Nifty Gateway Review 2024

		Nifty Gateway facilitates trading in NFTs, from music and audio to art and video. Uses the Ethereum blockchain.
Nifty Gateway facilitates trading in NFTs, from music and audio to art and video. Uses the Ethereum blockchain.

Exclusive digital art meets crypto technology on the Nifty Gateway marketplace. The NFT platform facilitates trading in digital tokens from music and audio to art and video. This review outlines everything you need to know about Nifty Gateway, from an introduction to NFTs to how you can buy, sell and become a token creator on the platform. Find out how to open an account and start trading NFTs today.

NFTs Explained

Firstly, what is an NFT and why would you be interested? An NFT is a Non-Fungible Token. A unique, non-transferable, digital token which is recorded on a ledger known as the blockchain. NFTs are designed to give you ownership of something that cannot be copied. Anyone can buy a Picasso print, but only one person can own the original.

NFTs form part of the Ethereum blockchain. The blockchain works like collectable packs of cards, but instead of holding them in your hand, they are stored digitally on an IPFS network. NFTs are similar to cryptocurrencies, which are also stored on a blockchain but, cryptocurrencies are fungible (i.e. a Bitcoin can be transferred for another Bitcoin and you’ll have the same thing).

In theory, NFTs can be attributed to anything in the digital world including music, audio, video, logos and gaming content. With that said, it’s the digital art scene where NFTs have truly exploded. Nifty Gateway has positioned itself at the top end of this market. The desktop platform has seen record sales of popular artists including Deadmau5, Gramatik and Lil Yachty.

About Nifty Gateway

Nifty Gateway was bought by the Winklevoss twins in 2019 via Gemini LLC, a cryptocurrency exchange website. The acquisition made headline news and Nifty Gateway 2.0 was launched, sporting advanced features that tapped into Google and Facebook’s APIs. Today, the company is valued at around £1.2 billion and has headquarters in New York.

Note, Gemini is a trusted company with no IPO, stocks or share price. More information on the company’s financials can be found at Crunchbase.

Nifties

Nifty Gateway is a marketplace for exclusive music and art. Every item listed on the platform has been handpicked by the team. The range of work available includes murals of famous sportspeople such as NBA basketball player, Kobe Bryant and footballer, Mesut Ozil. You can also find popular DJs, including 3LAU, Carl Cox and Ozuna to name a few.

‘Traditional art’ is also very popular. A collection of 5000 digital images curated by Beeple recently sold for more than $69 million. Trevor Jones’ artwork of the Bitcoin Angel, Mankind, and New Yorker Kenney Scharf, have also seen hugely successful drops.

Other artists available include:

• Genies
• Lushsux
• Greg Mike
• Matt Gondek
• Mad Dog Jones
• John Burgerman
• Justin Roiland (co-creator of Ricky and Morty)

Tradable NFTs

Fees

Nifty Gateway makes its money through royalties. The company takes a percentage of each sale to generate revenue. Nifty Gateway receives 5% of the total value of the sale in charges and taxes. It also charges £0.30 to cover any transaction costs.

The same is also true of any secondary sales, something to consider if you are looking to resell a Nifty. 10% of the value of the secondary sale will also go to the original artist as a commission. Gas fees can quickly add up so make sure to keep a track of costs.

Deposits & Withdrawals

To cash out on a Nifty sale, or to make a deposit, head to the accounts page. Credit and debit cards, plus Ethereum, can be used for funding accounts. For UK clients, withdrawals can only be processed via Gemini. The crypto exchange and wallet is quick and easy to set up with low fees. Withdrawals are capped at £5,000 each week.

We expect an increasing number of traditional and emerging digital currencies to be made available to customers as the NFT trading platform grows.

