Now Announcing: Prepaid Ethereum
A brand new feature that is live on niftygateway.com
Over the past two weeks, you may have noticed a new tab under the accounts section on your Nifty Gateway account. That tab is Prepaid Eth, the newest major addition to Nifty Gateway’s site that we put out via a stealth release. Prepaid Eth is exactly what it sounds like — you now have the ability to deposit Ether into your Nifty Gateway account.
How does it work?
Using Prepaid Eth is pretty straightforward — simply navigate to the Prepaid Eth section on NG and click ‘Create Prepay Address’. You now have a new Gemini custodied Ethereum wallet attached to your Nifty Gateway account. At this point, you can send the amount of Ether you wish to deposit to the listed address. After 6 block confirmations (around 2–3 minutes), the ether amount will be credited and appear in your account. You can now spend your balance on Nifties!
How can I use my Prepaid Eth?
Prepaid Eth can be used to buy from drops, buy on the secondary market, and buy pieces that are up for auction. When on a buy page, simply select “Prepaid Eth” from the “Payment Options” drop down menu. You can then spend your balance on Nifties! You also have the option to set Prepaid Eth to your default payment method from this page.
Can I withdraw my balance?
Yes, you can! Shown in the first photo above, there is a “Withdraw” button next to deposit. All you will need to do is plug in the Ethereum address you wish to withdraw to, enter the amount you wish to withdraw, and submit! We also provided a “Max” button (shown below), which allows you to withdraw your full balance.
Why should I use this feature?
There are several benefits to using Prepaid Eth. For starters, it is just as fast as checking out with a credit card if not faster. This is the main reason why we implemented it — Ethereum users need to be on the same playing field as credit card users. With the drop format, just one second can make all the difference between receiving an artwork or not.
With Prepaid Eth, you do not have to wait for block confirmations like with the previous Ethereum purchasing system. The blocks have already been confirmed during the deposit, which allows the transaction to take mere milliseconds to be confirmed by our backend.
Using Prepaid Eth is also a way around avoiding the authorization placed on your credit card when bidding on an auction. For each bid you make with a credit card, a charge equaling to 10% of the bid amount is placed on your card. With Prepaid Eth, the balance is already in your account, so no authorization or hold is needed.
Try it out!
Providing access to the highest quality Nifties from the best artists is our top priority at Nifty gateway! We’re hoping that Prepaid Eth is another tool in the toolkit for our users to achieve that goal. We’re always looking for feedback and you guys are the best people to provide it! Let us know how it goes for you.
If you experience any issues depositing or withdrawing your ETH, contact support@niftygateway.com.
