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As an Ethereum NFT Aggregator, Nifty Gateway Expands Beyond Curated Drops

Gemini’s marketplace is repositioning itself as a gateway to the larger NFT sector.

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Nifty Gateway was one of the most popular venues during the initial NFT boom this spring, with curated drops from up-and-coming digital artists (like Beeple and Pak) as well as well-known celebrities (like Grimes and The Weeknd).

The NFT market, however, has evolved since then. Profile photo collections and generative artwork have been popular recently, as have interactive video game NFTs—and peer-to-peer marketplace OpenSea has grabbed the lead, producing over $3 billion in trading volume from its more broad assortment of NFT collectibles in each of the last two months.

Nifty Gateway is adapting to the changing needs of today’s NFT buyers.

Today, the Gemini-owned marketplace announced that it would extend beyond its original focus on curated artwork drops to become a permissionless NFT aggregator, spanning a more extensive range of collectibles with its new universal search function. In other words, Nifty Gateway won’t only be a place where people can find pieces they’ve created on the platform.

Duncan Cock Foster, who co-founded Nifty Gateway with his twin brother Griffin, commented, “Nifty has certainly done a lot to get a lot of people onboard in the area, but it’s always been extremely limited and curated. Things are shifting. We’re going to open up a lot more.”

With the recent launch of “Verified Drops,” the site has begun to broaden its focus, bringing in the famous avatar collection Doodles and more. However, when it shifts its direction, it will allow users to buy and trade NFTs from various popular projects, including Bored Ape Yacht Club, Pudgy Penguins, Creature World, and others.

According to data gathered by Cryptoart.io, Nifty Gateway had its biggest month of trading volume in March, with almost $143 million traded. However, that figure has been below $30 million each month as the market has turned to other platforms since June. In addition, data from Dune Analytics indicates a dramatic drop-off in the number of NFTs produced on the platform in recent months.

The platform’s new strategy will keep selected artwork drops, but it will also focus on the latter half of its name, acting as a gateway to the broader world of NFTs. Griffin explained that starting with selected drops was purposeful but that the increased availability of high-quality collectibles on the market has forced a more comprehensive approach in the future.

“Working backward to what we want to achieve has always been a part of our strategy,” he explained. “Our purpose is to get one billion individuals collecting NFTs, and our ambition has always been to establish a tremendously large firm in the NFT market. So, therefore, we considered curating to be crucial.”

They indicated that starting with a curated approach was crucial in persuading established musicians and celebrities to join the platform. Before NFTs became mainstream, before CryptoPunks and Bored Apes became popular social media status symbols, before Beeple sold a $69 million NFT, and before NFTs moved $10.7 billion in a quarter.

“The NFT space is a million miles apart from where it was a year and a half ago. It’s hard to recall today, but the main challenge in the NFT sector was that no one could truly name a project that people enjoyed,” he went on to say. “OpenSea existed back then […], but it was full of ‘crypto garbage,’ as Duncan and I put it—low-effort NFTs that were mainly knockoffs.”

Nifty Gateway will continue to operate as a fully custodial marketplace, keeping assets for users who don’t want to deal with third-party wallets. However, for novices to NFT, this may be a more convenient option, as they can open a Nifty Gateway account and purchase artwork or collectibles with a credit card.

They may now, for example, do the same with popular profile image sets. Users can also withdraw NFTs into a third-party wallet and connect wallets to display their own NFTs. Nifty Gateway is also looking into ways to enable direct trade with lower Ethereum gas (transaction) expenses than OpenSea. “I believe we can make significant advances in the NFT domain,” he continued.

The change in Nifty comes when the NFT sector is experiencing significant growth and new participants. For example, FTX US has launched a Solana NFT marketplace (with Ethereum support on the way), and Coinbase already has millions of individuals on their Ethereum NFT platform waiting list.

