Gemini’s marketplace is repositioning itself as an accessible entry point to the larger NFT market.
Nifty Gateway was one of the top platforms during this spring’s initial NFT boom, offering curated drops from then-rising digital artists (like Beeple and Pak) as well as well-known entertainers (like Grimes and The Weeknd).
However, the NFT market has evolved since then. Profile picture collections and generative artwork have recently become popular, as have interactive video game NFTs—and peer-to-peer marketplace OpenSea has taken the lead, generating over $3 billion in trading volume in each of the last two months from its more diverse array of NFT collectibles.
Nifty Gateway is adapting to the changing needs of today’s NFT buyers.
Today, the Gemini-owned marketplace revealed exclusively to ULTCOIN365 that it will expand beyond its original focus on curated artwork drops to serve as a permissionless NFT aggregator, encompassing a broader range of collectibles through its new universal search tool. Essentially, Nifty Gateway will not be limited to pieces launched on the platform.
“Obviously, Nifty has done a lot to bring a lot of people into the space, but it’s always been very limited and curated,” Duncan Cock Foster, who co-founded Nifty Gateway with twin brother Griffin, told ULTCOIN365. “Things are changing. We’re growing a lot more in order to open up.”
With the recent launch of “Verified Drops,” the platform has begun to broaden its focus, bringing in the popular avatar collection Doodles and more. It will, however, cast a wider net as it restructures its focus and allows users to buy and sell NFTs from a variety of popular projects, including Bored Ape Yacht Club, Pudgy Penguins, Creature World, and others.
Doodles come in a joyful range of colors, traits and sizes – holding one also allows you to participate in coordinating the Doodlebank.
— Spooky Gateway (@niftygateway) October 26, 2021
According to data curated by Cryptoart.io, Nifty Gateway had its best month of trading volume in March, with more than $143 million. Since June, that figure has been below $30 million monthly as market momentum shifts to other platforms, while Dune Analytics data indicates a significant drop-off in the amount of NFTs minted on the platform recently.
The platform’s new approach will continue to include curated artwork drops, but it will also emphasize the latter part of its name, serving as a portal to the larger world of NFTs. Griffin stated that while starting with curated drops was intentional, the increased availability of high-quality collectibles in the market has necessitated a broader mindset in the future.
“Our strategy has always been like working backwards to what we want to achieve,” he explained. “Our goal has always been to build a truly significant company in the NFT space, and our mission is to get one billion people to collect NFTs.” We considered curation to be extremely important.”