Gemini's Nifty Gateway Bets on Celebs to Drive Interest in Crypto Collectibles
Gemini-owned Nifty Gateway has recently launched its marketplace for non-fungible tokens (NFTs), providing a regulated platform for the buying and selling of digital collectibles. Gemini acquired Nifty Gateway in 2019 with the belief that collectibles, both physical and digital, would migrate to blockchain-based NFTs. The marketplace leverages Gemini's infrastructure to offer a dollar-exchange platform, enabling users to purchase NFTs using credit cards and cash out directly to their bank accounts when they sell.
Nifty Gateway has partnered with notable figures such as mixed martial arts fighter Cris Cyborg and photographer Lyle Owerko, who will be offering their artworks on the platform. Owerko, in particular, expressed enthusiasm for being an early adopter and compared it to the excitement of witnessing the emergence of a new technology.
While NFTs have gained significant attention, it remains to be seen if there is enough consumer demand for digital collectibles to sustain platforms like Nifty Gateway. The NFT market has shown mixed results so far, with the CryptoKitties game experiencing a decline in user activity. The NFT market as a whole has not seen substantial growth compared to traditional tech standards. However, there are other NFT marketplaces, such as OpenSea, that have reported higher trading volumes and active user accounts.
The Nifty Gateway team aims to tap into celebrity fandoms by collaborating with more athletes and artists who have devoted followings. They also have plans to develop Nifty display devices, allowing users to showcase their NFTs in physical form.
As the NFT market evolves, challenges related to network congestion and transaction fees on the Ethereum blockchain may impact the development and adoption of NFTs. Some projects are exploring alternative blockchains to mitigate these issues, with Dapper Labs, the creator of CryptoKitties, working on its Flow blockchain.
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