Connect with us

NFT

Nifty Gateway NFT Market Review | The Ascension by Motley Fool

Nifty Gateway does not operate in the same way as other major NFT marketplaces. To start, it is primarily a custodial platform, which means that assets are stored on the platform rather than in an external wallet. This is how it offers significantly lower gas fees (or no gas fees at all).

Some of Nifty Gateway’s competitors seem to have stacked them up and sold them at low prices. Instead, Nifty focuses more on exclusive items. It features content drops almost daily – often from big-name artists – you can see a schedule of upcoming drops on the site. (NFT drops are specific times when a new NFT will go on sale or hit.) Many of Nifty’s products are sold at auction rather than at a fixed price, so you’ll need to be prepared to bid.

New users may find Nifty Gateway difficult to understand and use. There are many assumptions and conditions that may have implications for price, fees and method of payment. For example, payments on its so-called “primary” and “secondary” marketplaces work differently.

Services

Users can buy and sell NFTs on Nifty Gateway, but only verified creators can Mint NFT. Additionally, to sell an NFT, you will need to validate your account with a third-party provider called Stripe. This is only available in certain countries, so it’s worth checking if you qualify before getting too involved. It would be frustrating to buy an NFT on the platform only to find out that you couldn’t list it for resale.

Nifty Gateway offers a dizzying array of auction types. Before buying anything on the platform, take the time to understand how each works. This way you are less likely to buy what you think is a one-of-a-kind item only to find that hundreds will be minted.

Here are some of Nifty’s sale offers:

  • Open Editions: Users have a set time limit to purchase products at a fixed price. For example, the creator can set the price to $400 and the duration to 10 minutes. They would then mint as many NFTs as people bought in the 10 minute period.
  • First come, first served: This is similar to open editing, except the creator sets the price and number of edits. Once the deposit is online, sales occur on a first-come, first-served basis.
  • Auctions: Buyers have a time limit, usually 24 hours, to publicly bid on a work. The highest bidder wins.
  • Silent auctions: Buyers can place blind bids for a job. At the end of the auction, the 100 highest bidders each receive one of the editions.

Block chains

Nifty Gateway only supports the Ethereum blockchain. Much of the world’s NFTs are created and stored on the Ethereum blockchain, but other networks are starting to take market share. It would be nice to see Nifty at least offer an alternative.

The main reasons people might want to avoid Ethereum are high gas costs and high environmental cost. Nifty has implemented innovative measures to reduce gas costs, but energy consumption may still worry environmentally conscious investors.

Supported wallets

Nifty is an NFT custodial marketplace, which means your assets are stored on its platform. You can connect a MetaMask wallet to the site. Nifty has also just launched a wallet-to-wallet product that lets people buy and sell NFTs directly. Previously, users had to transfer assets to Nifty Gateway’s custody wallet to sell them on the platform.

READ MORE: Best NFT Wallets

Payment methods

Nifty is transitioning to a new fee and payout structure. He says he plans to phase out his current system, but until then the two systems will co-exist.

Current system (V1):

Nifty accepts payment by credit or debit card, ETH, or directly from Gemini. This is unusual in that you don’t need to own any cryptocurrency to buy an NFT. You can also display prices in US dollars or ETH. Here’s how the payment options work:

  • Credit or debit card: You will need to verify your card by letting Nifty make two small deposits if you want to use the secondary market. You can use the Main Market – where Nifty creates curated, verified art – without verifying your card.
  • Ethereum: Users can deposit ETH into a prepaid ETH wallet on the platform.
  • Gemini account: Gemini customers can also use their USD, GUSD or DAI balances to pay on Nifty.

New system (V2):

Under the new system, the only payment method for listings on Nifty will be ETH held in an ETH wallet. It’s unclear whether Nifty plans to allow credit and debit card payments, or let people pay through their Gemini account.

Costs

Nifty Gateway is transitioning to a new fee structure, following the launch of its wallet-to-wallet functionality. Registration fees will be reduced from 5% to 2.5% on the new system.

Gas fees are an important consideration for NFT investors, as Ethereum transaction fees can add up. Nifty Gateway covers or avoids gas charges in several scenarios. It also says its gas costs are 70% lower than other markets. According to its website, it achieved this by reducing the number of steps in NFT lists. Since each step incurs fuel costs, reducing the number of transactions can significantly reduce costs.

Here is a summary of what you will or will not have to pay for gas costs:

#Nifty #Gateway #NFT #Market #Review #Ascension #Motley #Fool

Click to comment

Leave a Reply

Your email address will not be published.

Trending