Nifty Gateway Guide

How To Buy A Nifty

You’ll need to open an account with Nifty Gateway in order to buy and sell Nifties. To do so, head to the homepage and select ‘Sign up / login’. Create a username and then select your preferred payment method. Once you’ve found the item you’d like to purchase, click ‘place bid’. Acquisition methods vary according to the specific drop:

• Silent auction – Interested parties place a blind bid with a winner selected
• Drawing – Operates much like a raffle where the winner is able to purchase the asset at the present value. It’s a bit of a lottery and recently measures have been introduced to stop bots from winning. Note, some drawings have many entries and just a single winner.
• Open edition – An unlimited number of NFTs are made available at a pre-determined price, for a fixed period.
• Global offer – An offer will be submitted to the owners. If the owners are happy to sell at the price requested, they have the option to do so.

How To Sell A Nifty

For those looking to sell their own work on the platform, you will need to apply to the platform directly. The application form can be found on the Nifty Gateway website. Applicants will need to submit a questionnaire and complete a short interview.

If you’re looking to sell an NFT that you have purchased, it can be uploaded to Nifty Gateway Omnibus Wallet via MetaMask. At the time of writing, this is the only way to make a deposit.

If you have made a sale and you’d like to cash out or apply for a refund on your deposit, visit the accounts page.

How To Display A Nifty

To view your digital art, head to Nifty Gateway’s newly developed Display App. Here you are able to view your NFT in all its glory. The app is currently only compatible with Android devices – it is not yet available on iOS applications.

Pros Of Nifty Gateway

One of the things that sets Nifty Gateway apart from its competitors is the exclusivity of the work for sale. The creative assets are curated by top artists and the unique collection of work is a testament to the platform’s customer focus. All artwork goes through a rigorous vetting process, unlike OpenSea or Rarible, where anyone can list an asset.

Another positive is that although blockchain technology remains resource-intensive, the minting at Nifty Gateway operates on a chain. This reduces the quantity of energy needed to process transactions, making it one of the more environmentally conscious NFT trading platforms around.

Cons Of Nifty Gateway

There are a few drawbacks relating to Nifties in general and more specifically to Nifty Gateway:

• Environmental impact – Blockchain technology is costly for the environment. The energy required to process a single transaction is significant. Nifty Gateway is one of the more eco-friendly options available but its environmental impact remains high.
• Security – Nifty Gateway hit the headlines recently following a series of account hacks in which thousands of pounds worth of artwork was stolen. The event raised serious questions surrounding the security of assets. With that said, it’s worth pointing out that the victims of these attacks had not utilised the two-factor authentication (2FA) functionality, which the company recommends.
• Withdrawals – Currently, only US account holders can receive withdrawals direct to their bank account. For UK clients, withdrawals will need to be processed to a Gemini account. This is fairly restrictive and may deter prospective investors.

Client Support

If you have any questions about the Nifty Gateway platform, head to the ‘Get help’ centre, located on the company’s website. There you will find a comprehensive list of FAQs. If your issue has not been resolved, additional support is available via email at support@niftygateway.com. The company also has accounts on social media platforms including Instagram, Twitter and Discord.

For more information on security or processing errors, contact the Nifty Gateway team. For enquiries regarding any white paper documentation, speak to support staff.

Nifty Gateway also runs a popular forum called Nifty Gateway – Medium. It’s available to all and has the latest news on upcoming drops in addition to tips, tricks and guidance for those that are new to the world of NFT trading. Coingecko and Github are also good resources for NFT news, trends and updates.

Note, Nifty Gateway does not currently have a support telephone number.

Nifty Gateway Verdict

The world of NFT trading is an exciting place to be right now with a promising future ahead. If you’re a fan of art and interested in the digital space, Nifty Gateway is a great platform. The marketplace has an excellent collection of tokens and strong financial backing.

Despite the positives, our review would like to see more withdrawal options made available to UK clients. Also, it’s worth pointing out that because of the exclusive assets listed and robust vetting process, it’s harder to sell tokens on Nifty Gateway vs alternatives likes of OpenSea.

FAQ

		Nifty Gateway facilitates trading in NFTs, from music and audio to art and video. Uses the Ethereum blockchain.
Nifty Gateway facilitates trading in NFTs, from music and audio to art and video. Uses the Ethereum blockchain.