If you weren’t aware of it, Gemini recently acquired Nifty Gateway, which is a platform where you can buy and manage non-fungible tokens (NFTs) through traditional means like with a credit or debit card to purchase “nifties.” Nifty purchases can be used toward the purchase of crypto games and apps like CryptoKitties and Gods Unchained. And now, with Gemini’s brand, the Nifty Gateway platform can leverage security and trust to build adoption.
So let’s talk about some of the Nifty Gateway nuances.
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Nifty Gateway: A Primer
Crypto Gaming may be difficult to follow but Nifty Gateway wallet aims to make it simple enough for anyone to understand. Despite the complexity of crypto, there have been several improvements to adaptability while reducing complexity in using crypto-based apps and platforms. This allows crypto to take a giant step into the mainstream.
With the growing boom in apps, exchanges, and games, the importance of NFTs are increasing, but no one has really been able to solve the complexity to bring it to a larger audience, until perhaps, Nifty’s come along. Obviously, there are many wallet products that make private key management easier, but Nifty allows users to recover a private key even if a user loses their seed phrase. For those who truly understand the importance of seed phrases and account recovery, this should blow your mind. For those who don’t really know, now you might not have to worry unless you feel compelled to know.
How is this possible?
According to their announcement on Medium:
We decided that if there existed a fully featured wallet that allowed you to access NFTs with just a credit card + an email & password signup, then the user experience would be simple enough for regular people to access. So we decided to figure out a way to make that happen.
The Nifty Gateway wallet is a fully featured wallet that allows users to collect NFTs without ever acquiring crypto currency.Users can do anything they can do with a normal wallet such as Metamask — transfer NFTs, put them up for sale, breed them — without crypto currency.
Nifty Gateway’s Security Infrastructure
Security is of paramount importance and the Nifty Gateway wallet is a smart contract wallet that doesn’t rely on keeping a hot private key safe. Each wallet is double HSM backed — meaning that two separate HSMs would have to be compromised. There is no single point of failure. Hence, hacking is not a possibility.
Currently there are no provisions to sell NFT, however, the infrastructure is under development and will be live soon. Currently payments can be accepted in both fiat and crypto and very soon merchants may add NFT gateways to increase the accessibility of projects that integrate the Nifty Gateway wallet. The dev team has been working on this and several other project features for months now.
Nifty Gateway’s primary mission is to get 1 billion people collecting NFTs. Many have joined the project to build on NFT and this technology is still far from mainstream.
Gemini Acquisition
As mentioned in the beginning, Nifty Gateway was acquired by Gemini, the leading crypto exchange in November, 2019. For Nifty Gateway to achieve their goal of helping people collect and transact in Nifties, there is a lot of infrastructure that is needed in order to build something on this scale.
This was a strategic decision to overcome a lot of the tedious and time consuming issues for mainstream adoption and brand recognition. Additionally, Gemini’s world class infrastructure supports the storing and managing of private keys; a great resource instead of building something like from the ground up. It’s a smart decision to implement already existing tech and development instead of using resources on things that already exist. Needless to say, Nifty Gateway is building on this, which gives the project that extra edge to provide best in class private key security solution and NFT purchases.
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