When asked about increased competition, the Cock Fosters said it would help them achieve their goal of enrolling a billion people in NFTs. Nonetheless, they feel that Nifty Gateway’s extensive drop tools, planned capabilities, and potential future extension to platforms other than Ethereum will offer it an advantage over new and old competitors.

“I honestly believe the NFT market is substantial enough for everyone,” Griffin remarked. “More individuals are asking questions about NFTs, which is a good thing because the entire NFT market will grow as a result of those new platforms. With crypto, we’ve seen that again and time again.”

NFT

To Be Sold for $70 Million, with Proceeds Used to Support NFT Purchases at MoMA

The auction of works by Renoir, Picasso, Bacon, and Rousseau will help the museum increase its online presence and maybe buy NFTs.

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This fall, the William S. Paley Foundation will hold an auction featuring works of art valued at at least $70 million in order to increase the digital presence of the Museum of Modern Art (MoMA) in New York and possibly acquire the institution’s first NFTs.

Since the passing of the co-founder of CBS in 1990, William S. Paley’s collection has been maintained by MoMA. Sotheby’s has been hired by Paley’s namesake organization, which includes endowment funds for museums and educational and cultural activities, to auction off 29 of the 81 items in the MoMA collection.

The sale proceeds will go toward growing the museum’s online presence. MoMA’s director Glenn Lowry stated in the Wall Street Journal that the museum had suggested several potential uses for the funds.

MoMA may start its streaming service, organize online exhibitions and video discussions with artists, or work with colleges and training organizations to offer online courses. More importantly for cryptocurrency enthusiasts, MoMA might also buy its first NFTs.

According to Lowry, the museum has a dedicated team monitoring the digital art scene to hunt for suitable artists to collaborate with or buy from.

In the interview, he added of NFTs, “We’re aware that we lend an imprimatur when we acquire things, but that doesn’t mean we should shun the domain.

What’s on offer?
The William S. Paley Foundation and MoMA have an agreement that gives MoMA the final say in how the collection is used. Other humanitarian endeavors championed by the late Paley will receive a tiny share of the proceeds from the autumn auction.

Most of the collection’s most famous works, such as Picasso’s “Boy Leading a Horse” from 1905–06 and Matisse’s “Woman with a Veil,” are not for sale. Rousseau and a Renoir, on the other hand, will be sold at auction, according to Lowry.

According to Sotheby’s, Francis Bacon’s “Three Studies for a Portrait of Henrietta Moraes” will be auctioned for at least $35 million in London in October, and Pablo Picasso’s “Guitar on a Table” will be sold for at least $20 million in New York this November.

It’s anticipated that the collection would bring in between $70 and $100 million.

Despite not yet owning a tokenized work of art on the blockchain, MoMA has already contributed to the development of NFTs. The MoMA gave all of its collection’s information in November of last year to the Unsupervised exhibition and NFT project by AI artist Refik Anadol.

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How NFT Projects Are Setting Up For Ethereum’s Network Shift to Stay Ahead of the Merge?

This week is finally predicted to see the occurrence of one of the most important occurrences in the history of cryptocurrencies. 

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The blockchain network will completely switch from its existing proof-of-work consensus process to the proof-of-stake model thanks to Ethereum’s significant software upgrade, known as The Merge. Ethereum is anticipated to carry on as usual, except that PoS authentication of cryptocurrency transactions will now be used instead of PoW.

Ethereum.org states that “The Merge signifies the combining of Ethereum’s new proof-of-stake consensus layer, the Beacon Chain, with its existing execution layer (the Mainnet).” It does away with the necessity for energy-intensive mining and instead uses ETH stakes to safeguard the network.

Sustainability, scalability, and security are the three key areas of concern that The Merge seeks to solve. Researchers at the Ethereum Foundation claim that the new architecture not only paves the way for future scaling improvements like sharding but also significantly cuts Ethereum’s energy consumption by more than 99% because miners won’t have a financial incentive to run computers constantly.

Further modifications to the NFT market are anticipated due to the switch from proof-of-work to proof-of-stake. The Merge may improve the tokenomics of the entire market, broaden the range of cryptocurrencies it supports, and potentially raise the price of NFT.

