Artists and project creators are making huge money now. This is possible courtesy of the spectacular growth of the metaverse. Likewise, which is that platform where auctions and drops are happening regularly?
It is Nifty Gateway. Owned by Gemini, a popular cryptocurrency exchange, the platform is becoming a hub of curated and verified drops. Are you that entrepreneur who is keen on the phenomenon of Web 3.0? Initiate Nifty Gateway like NFT marketplace development now.
The core features of an NFT marketplace like Nifty Gateway are
- Auction status – Prospective investors receive real-time updates about the sale of collectibles by pressing the Live Auction button. They receive information like the current bid, the deadline for the auction, the name of the artist, bid history, and a description of the asset.
- Numerous filters – Importantly, discovering an NFT is quite easy on a platform like Nifty Gateway. This is because of the filter and search option. Interested buyers can use options like status (on sale), drop type (curated and verified), price (minimum to maximum in US Dollars), and edition (minimum and maximum).
- Activity Dashboard – “Creativity at its best” is the right way to describe the scintillating growth of crypto collectibles. Creators can press the Activity Section and choose options like custom range and right now.
As soon as buyers enter details of artists and collections, updates about offers, sales, transfers, deposits, and listings are available. Thus, investors will know the name of the NFT that was transferred, the date and time, and the sale price in US Dollars (USD).
- Curated Drops – Valuable NFTs are showcased in the Curated Drop Schedule dashboard. Talented creators can sell their collectibles directly to their fans. Likewise, investors receive notifications after a collectible gets dropped.
Thus, buyers can tap the bid option for purchasing the rare NFT. Consequently, this will help them get ahead of potential investors who are also bidding simultaneously. What happens if they miss the auction? Yes, users can purchase rare collectibles from other users on the secondary marketplace.
- Dedicated 24×7 help centre – Artists and project creators across the globe can contact the technical support desk for solving their problems. They receive prompt assistance for issues like the collection of assets, changing of passwords, processing of peer-to-peer (P2P) transactions, two-factor authentication (2FA), withdrawal of NFTs, integration with the Stripe wallet, registration, participation in the drops.
What are the various drops on a Nifty Gateway like platform?
- Open Editions – Artists can finalize a price for their rare collectible and also fix a time for the same. Later, the drop period starts. What is unique in this? Importantly, the number of purchases equals the number of editions. This is closely related to the number of minted Nifties and the total collectibles distributed to the collectors.
- Packs – A set of nifties are included in the Packs. As a result, investors can purchase these highly unique collectibles. Moreover, details like the number of nifties and edition size are available. Thus, buyers must be alert when a drop happens. This increases their chance to win.
- Silent Auctions – As Non-Fungible Tokens (NFTs) make more noise in the metaverse, silent auctions are the highlight of an NFT marketplace similar to Nifty Gateway.
How does the entire mechanism function? Buyers must submit a blind bid for any one of the editions sold by the artist. The highest bidders receive the ultra-rare collectible. Generally, the bidding price is equal to the amount transferred by the investor. Importantly, the number of editions are distributed from the highest bid to the lowest ones.
- Ranked Auctions – There is one big difference between a ranked and a silent auction. The bids submitted by the collectors are displayed on a real-time basis. What happens after the auction ends? The highest bidder will get one of the available editions.
- Drawings – Times are changing now. Artists are no longer showcasing their portraits and sketches in galleries and museums. The drawings option ensures that collectors have an equal chance of owning a super-rare collectible. Details about the number of editions and the set time is displayed.
Winners are selected randomly. They pay a price equal to the value of the Nifty. What happens when an investor initiates a peer-to-peer (P2P) transaction at the last minute? A new winner is selected.
- First Come First Serve (FCFS) basis – Certain nifties are given a fixed price and the number of editions is specified. As soon as the drop goes live, the pieces can be bought by the investors. How long will this auction happen? It goes on till all the collectibles are purchased by the buyers.
Wrapping Up
Flushed with a funding of $400 million, Nifty Gateway is leading a new revolution for content monetization. Led by the Winklevoss Twins (Tyler and Cameron), things are looking optimistic for the world of Web 3.0. Besides that, its integration with the Ethereum blockchain will decrease the gas fees by up to 75%.
What does 2022 hold for Nifty Gateway? Wallet-to-Wallet trading. Investors can directly buy and sell the collectibles from their software wallets. Expected to be launched next year, this feature will be a game-changer.
Moreover, it balances between first-time buyers and regular NFT collectors as the gas fees are automatically calculated. Do you want to build your wealth? Develop an NFT marketplace like Nifty Gateway by contacting a white-label solution provider soon.
