforms. The platform is primarily a custodial one, which implies that assets are kept there rather than in an external wallet. This is how it provides noticeably cheaper gas prices (or no gas fees at all).

Some of Nifty Gateway’s rivals appear to operate under the philosophy of “load ’em high and sell ’em cheap.” Nifty, on the other hand, emphasises more expensive goods. Most days, new content is released; frequently, well-known musicians are included. A list of planned releases is available on the website. (NFT drops are times designated for the sale or issuance of new NFTs.) You must be prepared to place a bid because many of Nifty’s products are sold at auction rather than at a set price.

Nifty Gateway may be challenging for new users to comprehend and operate. There are numerous assumptions and presumptions that may affect the cost, fees, and mode of payment. For instance, its so-called “primary” and “secondary” marketplace payments operate differently.

Services

Through Nifty Gateway, users can purchase and sell NFTs, but only verified developers can mint NFTs. Also, you’ll need to verify your account with Stripe, a third-party supplier, in order to sell an NFT. Before you get too involved, it’s important to confirm if you are eligible since this is only offered in a few countries. Purchasing an NFT on the platform only to discover you couldn’t afterwards sell it would be disappointing.

A bewildering variety of auction kinds are available on Nifty Gateway. Consider spending some time learning how each one operates before making any purchases on the marketplace. In this way, you’re less likely to acquire something you think is unique just to discover that hundreds will be produced.

Nifty gives the following discounts:

• Open Editions: Users may purchase fixed-price nifties for a predetermined amount of time. The creator may have set the cost at $400 and the duration at 10 minutes, for instance. Then they would produce however many NFTs were purchased during the initial ten minutes.
• First Come First Serve: This is comparable to an open edition with the exception that the author determines the price and the number of editions. Sales happen on a first-come, first-served basis once the drop is live.
• In an auction, potential buyers have a set amount of time—typically 24 hours—to place a public bid on a piece of art. The winning bidder is the highest one.
• Blind bids may be made by buyers during a silent auction. At the end of the auction, the 100 highest bidders each receive one of the editions.

Blockchains

The only blockchain that Nifty Gateway supports is Ethereum. The Ethereum blockchain is where the majority of NFTs are produced and kept globally, although other networks are beginning to gain ground. Nifty should provide at least one alternate, I think.

The high petrol costs and significant environmental costs are the biggest deterrents to using Ethereum. Although Nifty has put several novel strategies in place to lower gas prices, investors who care about the environment might still be concerned about the energy use.

Compatible wallets

Because Nifty is a custodial NFT marketplace, your assets are kept on its system. A MetaMask wallet can be linked to the website. Moreover, Nifty just debuted a wallet-to-wallet offering that enables direct purchases and sales of NFTs. In the past, users had to send their assets to Nifty Gateway’s custody wallet before they could sell them there.

Payment methods

The transition to a new pricing and payment structure by Nifty is currently underway. It claims that while both systems will coexist in the interim, it expects to progressively phase out its current system.

Current system (V1)

Nifty accepts payments made directly from Gemini, ETH, or credit or debit cards. It’s unusual in that you can purchase an NFT without having any bitcoin. Prices are also available in ETH or US dollars. The methods of payment are as follows:

• Card of credit or debit: If you wish to use the secondary market, you must allow Nifty to make two minor deposits on your card as verification. Without proving your card, you can use the main marketplace, where Nifty releases drops of curated and verified art.
• Ethereum: On the platform, users can add ETH to a prepaid ETH wallet.
• Account with Gemini: Customers of Gemini may also pay with their USD, GUSD, or DAI balances on the Nifty.

New system (V2):

With the new mechanism, ETH stored in an ETH wallet will be the only listing payment method on Nifty. It’s unclear if Nifty intends to accept payments made with credit and debit cards or through Gemini accounts.

Fees

After the introduction of its wallet-to-wallet capability, Nifty Gateway is switching to a new fee structure. With the new system, the listing cost will drop from 5% to 2.5%.

For NFT investors, gas fees are a significant factor because Ethereum transaction costs can add up. In a number of situations, Nifty Gateway pays for petrol or forgoes it. Additionally, it claims that its gas fees are 70% less expensive than those of other marketplaces. Over its website, it claims to have achieved this by lowering the number of steps in NFT listings. Reducing the number of transactions can dramatically save costs because each step has a gas fee associated.

The following is a list of things you will or won’t be required to pay gas fees for:

Which NFTs can you purchase through Nifty Gateway?

Nifty takes pride in its associations with leading companies and talents. For serious buyers, it’s a site that focuses on crypto art and is pretty exclusive. On the Nifty Gateway platform, there is material by well-known authors including Beeple, Pak, Daniel Arsham, and Josie Bellini. On the website, you won’t find NFTs that cost less than a few dollars, domain domains, sports collectibles, or music or video NFTs.

The various sales categories were briefly discussed above. A lot of the ways Nifty divides up its art NFTs have little to do with the kind of art you’re looking for.

It distinguishes between “selected” and “verified” NFT drops:

• Curated denotes that the choice has been carefully chosen by the Nifty team.
• Verified indicates that Nifty has confirmed the seller’s identity and that the product satisfies specific requirements.

Many drops come with further advantages. For instance, at the time of writing “The Big Dream,” drop offered to take part in choosing which Organizations to contribute money to in addition to exhibiting art in the International Space Station.

It is safe to use Nifty Gateway?

Security is a major concern while investing in NFT. You should be certain that not only are your assets kept in a secure environment, but that you also have some defences against NFT fraud and copyright infringement. Let’s examine a few of the problems individually.

Custodial wallet

Non-custodial bitcoin wallets are what the majority of NFT platforms employ. This means that since your NFTs are kept in a crypto wallet that you manage, you are in charge of ensuring their security. A custodial platform used by Nifty Gateway is protected by its partner Gemini. Popular cryptocurrency exchange Gemini takes pride in its excellent standards of security. Centralized platforms can nonetheless serve as a target for hackers. Make sure you are aware of the dangers posed by these two methods of digital asset storage.

Issues with copyright and NFT criminality

Scammers have seized the opportunity presented by the explosive growth of the NFT sector. For instance, several artists have complained that scammers have illegally minted NFTs of their works. By concentrating on vetted and recognised artists, Nifty Gateway reduces the possibility of purchasing fake artwork. Now that users can sell NFTs from other sources, it is unclear how it will address this issue on the larger market.

It’s a fantastic idea that Nifty Gateway invites customers to set up two-factor authentication to secure their accounts. Its website also clearly states its privacy policies. It might, however, progress further. The introduction of specific anti-phishing procedures by Nifty would be beneficial because phishing assaults are another problem for NFT customers. Phishing is when thieves create fake websites and assume the identity of legitimate players to coerce consumers into divulging their account information.

Finally, it is remarkable that the platform has no meaningful know-your-customer (KYC) screening given Nifty Gateway’s relationship to the Gemini exchange, which takes regulation very seriously. To be fair, it is not unique; none of the leading NFT marketplaces offer KYC. However, this makes it challenging for investors to behave confidently if they want to avoid handling laundered money.

One more point: Despite the fact that Nifty Gateway’s NFT drops are an important component of its website, it is not the same as Nifty Drops.

Nifty Gateway is the right choice for you if:

• You take collecting NFT artwork seriously.
• You wish to use a credit or debit card to purchase NFTs.
• You want to dangle your toe in the NFT waters as an existing Gemini customer.