The bulk of NFTs are a part of the Ethereum blockchain, and many people are enthusiastic about the switchover because it is anticipated to use less energy, allowing users to mint and sell NFTs in a more environmentally friendly manner. However, other users worry that, as with every substantial technological change, there may be a chance for fraud, hacking, volatility, and confusion.

Do you have safe NFTs?
Due to duplicate NFTs existing as a result of the ETH proof-of-work chain and other future forks, it may be unclear which assets are “official” or “real.”

There is a chance that there will be two different types of NFTs when the merge is finished because Ethereum is projected to have at least one proof of work (PoW) fork that will continue to exist. Thus, NFT owners can experience a problem known as a “replay attack.” When a transaction is finished on one blockchain and then repeated on another, this occurs.

OpenSea, the largest NFT market, and well-known companies like Yuga Labs, the company behind the Bored Ape Yacht Club, have officially said that they will not accept the identical NFTs that are present on these chains. In a similar vein, Proof, the startup that is in charge of the Moonbirds NFT project, has stated that it will neither acknowledge or support any forks that are made after a merging.

The Merge will quickly establish itself as the dividing point between PoW-era and PoS-era NFTs. One of the first projects to launch during Ethereum’s new phase will be Supercute World’s SELFi3STM NFT collection. The project will be powered by Web3 developer platform, Alchemy, and will showcase the company’s new full stack NFT development capabilities.

Nikil Viswanathan, cofounder and CEO of Alchemy, stated, “Our objective has always been to bring web3 to a billion people, and we see NFTs being a crucial driver of that adoption.” We’ll keep investing in our full-stack NFT development offering and supporting innovative, exciting new projects like Supercute World to help reach that aim.

The first completely inclusive NFT initiative is SELFi3STM by Supercute WorldTM, which offers male, female, and gender-neutral variants so users can develop and represent the greatest versions of themselves online. Without ever changing the rarity score, holders will be able to select the best version of themselves.

The upcoming collection of 7,777 SELFi3S from Supercute World is anticipated to debut in October. Visit the website and follow the project on Twitter to keep up with developments and learn more about Supercute WorldTM.

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‘LG Art Labs,’ a new NFT marketplace, is introduced by LG Electronics

The second major South Korean television manufacturer to do so this year is the electronics giant, which just opened its own NFT marketplace.

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The “LG Art Labs” NFT marketplace has just been released by LG, a South Korean electronics business, and is now accessible to all US LG television owners running webOS 5.0.

From the comfort of their homes, users may purchase, sell, and trade non-fungible tokens (NFTs) through the marketplace, which is available from the LG home screen.

NFTs are non-fungible tokenized blockchain representations of non-fungible assets, making them distinct and irreplaceable. Similar to how antiques and works of art are frequently non-fungible in the real world, NFTs on a blockchain ledger typically represent digital versions of these items.

Wallypto, LG’s in-app cryptocurrency wallet created by the Hedera network last September, manages transactions on LG Art Labs.

Hashgraph, an alternative distributed ledger system (DLS) to blockchain that offers lightning-fast transaction times, highly functional smart contracts, high energy efficiency, and transaction fees that amount to only pennies, is the DLS that Hedera employs.

On August 12 of this year, LG submitted an application to register the Wallypto patent.

The two companies initially collaborated when LG joined other tech giants like Google, IBM, Deutsche Telekom, and Ubisoft on Hedera’s governing board in 2020.

LG Electronics enters the NFT market

LG is not the first Korean TV maker to integrate NFT trading into the viewing experience.

To develop a new NFT marketplace for owners of Samsung TVs, Samsung announced a partnership with NFT marketplace Nifty Gateway in March of this year.

Through a smart TV interface unveiled in January, users may view, purchase, trade, and display NFTs.

The Samsung MICRO LED, Neo QLED, and The Samsung NFT Platform supports the Frame TV models from 2022.

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