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Nifty Gateway NFT marketplace review and guide
The good and the bad of this large, mixed NFT marketplace.
Pros and cons of Nifty Gateway
Nifty Gateway is a blockchain-based marketplace that allows its users to buy or sell nonfungible tokens (NFTs).
Its unique selling proposition is exclusivity — as opposed to the free-for-all on some platforms, Nifty Gateway's team carefully curates the content it allows for sale.
Founded by the famous Winklevoss twins, it operates under the umbrella of their cryptocurrency exchange Gemini.
Our take on Nifty Gateway
The platform is easy to navigate, offers simple account creation and supports fiat purchases along with ether (ETH) purchases.Image source: Nifty Gateway
Nifty Gateway has a curated, "walled garden" service, with bars to cross for anyone wishing to sell on the platform.
This rigor leads many prominent musicians and artists to use the platform — from Deadmau5 and Carl Cox to Grimes, Lil Yachty and figures from the conventional art world like Trevor Jones and Kenny Scharf.
These artists often participate in drops, an event where their content is made exclusively available to buy on Nifty Gateway. A drop is the introduction of a new NFT, with at least one from a high-profile creator, usually arriving every three weeks.Image source: Nifty Gateway
Nifty Gateway accepts debit and credit cards if you're based in the US. This kind of fiat accessibility is unusual for an NFT marketplace. If you're based elsewhere, you'll need to go through a Gemini crypto exchange account.
With high-profile creators and the founder's description of it as the "premier digital art marketplace," it leans toward the more expensive end of the market compared to some competitors.
For collectors, Nifty Gateway is a great place to browse — if your pockets are deep. For creators, it may not be the marketplace if you're just starting out in the space, since you may not get approved. If you're a new creator or artist, Rarible or OpenSea may be better starting points.
How Nifty Gateway works
Nifty Gateway is owned by Gemini, the crypto exchange. To buy and sell NFTs on the platform, you need a Nifty account and crypto wallet.
The two payment methods include:
- Fiat currency via debit or credit card for US residents
- ETH through your Gemini account
Buy, sell and mint using the platform. However, you must apply and be approved to become a creator, and the platform prides itself on exclusivity.
Nifty Gateway isn't like other NFT marketplaces like Rarible and OpenSea, where most people can create an account and be verified with the ability to mint. For the average Joe, you're likely limited to buying and selling on the secondary market — the vetting and approval process for creation is rather exclusive, and reportedly, the backlog of applications is large at the time of writing.
Nifty Gateway blockchain and currency
Nifty Gateway is built on the Ethereum blockchain. Buy NFTs using ETH, Etheruem's native currency.
Buy ETH on nearly every major crypto exchange, including Gemini, which is likely the most convenient option, since you can purchase NFTs with your Gemini funds.
Compatible exchange: Gemini Cryptocurrency Exchange
- Wide range of exchangeable currencies
- User friendly
- Newcomer incentives
- Insurance on currency balances up to $250k
- Balances can earn interest
- High fees on mobile app
- Missing some notable top 20 currencies
- No linked debit cards available
Gemini's strongest point is its Gemini Earn program, which allows users to earn up to 7.4% interest on specified cryptocurrency balances.
Gemini has a wide selection of cryptos available for exchange on the platform. However, some notable entries from the top 20 by market cap are missing, such as Cardano and Solana.
|Deposit Methods||Bank transfer (ACH)
|Deposit Fees||Cryptocurrency: None
Bank transfer (ACH): None, bank fees may apply
Wire Transfer: Determined by your bank
Debit Card: 3.49% + Trading Fees
Paypal: 2.50% of total deposit amount + Trading Fees
|Withdrawal Fees||Cryptocurrency: None (for 10 withdrawals and below per month)
Others: None (for 10 withdrawals and below per month)
|Trading Fees||≤ $10.00: $0.99
> $10.00 but ≤ $25.00: $1.49
> $25.00 but ≤ $50.00: $1.99
> $50.00 but ≤ $200.00: $2.99
> $200.00: 1.49% of your Web Order value
How to buy NFT's on Nifty Gateway
First, create an account on Nifty Gateway's site, NiftyGateway.com.
When you arrive at the landing page, choose Sign up at the top right. Next, you'll see a fairly routine account creation form. After you've filled this out, get some crypto and link your external crypto wallet to your account, or you can connect your debit or credit card.
To store NFTs, you'll need a wallet that's compatible with ERC-721 tokens. There are many on the market, including MetaMask, Lumi Wallet, Trust Wallet and imToken.Image source: Nifty Gateway, sign up form
Once you're signed up, buying options include:
- Online silent auctions – Make a blind bid based on what you think the NFT is worth. You'll find out if you've been successful when the auction period comes to an end.
- Global offers – Make an offer for a specific NFT that's on the network, and all owners of the asset you're looking for receive a notification. If one of them accepts, the NFT is yours.
- Open editions – An infinite quantity of a particular NFT is put on sale for a limited period of time. You'll need to be fast, as these windows are usually only open for five to 15 minutes.
