Nifty Marketplace launch makes it the first USD-based exchange, specially designed for non-fungible tokens.
Duncan and Griffin Cock Foster, the twin founders of Nifty Gateway, made the announcement on Tuesday. Gemini had acquired the platform late last year.
The announcement disclosed that the newly upgraded gateway, Nifty Marketplace, is set to be the first USD-exchange, specifically designed for non-fungible tokens (NFTs). Users from all over the world can make use of the platform. However, the withdrawal feature is currently only available to US-based users.
The platform revealed it will allow the sale of NFTs but the listing will take place only after careful examination. It also maintained that all token listings will take the “slow and intentional” route. This is to prevent a flood of requests as well as getting time to adequately deal with any fraud issues.
What are NFTs?
NFTs, also popularly known as Nifties, are cryptographic tokens unlike conventional cryptocurrencies like Bitcoin. They can be used to symbolize specific assets on the blockchain. Nifties find major use among gamers, who trade them to purchase interoperable digital collectibles such as dances, skins, and in-game items.
While acquiring the Nifty platform, Gemini CEO, Tyler Winklevoss, had called NFTs major players in the next era of the digital economy. They, being true form factors for crypto-collectibles and crypto-art, would serve as the building blocks for emerging multi-billion dollar industries, he had stated.
Evolution of the world of art and collectibles
The Nifty Marketplace is all set to serve as a platform to both trade and store digital NFTs, arts, and collectibles. With the instability of Ethereum’s fanbase taking a toll, the Foster twins plan to create more NFTs using artists, athletes, etc.
The platform will use the Gemini infrastructure as a backend for its dollar exchange feature. It will facilitate the purchase of NFTs with credit cards and also ensure seamless cash out to users’ bank accounts when they sell.
The newly launched marketplace would enable arts and artists to directly connect with their audience worldwide. Additionally, the blockchain would ensure the quality of the collections, making them scarce and unique. Moreover, buyers can authenticate whatever they are buying.
At the initial phase of this journey, Gemini will work with two artists, Michael Kagan and Lyle Owerko, alongside Bellator MMA women’s featherweight world champion, Cris Cyborg.
Nifty Gateway is expecting to attract considerable traffic and create revenue from transaction fees. They also look forward to high customer demand for digital collectibles.