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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

Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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NFT

Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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The NFT album maker for Kings of Leon now includes a metaverse music venue

YellowHeart, a Web3 ticketing startup, is opening a metaverse music venue in an effort to transform how performers, teams, and event organizers distribute tickets and interact with fans.

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The facility, constructed on Spatial, will feature Grammy-nominated blues musician G.Love as its opening act later this year. Fans can communicate with one another, participate in meet-and-greets before and after performances, and use several screens to view what is happening in various areas of the stadium simultaneously.

They will soon be able to order meals and drinks before the event, which will also be available as digital things.

The idea of an online concert has so far primarily been popularized by big gaming companies. The most well-liked virtual competitions have occurred on sites like Fortnite and Roblox. Ariana Grande’s Fortnite concert in August 2021 received 78 million viewers. Next month, Decentraland will host its second Metaverse Music Festival. Over 100 musicians are on the lineup, including well-known performers like Ozzy Osbourne and Soulja Boy.

In addition to throwing an event, YellowHeart, which assisted Kings of Leon in releasing an NFT version of their most recent album, stated that it hoped to accomplish more. It was established in 2017 with the lofty goal of revolutionizing the music ticketing sector as a whole, which has historically been dominated by powerful reselling organizations and exclusive ticketing relationships. These alliances frequently impose limitations on what purchasers can and cannot do with their tickets. Trying to resell a ticket for a concert you can’t go to might be a headache.

YellowHeart believes these issues can be resolved by returning control to artists and fans via web3 technology. Additionally, it may provide advantages that cannot be programmed into conventional tickets.

“These range from complete albums to personalized vinyl records, exclusive merchandise, and immersive visual art. Web3 tickets also allow performers to update fans on new tour dates, music releases, giveaway possibilities, and much more, according to the business.

It has already collaborated with well-known figures, including Julian Lennon, Maroon 5, and MGM Resorts. Contrary to the non-NFT versions offered on Spotify, iTunes, and other platforms, those obtained through YellowHeart entailed particular customer benefits.

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