Nifty Gateway NFT Marketplace Review

Nifty Gateway doesn’t work in the same way as other major NFT marketplaces. For starters, it’s mainly a custodial platform – which means 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 a pile ’em high and sell’ em cheap mentality. Instead, Nifty focuses more on exclusive items. It offers content drops most days – often from big name artists – you can see a schedule of upcoming drops on the site. (NFT drops are set times when a new NFT will be put on sale or minted.) Many of Nifty’s products are sold at auction rather than at a fixed price, so you’ll need to be ready to bid.

First-time users may find Nifty Gateway difficult to understand and use. There’s a lot of assumed knowledge and terms that can have implications on the price, fees, and payment method. For example, the 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 lie NFTs. In addition, to sell an NFT, you’ll 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 you get too involved. It would be frustrating to buy an NFT on the platform only to find you couldn’t then list it for resale.

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

Here are a few of the Nifty sales offers:

  • Open Editions: Users have a set period of time to buy fixed-price nifties. For example, the creator might set the price at $ 400 and the time frame at 10 minutes. They’d then lie as many NFTs as people bought in the 10-minute period.
  • First Come First Serve: This is similar to the open edition, except the creator sets the price and the number of editions. Once the drop is live, sales take place on a first come, first served basis.
  • Auctions: Buyers have a period of time, usually 24 hours, to bid publicly for a piece of work. The highest bidder wins.
  • Silent Auctions: Buyers can place blind bids for a piece of work. At the end of the auction, the 100 highest bidders each receive one of the editions.

Blockchains

Nifty Gateway only supports the Ethereum blockchain. A large proportion of NFTs worldwide are created and stored on the Ethereum blockchain, but other networks are starting to take market share. It would be nice to see Nifty offer at least one alternative.

The main reasons people might want to avoid Ethereum are the high gas fees and high environmental cost. Nifty does have some innovative measures in place to reduce gas fees, but the energy consumption may still worry environmentally conscious investors.

Supported wallets

Nifty is a custodial NFT 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 needed to transfer assets to Nifty Gateway’s custodial wallet to sell them on the platform.

READ MORE: Best NFT Wallets

Payment methods

Nifty is in the process of switching to a new fee and payment structure. It says that it plans to phase out its current system gradually, but until then both systems will co-exist.

Current system (V1):

Nifty accepts payments via credit or debit card, ETH, or direct from Gemini. It’s unusual in that you don’t need to own a cryptocurrency to buy an NFT. You can also view prices in US dollars or ETH. Here’s how the payment options work:

  • Credit or debit card: You’ll need to verify your card by letting Nifty make two small deposits if you want to use the secondary marketplace. You can use the primary marketplace – where Nifty makes drops of curated and 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 listings payment method on Nifty will be ETH held in an ETH wallet. It isn’t clear whether Nifty plans to allow credit and debit card payments, or let people pay via their Gemini account.

Fees

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

Gas fees are a big consideration for NFT investors, as Ethereum transaction fees can add up. Nifty Gateway covers or avoids gas fees in several scenarios. It also says its gas fees are 70% lower than other marketplaces. According to its website, it’s done by reducing the number of steps in NFT listings. Since each step incurs gas fees, reducing the number of transactions can significantly reduce costs.

Here’s a summary of what you will or won’t have to pay gas fees for:

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