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Understanding Niftys
A closer look 22 Aug 2022

Understanding Niftys

nifty art nft
Visual & logo from Nifty Gateway © Nifty Gateway

Niftys are non-fungible tokens with a unique code. Illustrations and drawings, media of all kinds and collectibles are sold through NFTs. But what is the specificity of Nifty NFT art? In order to understand it better, Artsper invites you to discover the game-changing NFT art on Nifty Gateway!

The principle of Nifty NFT art

Nifty NFTs work on the same principle as any other NFT. They are also non-fungible tokens that represent various digital assets. Each NFT has a unique code, which allows for complete and secure ownership. Nifty NFT art therefore provides the opportunity to sell or buy digital artworks authenticated with a unique signature. In other words, Niftys, like all NFTs, are digital certificates of authenticity.

© Tezos, 2022
NFT by Tezos, 2022

The creation of Nifty Gateway and Niftys

The term “Niftys” is directly related to NFTs, but it has its own particularity. Indeed, it refers to the Nifty Gateway platform, created in 2018 by Griffin and Duncan Cock Foster. Their goal was to offer young artists new opportunities to create and sell using the incredible potential of blockchain technology. Now highly recognized within the NFT art scene, this marketplace was acquired in 2020 by the Winklevoss brothers. And it was a promising investment — between the spring of 2020 and the following year, total sales amounted to $303.8 million! And for good reason — in that year alone, Nifty Gateway offered almost 3 million new NFTs.

nifty nft art
GMUNK, INFRA6687 640nm #1/1, 2021

Nifty Gateway

The specialty of the Nifty NFT art is that the platform has validated NFTs as a high-end product. The artists and works are carefully selected to emphasize quality rather than quantity. For example, there are works by major musical artists, such as Grimes, Calvin Harris, Deadmau5 and Lil Yachty. Not to mention the Nifty NFT art collection of the inescapable Beeple, estimated to be worth about 6.5 million dollars. Added to this is the creation of limited-edition collections or digital artworks. And this approach to excellence does not preclude novelty, as Nifty Gateway releases new and exclusive works every three weeks. Taking the rarity of hosted content up a notch, Nifty Gateway offers and refreshes unique and original works regularly.

nifty art nft
Renewal #129/222, Josh Pierce, 2021

Brilliant collaborations built NFT legitimacy

Niftys have also transformed the history and market of NFT art through excellent partnerships. Despite a general reluctance in France, Nifty Gateway was notably the first platform to collaborate with a gallery. In March 2021, the Almine Rech gallery offered works by César Piette on the NFT platform. Then, in April 2021, Nifty Gateway organized an auction in partnership with the famous Sotheby’s. Thanks to this collaborative approach, Niftys have enabled NFTs to gain remarkable legitimacy in the art world.

Yu © Tezos, 2022
Tezos, Yu, 2022

Nifty NFT art, great… except for the planet

Despite its reputation and its premium approach, Nifty Gateway remains an NFT platform which means that there is far too much energy usage from an ecological point of view. Like any other blockchain technology, Niftys are extremely energy intensive. As an indication, a classic Ethereum transaction requires the same amount of energy as four days of electricity consumption of a European resident. While Niftys try to limit their energy consumption, it cannot escape the DNA of NFTs, which is inherently polluting.