Nifty Gateway Review
Nifty Gateway has been active since 2018 and is one of the world leaders among NFT Marketplaces. The platform is owned by the crypto exchange Gemini and thus from the USA.
If you're looking for cheap NFTs from unknown artists, you might find them here as well, but most of the NFTs minted and sold here are produced by more well-known NFT-creators. The long list of creators with NFTs sold on this marketplace includes names like Trevor Jones, Beeple, Michael Kagan, Deadmau5 and Calvin Harris.
What is an NFT Marketplace?
An NFT Marketplace is a marketplace for NFTs. So far so good. But what is an NFT?
NFT is an acronym for “Non-Fungible Tokens”. Something which is fungible is replaceable. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.
Although NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features. These tokens are stored cryptographically in a blockchain network for authentication and validation. Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. NFTs lose their value when split into smaller portions, however, they can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known).
Nifty Gateway Focus
The key focus of Nifty Gateway is exclusive digital art, but there are also less exclusive collectibles here as well. The NFTs are based on the ETH-blockchain.
Nifty Gateway themselves describe that their vision is to team up with top artists and brands to create collections of "limited edition, high quality Nifties", that are only available at the Nifty Gateway platform and nowhere else.
Every collection, also known as "drop", offered for sale at Nifty Gateway will be opened at a specific date and time. The drop will only be available for a limited time period. Much like an ordinary gallery.
Nifty Gateway's target is to release a new drop once every third week, and they will allegedly continue to do so until 1 billion people are collecting NFTs (also known as "nifties").
Layout of Nifty Gateway
Different NFT Marketplaces present their NFTs, the latest bid and the remaining time of an auction etc. in different ways. What you are most comfortable with viewing and using is up to you and no one else. The following picture is a print screen from Nifty Gateway's browse section. As you can see, you can sort by the name of the artists in the left column and you can also sort all available NFTs from highest price to lowest price and vice versa.
If you move in to one of the specific NFTs, in this case the NFT called Twerk Seleton #8/15 created by the artist Space Yacht, the page layout is as follows. As can be seen from the picture below, the layout includes information on the project the NFT is from, which artist that created it, what the last edition sold for and what this specific editions is on sale for.
Nifty Gateway Fees
When you buy an NFT somewhere, it is customary for the relevant NFT Marketplace to charge a fee for enabling the sale. This fee is typically a percentage of the NFT's sale price and is normally paid by the buyer. This can be compared with how regular art galleries normally take a share of the sale of any paintings etc. hanging in the gallery when a sale is executed.
At Nifty Gateway, you will have to pay 15.00% in fees. We do not know of any other NFT Marketplace charging higher fees than this. The 15.00%-fee consists of two parts: (i) a 5.00% service fee, and (ii) a 10.00% artist fee.
While 15.00% is on the highest end among NFT Marketplaces, it would be considered a very competitive fee compared to an ordinary physical art gallery (where 30-50% in gallery fees is not entirely uncommon).
Accordingly, if you purchase an NFT and you have to pay USD 1,000 for it, be advised that USD 150 of this is not paid for the actual NFT but to cover fees in addition to the actual value of the NFT.
Nifty Gateway Payment Methods
A few of the NFT Marketplaces out there accept deposits and payments via credit or debit card, and some even accept PayPal-deposits. Nifty Gateway is one of those platforms. This means that users can buy NFTs using fiat, and that sellers can withdraw their earnings to their credit or debit cards. PayPal is not yet available however. Among NFT Marketplaces, offering credit and debit card payments for NFTs is quite an unusual trait.