- Drawings – You have the opportunity to enter a lottery-style draw to win the right to buy a specific NFT at a set price. This is a recent addition, designed to undermine automated systems created by people attempting to abuse the service.
After the initial sales window for a "drop" closes, anyone can buy or sell the NFT on Nifty Gateway's peer-to-peer second market.
Once successful, you can either sell or auction your new NFT to other users for a profit, transfer it to an external wallet platform via MetaMask, or use Nifty Gateway's display app to put it on show on your devices.
The creators and collectors featured on Nifty Gateway
Nifty Gateway is known for celebrity-minted NFTs, especially the musician Grimes and the famous artist Pak.
Other well-known creators and celebrities on the marketplace include:
- Awkward Astronauts (Lambo)
- Based Fish Mafia
- Bored Ape Yacht Club
- Dead Diamond Society
- Loser Club Official
- RTFKT Studios
- Tommy Wilson
- Trevor Jones Art
- Squishy Apes by Degen Labs
How to sell NFTs on Nifty Gateway
If you already own an NFT and want to sell it on Nifty Gateway's platform, follow these steps:
- Navigate to your owned NFTs by selecting Profile.
- Select the NFT you want to sell for a fixed price. Buyers can pay for the NFT with their account balance or card.
You also have the option of listing your NFT for a Global Bidding, where you and other owners of that asset receive a notification. If you accept the global bid, you've made a sale.
These types of NFTs aren't duplicates in the digital sense, although they are identical. There can be any number of versions of a specific NFT, but each one is a specific asset you can own — this is how the global bidding is able to work.
After a successful sale, you learn about receiving payment once the transaction is complete.
Can I mint on Nifty Gateway?
Not everyone is able to create and sell NFTs on Nifty Gateway. As you might imagine from the caliber of creators who drop their work on the platform, the entry bar is high.
The team also reports a heavy backlog in applications.
But don't let us discourage you — you can apply with the creator form and fill in the questionnaire; it should take less than 10 minutes to fill out. The team will be in touch with a decision.
If you're feeling confident, a bonus is that Nifty Gateway offers those few creators who make the cut a huge amount of flexibility on the royalties they can make from secondary sales.
Nifty Gateway fees
As with many marketplaces, Nifty Gateway's chief source of revenue is royalties levied on every sale — including secondary sales.
Out of the price of every sale, it takes 5% of the full price in fees, along with a $0.30 transaction charge. There are also gas fees to consider.
Nifty Gateway NFT drops
One of Nifty Gateway's claim to fame is their exclusive NFT drops, known for featuring celebrities and high-end artists such as Grimes, Sinclair, Pak, Deadmau5, Eminem and Gramatik — just to name a few.
To access the drops, simply select Drops from the main navigation menu. You'll see a countdown for the next drop and past drops.
To stay current with upcoming drops, subscribe to the Nifty Gateway ultra-exclusive drop list.Image source: Nifty Gateway
How the Nifty Gateway app works
Nifty Gateway has an app for Android devices, available on the Google Play store, and it's free to download. There isn't an iOS app at this time, and there hasn't been any news or teasers on developing one for Apple devices.
The app is only for displaying NFTs that you've purchased on devices such as Android smart TVs, tablets and the like.
App reviews are mixed, sporting a 2.3-star rating with only 80 reviews — the majority of ratings are 1-star. Many users report issues with signing in, displaying large NFTs, long buffering times and other general technical problems.
Nifty Gateway's unique features
Nifty Gateway has a payment feature called Pre-Paid ETH, which allows "users to deposit ETH and make purchases against their ETH balance as another payment method," according to the platform.
Put simply, it means you can deposit your ETH into Nifty Gateway and make purchases.
How legit is Nifty Gateway?
Nifty Gateway is a legitimate marketplace, but it hasn't gone through the NFT boom unscathed.
In March 2021, hackers cracked multiple accounts, stole NFTs and bought new ones with users' funds. While the cash was recovered, all sold NFTs couldn't be recovered.
Nifty Gateway claims the affected users hadn't fully set up two-factor authorization and that new security measures have been implemented since the hack — but the damage to its reputation was done.
Also, questions were raised about Nifty Gateway's highly centralized model: For example, whether it made the marketplace more vulnerable to hackers than others, despite allowing a high degree of quality control.
We were unable to locate any recent hacks or security breaches, so that's worth considering.
It's always wise to hold your assets somewhere you feel is trustworthy, and to use all security practices a platform recommends.
Compare marketplaces to buy NFTs
Nifty Gateway is a premier NFT marketplace, featuring famous and celebrity collections, putting it's NFT on the more expensive side. Since it's so exclusive, it doesn't seem to have as big of a problem with fake NFTs like OpenSea.
We give Nifty Gateway major props for allowing fiat transactions with a debit or credit card. Many other mixed and art NFT marketplaces don't offer this and require crypto payments, like Foundation and OpenSea. Additionally, Nifty Gateway is owned by Gemini, so integrating your Gemini account to pay for NFTs on the marketplace is pretty seamless for existing Gemini users.
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