What is the Niftify Platform?
Niftify is an e-commerce NFT platform where users can buy, bid, create, sell, and swap NFTs. The platform also allows users to create, launch, and operate compliant NFT stores and marketplaces with no coding required.
Launched in 2021, Niftify is easy-to-use and highly secure. It supports lots of popular crypto wallets, including its very own custodial wallet, and features plenty of payment options, including the use of credit cards. It currently operates on the Ethereum and Polygon networks with plans to expand to more.
Several features enable Niftify to stand out;
• Launchpad: A place where creators, startups, and corporations can find all they need to launch NFT collections. It is also a place where users can support creators.
• Swap: The feature allows users to exchange NFTs. They can, for example, exchange multiple NFTs for one NFT. They can also add value to a lesser-valued NFT to exchange it with a higher-valued one.
• Sales tax automation: The feature ensures sales taxes are always properly charged to all users maximizing compliance.
• Marketplace: A place where users can sell and buy NFTs. It features plenty of NFT collections, including Invisible Friends, Veefriends, and the popular Bored Ape Yacht Club.
Niftify has a native utility token called NIFT. It is Ethereum-based (ERC20 token standard) and is used to incentivize actions within the ecosystem. For example, those who hold the tokens receive discounts when paying service fees. They can also be staked.
The tokens have a max supply cap of 200 million coins. There are currently 11,500,769 of them in public circulation. As of writing, according to Coinmarketcap, each of the coins is worth $0.00428. They are ranked the 2,283rd largest cryptocurrency, with a live market cap of $49,162.35.
Considering its price, the NIFT token offers a great entry price into the crypto market. However, it is not listed in many crypto exchanges. Some exchanges where it can be bought include Gate.io, BitMart, and MEXC.
Another inconvenience is that the coins can’t be bought directly with fiat. To invest in the cryptocurrency, you'll first have to buy ETH or BTC from a fiat-to-crypto exchange. Then you must move to a crypto-to-crypto exchange that lists NIFT and use your ETH or BTC to buy the coins.
Niftify allows anyone with NIFT tokens to stake them for rewards. The process is, however, not reversible once initiated.
Staking on the platform comes with a lock-up duration. Those who wish to participate in NIFT staking can, however, determine the lock-up duration, which is between 0 to 365 days. Once locked up, there is no way to reverse the process. There is an unstaking period that lasts seven days.
Staking on Niftify is immediate. The rewards vary depending on staking duration, the amount staked, staking pool size, and the stakers’ population.
Niftify also allows users to buy, sell, and trade PNFTs or physical non-fungible tokens. The tokens represent tangible or physical objects like electronics, vehicles, and furniture.
PNFTs have several benefits, including:
• Trading speed: they are easy to buy, sell, or trade. Owners don’t have to possess the physical assets to sell them.
• Liquidity: because they are easy to buy, sell, and trade, they are highly liquid. Anyone can buy and resell them from any corner of the globe.
• Access to assets: they allow access to assets that could not be accessed and bought online, like vintage vehicles.
Niftify is an ambitious e-commerce NFT platform that looks to change how people interact with NFTs. The platform offers great features to help with NFTs, NFT stores, and marketplace creation. Its lazy minting feature is a notable feature that helps ease the NFT creation process.
So far, the company behind the platform has entered into some strategic partnerships. These include partnering with acrobatic dunking world champions Dunking Devils to sell NFT-based event tickets in Slovenia. The company also partnered with the Repton Family of schools to launch NFTs for students.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.