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Nifty Gateway Cutting Ethereum Gas Fees by 70%

The NFT marketplace, which has lately expanded, will unveil a hybrid, semi-custodial approach that it claims will significantly reduce Ethereum gas expenses on its exchange.

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Nifty Gateway, an NFT marketplace focused primarily on selected art drops, has lately shifted its purpose to become an aggregator of Ethereum NFT marketplaces. However, as co-founders Duncan and Griffin Cock Foster point out, that was only the first stage in the broader plan. Today, the business unveiled a novel approach for reducing Ethereum gas prices on NFT transactions by up to 70%.

Gas is the variable cost of transacting on the Ethereum blockchain, which currently hosts most NFT trading activity. These costs have risen to new highs as the NFT business bursts in demand in 2021. To many, the gas fees have made Ethereum NFT sales too expensive for all except the most giant ETH whales who gamble on flipping their NFT investments in the future to recoup their expenses (and then some).

Even long-time fans are rethinking the feasibility of the current dominant NFT ecosystem as the argument about Ethereum gas fees has reached a fever pitch recently, resulting in Twitter spats.

“At the present time, gas fees have become a really difficult issue for all Ethereum-based projects,” Duncan said. “A lot of times, if you’re spending $200 on an NFT and the gas price to purchase that NFT is $100, you’ll just choose not to get it.”

Nifty Gateway proposes a novel approach to problem-solving. Beginning in January, the marketplace will use its current custodial system to conduct wallet-to-wallet trades that will use substantially less gas than a comparable peer-to-peer trade elsewhere, according to the company.

In effect, it’s a hybrid model. Nifty’s solution takes some of the on-chain processes required for a wallet-to-wallet transaction on rival marketplace OpenSea and manages them outside of the Ethereum blockchain to reduce the total gas cost hit.

According to the twin co-founders, the total gas savings with this strategy might be as high as 70% compared to OpenSea. In addition, they believe that a system like this will benefit projects that trade for hundreds of dollars per NFT, rather than millions, like CryptoPunks and Bored Ape Yacht Club, and will lower the barrier to entry.

“We’re hoping and hoping that this will be a boom for the entire NFT ecosystem and help a lot of those projects that are impacted by high gas fees—to make everything more available for everyone,” Duncan added.

Due to its former focus solely on selected NFT art drops, the Gemini-owned marketplace had invested in its custodial infrastructure for years, according to the Cock Fosters. Nifty’s business model has broadened—though curated drops remain—but the technology may be used to facilitate cheaper wallet-to-wallet trades for all kinds of Ethereum NFTs.

Duncan explained, “It’s uniquely enabled by the technology that we’ve already got, in these things that we’ve already constructed. The secret sauce that makes this feasible is the custodial mechanism that drives Nifty Gateway.”

In practice, this is how it will function. Sellers first undertake an on-chain transaction to grant Nifty Gateway temporary clearance to transfer an NFT, much as they would on other peer-to-peer marketplaces. The custodial system at Nifty Gateway then manages the process of linking the seller’s wallet to the buyer’s wallet, transferring both the NFT and the cryptocurrency payment.

For example, if an OpenSea peer-to-peer NFT transaction requires ten on-chain steps to complete, Nifty Gateway effectively takes all but three or four of those steps off-chain to save gas expenses. A transaction with fewer on-chain steps is lighter. However, they assert that the final effect is the same: the NFT is still sent from the seller’s wallet to the buyer’s wallet.

According to Duncan, only the things that have to happen on-chain happen on-chain.

They do concede, though, that not everyone will be happy with transactions that aren’t entirely on-chain, notably decentralization maximalists. However, the Cock Fosters believe that most NFT traders will choose to save money on gas expenses, and they intend to be open about how the system works so that customers can choose where and how to trade NFTs.

Once the feature is launched, the hybrid model will be the new standard way to trade NFTs at Nifty Gateway. In the future, the company plans to “explore developing a marketplace smart contract for optional, fully on-chain trades. However, there are already outstanding marketplace smart contracts out there,” a spokesman said, “so it’s not apparent that that’s where we can bring the greatest value to the ecosystem.”

Nifty Gateway has witnessed more trading volume since switching to the aggregator approach, according to Griffin Cock Foster, but its own handpicked drops can still hit large. Pak’s Merge drop, in which collectors buy “mass” tokens that eventually generate various NFTs, sold over $70 million in tokens in only a few hours last week, making it the platform’s highest-grossing single project to date. (Nifty Gateway has yet to provide final data for the Pak drop.)

Nonetheless, the co-founders hope that the new semi-custodial trading strategy would ultimately reshape Nifty Gateway’s position in the developing NFT market.

“This is a critical step toward changing people’s perceptions of what Nifty is,” Griffin added. “One of the benefits of working in such a young business is that there’s a lot of room to construct things that have a big influence on a lot of people. That’s what we’re hoping for with this functionality.”

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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