Navigating Nifty Gateway: A Step-by-Step Guide to Buying and Selling NFTs

Muhammad Naeem

Blogger

Non-fungible tokens are digital assets that represent anything including music, videos, and art and their ownership is recorded on the blockchain. After being minted, these NFTs are listed on NFT marketplaces where users can buy, sell, and trade them. One such marketplace is Nifty Gateway.

What is Nifty Gateway

Nifty Gateway is an Ethereum-based NFT marketplace that facilitates the buying, selling and trading of digital artwork. Nifty Gateway not only allows creators to mint and sell their NFTs but also acts as a secondary market where users can acquire NFTs that have already been minted and purchased somewhere else. Nifty Gateway was founded in 2018 by twin brothers Duncan and Griffin Cock Foster with a mission to make “NFTs accessible to everyone”. It was acquired by Tyler and Cameron Winklevoss’ cryptocurrency exchange Gemini in late 2019. Between May 2020 and April 2021, Nifty Gateway launched 6,623 NFTs by 418 different artists including popular names such as Beeple, Pak, Refik Anadol, and Rapper Lil Yachty; it sold $403.8 million worth of digital assets in this period.

How does Nifty Gateway work?

Limited-edition digital art collections that are exclusive to the platform are produced in partnership by Nifty Gateway with artists and companies. Like other closed markets, art drops on Nifty Gateway are authorized by the Nifty team. Interestingly, this marketplace enables you to buy multiple limited-edition artwork editions, each at a different price. Just as on any other marketplace, creators have to list their non-fungible tokens on this platform after minting them using the Ethereum blockchain. As a result, the NFT acquires a special digital signature that confirms the creator’s legitimacy and ownership over that digital asset. Once an NFT is listed on this platform, it is available for collectors and enthusiasts to purchase.

Unique features of Nifty Gateway

There are some unique qualities of Nifty Gateway that differentiate it from other NFT marketplaces.

I. Exclusive Drops

Nifty Gateway collaborates with top brands and creators, ensuring that their NFT drops are exclusively available on the platform. This gives a chance to NFT collectors to get their hands on the rarest and most limited edition NFTs. In return, creators benefit from the advantage of selling their NFTs quickly on a leading NFT marketplace. Nifty Gateway has already worked with Beeple in 2021, launching NFT drops of "Crossroads” and “The Spring/Summer Collection."

II. Perpetual Artist Royalties

Another unique feature of Nifty Gateway is its Perpetual Royalties feature. This feature allows creators to earn royalties on their NFTs every time they are resold on Nifty Gateway's secondary market. The customized royalties fee feature allows the creators to choose their royalties percentage on each secondary sale; they also have the flexibility to adjust the fee later if they wish. However, the platform charges a 5% maintenance and credit card processing fee on each sale.

III. Fiat Accessibility

Unlike other NFT marketplaces, Nifty Gateway does not necessarily require its users to own cryptocurrencies to purchase NFTs. Users can purchase their favorite NFTs with fiat currency via debit and credit cards. This is a unique feature, as other platforms such as Opensea, SuperRare, and Blur require a web3 wallet to purchase NFTs.

IV. Curated & Verified Art

Nifty Gateway allows only those artists and creators who are popular and well-recognized in the art community. Nifty Gateway has a selective process for artists who want to display their artwork on the platform. Artists must complete an application and interview process to be eligible for minting and issuing NFTs.

V. Fractionalized Ownership

Nifty Gateway offers a unique feature called fractionalized ownership in which multiple users can own a single NFT. It is a useful feature for users who cannot afford to purchase an entire NFT but still want to own it somehow.

How to get started with Nifty Gateway

Here are some steps you can follow to set up your account on this platform.

I. Create an account

The first step is to create an account on Nifty Gateway. You have to click on the sign up to create your account and must put in the necessary details to get started.

You can sign up using your email address or by connecting your Twitter account. You can also access the platform by connecting your web3 wallet.

II. Fill in profile details

After creating an account, users have to put in the profile details required by the platform to access all the features.

III. Set up your wallet

The next step is to connect a wallet like Gemini wallet or any other web3 wallet e.g. Metamask. You can either create a new wallet or connect an existing one to your Nifty Gateway account. As it also supports fiat currency, you can also add your debit or credit card as a payment method.

How to buy NFTs on Nifty Gateway

Once you have successfully created your Nifty Gateway account, you are all set to buy and sell NFTs. Here are some steps to buy NFTs on this platform. • To purchase NFTs, you have to click on the “marketplace” button and browse the NFT you want to purchase. • You can also click on the “search” button to find a specific NFT. • Select an NFT you want to purchase. • Click on the “purchase” button. Once you have selected a payment method, the NFT is transferred into your Nifty Gateway account wallet. However, you can transfer your NFT into an external wallet whenever you want.

How to sell NFTs on Nifty Gateway

You have to follow a few simple steps to sell your non-fungible tokens. • You can list their NFTs on Nifty Gateway by clicking on the “list an item” option. • You have to approve the transfer of NFTs from your external wallet to the Nifty Gateway exchange wallet. • Enter necessary details about NFTs such as price, description and images. • Once your NFTs are listed on the platform, you can promote them on different social media platforms such as Twitter or Discord. • If your NFTs get sold, you will receive payment into your Nifty Gateway wallet which you can later transfer to your external wallet.

How to gift NFT on Nifty Gateway

On this platform, you can not only buy, sell and trade NFTs but also gift them to your loved ones. Gifting NFTs on Nifty Gateway is not a complicated process as it only needs a valid email address to complete the transaction. • To gift an NFT, click on the “My collection” option and select the NFTs you wish to gift. • Enter the recipient account information and click on the send option

• Gifting NFTs is totally free and no gas fee is charged for it.

IS Nifty Gateway secure?

Every blockchain-based product is susceptible to hacks and exploitations, and Nifty Gateway is no exception. In March 2021, some users reported that their assets were missing from their Nifty Gateway wallets. However, Nifty Gateway stated that it had not detected any hacking attempts on the website, and the assets disappeared because users had not activated the two-factor authentication feature.

Conclusion

As NFTs continue to gain popularity, Nifty Gateway's position as a leading NFT marketplace is expected to remain unchallenged. It is a go-to platform for all NFT collectors who want to get their hands on rare and limited edition non-fungible tokens. However, it is always advised to conduct your own research before making any investment.