Nifty Gateway: April 30th Update
Thank you to everyone who has bought from Nifty Gateway so far, and all of the incredible artists who have created content for the platform.
We’ve released three drops in a little over a month since Nifty Gateway Marketplace went live and we now have the results of our first customer survey. Here is a quick company update and some plans for the future.
The vast majority of Nifty Gateway users (~70%) are new to NFTs
The mission of Nifty Gateway has always been to grow the NFT space by making NFTs more accessible.
The thesis behind creating a fiat-only marketplace was that we could attract new users who wouldn’t have otherwise gotten started with NFTs because the user experience of onboarding with cryptocurrency can be very challenging.
Our thesis was validated. Based on answers from people who responded to our customer survey, 69.2% of users who purchased an NFT on Nifty Gateway have never purchased an NFT on another platform.
It is truly awesome to see so many new people experiencing the magic of NTFs for the first time!
The secondary market is working very well
A lot of the digital art we have sold in our initial drops have jumped up in value on the secondary market.
- Brass Boombox by Lyle Owerko originally sold for $20, and is now trading for ~$48 on average.
- Wings: Regular by John Guydo originally sold for $20, and is now trading for ~$77 on average
- Everything’s Fine by Josie originally sold for $250 and is now trading for ~$700 on average
Many other NFTs are doing similarly well. You can see how much an item is trading for by navigating to the Market Stats tab on an item, which can be found on the item detail page for any edition number of an item.
The secondary market is incredibly important to us. The survey showed that NFTs retaining their value on the secondary market is the single most important thing to NFT collectors.
We launched Global Bids and Market Stats and both features have helped enormously — Global Bids immediately became the tool of choice for users to acquire a NFT on the secondary market.
We are going to add more tools that increase liquidity, helping to ensure that users who purchased NFTs from a drop can easily assess the market value of what they purchase.
We are Going to Start Distinguishing Between Art & Collectibles
We have had a lot of success releasing different kinds of projects, mostly with fine artists.
Some projects we have planned for the future are not designed by notable artists, and are much more similar to collectibles than fine art. We think it is important to distinguish between the two categories.
Moving forward, we will segment the marketplace and clearly communicate what is considered an art NFT and what is considered a collectible NFT.
This distinction will benefit everyone: artists, brands, and consumers.
And We Are Going to Make Some Changes to Drops
So far, the drops have been more successful than we could have imagined. Drop Two sold out completely within 24 hours. A few other collections have sold out completely as well.
However, there are improvements we plan to make so drops are fairer and a better experience for participants.
We will investigate the best way to close collections
Some collections have sold out quite quickly. But a few others still have NFTs remaining.
Some users suggested that we close collections after a certain period of time, and we think it is the right thing to do. We have some good ideas on how best to do this and will start incorporating it into future drops.
We will eliminate presale items
In the past, we have given presale access for certain NTFs to some artists and users as part of a loyalty program.
This system created confusion and led to a lot of NFTs selling out prior to the collection going live. This was not the best experience for our users. Moving forward we will eliminate presales for most items, which will make the drops better for everyone.
Drop 4 is next week!
We want to end by announcing that Drop 4 is coming next week.
As we usually do, we will unveil the artists who will be in drop 4 next Monday, and the collections will go live next Thursday (1 week from today).
Thank you to everyone!
We could not be more thrilled with all the positive feedback, sales, and engagement on the Nifty Marketplace. Thank you so much to all of our collectors and our artists.
Stay tuned for Drop 4 next week.
And sign up for the mailing list so you can get notified as soon as a new collection goes live!
Thanks,
The Nifty Gateway Team
