It is a complete reality that NFT have revolutionized art and the concept we have of what art is and how it is traded.
As a result, major auction houses and concerns about counterfeits and fakes have been resolved by:
For this reason, we can see a lot of platforms that revolve around digital art such as Foundation or SuperRare. In them, you don’t need to be the most recognized artist to earn money with your artwork.
However, there are projects that are characterized by the fact that, among their ranks, there are very followed NFT artists such as Beeple, Grimes or LOGIK.
So, get ready because today we will meet one of the auction platforms that have big names and collaborations around art: Nifty Gateway.
What is Nifty Gateway?
Nifty Gateway is a blockchain based non fungible token (NFT) digital art auction platform. Accordingly, it is characterized by combining cryptocurrency and collectible works of art or music.
However, this is not the only thing, because other NFT collection platforms are distinguished by the same. Certainly, its main advantage is that it has the most coveted collectibles of today.
From artists such as visual artist Cey Adams, Kenny Schar, Trevor Jones, among others; to popular crypto-game objects such as CryptoKitties.
Additionally, famous artists such as Eminen, Calvin Harris and Emil Nava have their own NFTs related to awards, shows, songs, etcetera.
But wait, it doesn’t end here. Other popular DJs and musicians like Deadmau, Carl Cox, Ozuna or Lil Yachty have achieved sales of thousands of dollars.
Likewise, the contributions of distinguished sportsmen such as the soccer player Mesut Ozil are very famous.
Undoubtedly, several celebrities, musicians and athletes have deeply believed in this project and have generated digital assets of great commercial value.
In addition, Google and Facebook API features have been included to make it more interactive.
As for its foundation, it was created by Duncan and Griffin Cock Foster in 2018. It was subsequently acquired by the Winklevoss twins.
Finally, in March 2021, it entered into a partnership with Sotheby’s auction house in the United Kingdom.
How does it work?
For the buyer
First, you will need to register and enter the type of funds in your account. Here you have two options to pay:
- Credit/debit cards.
- Ethereum prepaid balance.
Once you finish this process, you can browse through the section you want to buy. If you find a product you like, you can click on “make an offer”.
Regarding purchase methods, they vary between:
- Silent Auction: Collectors place a blind bid and wait to see if their bid was the winning bid.
- Raffle: It works like a raffle or lottery, in which the winner buys the NFT of his choice for some price. This has been introduced to prevent artificial intelligences from getting the best pieces.
- Open edition:For a period of 5 to 15 minutes, an unlimited number of NFT will be available on a piece you are interested in, which may be thousands or just one or two.
- Global offer: You can submit an offer on an artwork, which will be notified to the creators. If they agree to your price, you will be able to purchase it.
Next, you will be asked for your card details and voila, you will have your NFT. Now, you may be wondering, how do I display it?
Nifty Gateway has introduced a new viewing application where you can watch your NFT from various Android devices.
For the artist/creator
To sell your own artwork, you can apply through a website, where you must submit a completed questionnaire and go through an interview.
If you are accepted and sell, the Nifty Gateway platform will take 5% of the sale price in fees and taxes, plus 30 cents to cover the transaction.
Likewise, if a secondary sale is made through the market place, 10% of the sale price goes to the original artist.
So far, so interesting. But is there any disadvantage?
The answer is that, like everything else, the Nifty Gateway platform has its weaknesses. Among them, we can highlight:
- Transaction fees are not completely transparent, so gas fees can add up quickly.
- There are many records of “NFT heists” and hacks of Nifty Gateway accounts. Thus, it is a platform that has been in the news because several accounts were hacked with thousands of dollars worth of artwork stolen.
- Bank account payment withdrawals are only available for U.S. banks.
How cool that you made it this far, Picassonauta!
We hope it has been very useful for you to learn a little more about another of the most used platforms in digital art.
Of course, about digital art, NFTs and cryptos, there is always a lot to know and say.
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For the time being, we’ll see you in another pintufantastic adventure, see you next time!