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Nifty Gateway wants NFT curators to sell art with ‘publishers’ pilot

  • Nifty Gateway’s New Shopify-Like Driver Enables Curated Digital Art Showcases
  • “The best way to help artists is to have more curators,” co-founder Duncan Cock Foster told Blockworks.

As NFT trading volumes plummet across the board, Nifty Gateway, the Gemini-owned NFT art marketplace, hopes to inspire digital art curators to start creating their own custom storefronts.

Curators in the traditional art world typically partner with artists to develop career strategies, which often involve securing effective exhibitions in galleries to help sell their art.

In a bid to bring this effort to the NFT landscape, Nifty Gateway’s “Publishers” pilot – a beta program – will see 50 curators select a roster of artists and run their own NFT storefronts, much like e-commerce giant Shopify. .

Publishers can ditch first-come, first-served versions, single auctions, and open editions, which have no limit on the number of NFTs available in a mint.

Duncan Cock Foster, co-founder of Nifty Gateway, told Blockworks that “the biggest missing piece” in the NFT space is a tool specifically designed for art curators. The digital art space lacks the so-called “gallery layer” of the traditional art market.

Nifty Gateway already uses in-house curators to help artists publish collections, unlike unorganized NFT marketplaces like OpenSea or Rarible. The company claims to have worked with 400 artists to earn more than $500 million since 2018.

“There is a limit to the number of artists we can organize. You really have to have a strategy to be successful as an artist,” Cock Foster said. “The best way to help artists is to have more curators.”

Can NFT curators increase Nifty Gateway volumes?

Cock Foster said the publishers’ new pilot is an attempt to guide a new generation of curators — and possibly artists — to increase the number of people who make a living selling NFTs full-time.

Screenshot of the publisher’s storefront. Source: Clever Gateway

The move comes at a time when NFT trading volumes have declined significantly since their peak earlier this year.

OpenSea, the largest NFT marketplace, has seen its dollar-denominated trading volumes fall to levels not seen in more than a year. Trading volumes peaked on May 1 at $405.7 million, a week that saw daily averages of around $163.7 million, per DappRadar. Now, daily volumes are now averaging below $11.5 million, which is down over 90%.

While OpenSea caters to secondary sales, Nifty Gateway is a much smaller platform aimed at serving NFT art collectors. Yet Nifty only processes a dozen transactions per day on average, compared to the more than 50,000 of OpenSea. The platform notably only managed three NFT sales on Wednesday, worth a total of $2,800, according to NonFungible.com.

No doubt, statistics like these have encouraged Nifty Gateway to strategize, now turning to conservatives in an effort to attract volume.

Over time, the company plans to expand its publisher program to include artists publishing their own works and brands with NFT projects.

Recently, Nifty Gateway enabled Mastercard credit card payments for users who prefer to pay in fiat rather than crypto.


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  • Ornella Hernández

    blockages

    Journalist

    Ornella is a Miami-based multimedia journalist who covers NFTs, the Metaverse, and DeFi. Prior to joining Blockworks, she worked for Cointelegraph and also worked for TV channels such as CNBC and Telemundo. She started investing in Ethereum after hearing about it from her father and hasn’t looked back. She speaks English, Spanish, French and Italian. Contact Ornella at [email protected]

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