A quick 2023 review of the Niftygateway platform
Niftygateway was founded by identical twins Griffin and Duncan Cock Foster in 2019. By his own account, Griffin admitted that he and the team were focused on building the technology and only fully realized their platform's potential when COVID-19-related lockdowns hit.
By 2021, the platform had become widely popular and made lots of money for several early NFT traders.
The success of Niftygateway attracted the attention of the Winklevoss brothers, owners of the crypto exchange Gemini. Gemini acquired the platform in late 2019, eventually adding a feature allowing users to transact using fiat currency.
What is the Niftygateway concept?
Niftygateway is the largest NFT platform after OpenSea. The platform has three applications: web-based and mobile apps on Google Play and App Store.
The concept is to provide a platform for users to buy, sell, and auction NFTs. If you are an NFT creator, the Drops section allows you to sell your NFTs directly to buyers exclusively. Otherwise, you can visit the Marketplace to buy NFTs for resale. You can also decide to auction any NFTs you have created or purchased, in which case you need to set a floor price for your product before the auction.
Niftygateway charges gas fees of 5% on the NFT sellers, but these are charged only after an NFT sale. This is higher than competitors OpenSea and Rarible. It is also not possible to upload NFTs in bulk. You have to upload them one after the other.
The starting point of your Niftygateway journey is to sign up using your MetaMask wallet. Working with your MetaMask wallet is easier as you can mine/create your NFTs using the wallet. Alternatively, you can sign up with your email and a password.
Once you have signed up, you can trade NFTs via the Drops section or buy and resell NFTs from the Marketplace. The Drops section features the Verified or Curated Drops. Curated drops feature collections of high-quality, limited-edition NFTs exclusive to Niftygateway.
The NFTs featured in the Curated Drops are sold by the creators directly. The Curated Drops are only available via a schedule after being verified by Niftygateway. They can also be purchased from the Marketplace, usually at a markup.
Author: Eno Eteng
Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about cryptos, FX and CFDs. Since 2009, he has been a consultant for several companies in the financial market space. His work can be seen on several forex and crypto-related blogs and trading educational websites.