Sep 29, 2022
What you need to know about Nifty’s Multichain Minting and Trading
There’s been a lot of work happening behind the scenes at Nifty’s since we’ve shared our vision for a multichain model that will give brands and creators more options for minting their programs on our platform.
Starting this week, programs can mint different types of NFTs across Ethereum and Palm. Our aim is for those NFTs interoperate across chains, for example, holding a Looney Tunes: What’s Up Block? Sylvester avatar in your wallet on Ethereum might allow you to complete a token-gated activity that mints an artifact NFT into your wallet on Palm.
As we continue to evolve our platform, our goal is to make the NFT collecting and trading experience as intuitive as possible, but we know our new multichain approach, and specifically how to buy and trade, can be confusing. We wanted to share some of the basics you’ll want to know moving forward.
How will I buy and sell NFTs on Nifty’s with ETH?
Introducing our MintQ process
We’re incredibly excited to introduce what we’re calling our “MintQ” process. The MintQ is a highly-secure and organized way to ensure the minting data is captured and executed efficiently. We wanted to share a few user benefits and how they work ahead of this week’s Bullet Train primary sale.
The MintQ records all the details of users who have successfully completed a purchase and organizes the available amount of transactions so that they don’t conflict with one another, which ensures that everyone who purchases will receive their NFT. This prevents the scenario where you click mint and pay the transaction fees but the NFTs sell out before your transaction processes/fails, which results in lost transaction fees and no NFT.
But even more importantly, the MintQ enables you to mint an Ethereum NFT on our platform without incurring a gas/transaction fee! Like all transactions on the blockchain, these mints will still have transaction/gas fees but those fees will be paid by Nifty’s instead of you.
Once a mint request has been processed, it will send the NFT directly to your wallet. We expect most NFTs to be delivered within an hour, however depending on traffic on the chain the NFT is minted on and the amount of NFTs in a collection, delivery could take up to 24 hours after the purchase or claim.
How to buy from a Primary NFT Sale on Nifty’s
When minting an NFT from a primary sale, you will have the option to buy using a credit / debit card or by using crypto.
- The process of buying using a credit / debit card will be the same as buying almost anything else online, just enter the card payment information during check-out to complete your transaction.
- In order to mint an NFT using crypto we’ve integrated Coinbase Commerce into the check-out process where you’ll be able to use multiple crypto currencies to pay for your NFT (Bitcoin, ETH, & USDC to name a few). For additional information and FAQs on Coinbase Commerce, please visit their website: https://commerce.coinbase.com/faq
When you sign up for an account on Nifty’s you are automatically given a Nifty’s wallet, which is where NFTs from a primary sale will be minted into. For users that plan to trade NFTs off of the Nifty’s marketplace, in particular places like OpenSea or LooksRare, you’ll need to export your Nifty’s wallet private keys and import them into a wallet app like MetaMask in order to trade off of our platform. You can find more information on those steps here:
- https://support.niftys.com/en/articles/6242432-how-do-i-export-my-nifty-s-wallet-private-key
- https://support.niftys.com/en/articles/6242456-how-do-i-import-my-nifty-s-wallet-private-key-into-metamask
How to trade NFTs on the Nifty’s secondary marketplace
All collections that have already been minted on Palm will operate as they have previously, with the option to list and trade without gas fees and using credit / debit cards or crypto (DAI). However, with the expansion of our platform to include Ethereum Mainnet, our secondary marketplace requires a few additional steps and new forms of crypto (USDC & ETH) for you to trade your NFTs.
Listing & Selling an NFT:
Listing your Ethereum NFT on the secondary is a seamless experience, including the ability to list without a gas/transaction fee. Simply click the “Sell Yours” link on the NFT detail page and you’ll be guided through the confirmation. You can find more information on the listing process here:
If another user buys your listed NFT, congrats! No further steps are needed from you, as the user who bought your NFT will pay for the gas/transaction fee. You’ll be notified and receive the USDC tokens in your wallet shortly.
Alternatively, if you receive an offer on your NFT and you choose to accept it, you will need to pay the gas/transaction fee, and you will need a small amount of ETH in your wallet to complete the transaction (we’ll normally suggest approximately having .01-.02 ETH in your wallet depending on the Ethereum blockchain activity).
Buying an NFT:
For the time being, there will not be an option to buy ETH NFTs on our secondary using a credit / debit card, so you will need to use crypto to grab the NFT you want to purchase. On our site, you’ll have the option to add the crypto you need from Wyre. You’ll need to add enough USDC to purchase the NFT and enough ETH to pay the transaction fee. For more information on Wyre, and any troubleshooting check out our support article:
If you’re unable to purchase crypto through Wyre you’ll need to follow a few additional steps to purchase your NFT. Here’s how to get the necessary tokens, get them into your wallet and complete your purchase:
Step 1. Acquiring the necessary cryptocurrency
You will need both USDC (to pay for an NFT) and ETH (to pay the gas/transaction fees).
How to Get USDC
Option 1 — Purchase on a centralized exchange, like Gemini or Coinbase
Option 2 — Exchange a different crypto currency for it at a Decentralized Exchange, like Uniswap or SushiSwap.
Option 3 — Exchanging crypto for USDC in the Metamask browser extension. Users can exchange crypto for USDC, using the Swap function.
How to get ETH
Option 1 — You can purchase ETH through a cryptocurrency trading platform such as Coinbase, Kraken, Gemini, or Binance.
Option 2 — You can now also buy ETH through other platforms like Robinhood or Paypal.
Step 2. Getting crypto into your wallet on Nifty’s:
Next, you’ll need to get those tokens into your wallet on Nifty’s which can happen in one of two ways:
Option 1 — Transferring funds from an outside wallet (like via Metamask) to your Nifty’s wallet address. Please note, when transferring funds from wallet to wallet, there will be a transaction fee involved.
Option 2 — Adding the wallet with the funds to your Nifty’s account in Nifty’s Profile Settings
Step 3. Completing your purchase
To complete the purchase on the secondary market, you will need to find the NFT you would like to purchase and either click the “Buy” button or “Make an offer” to send the owner an offer they can’t refuse.
Please note, that while we can’t predict the ETH needed to pay the transaction fee as it will depend on Ethereum network activity, we will normally suggest having approximately .01-.02 ETH in your wallet.
And finally, you’ll be prompted to approve the transaction to complete the purchase. Once completed, the NFT will be transferred to your purchaser’s wallet.
How to trade NFTs on other marketplaces
These updates also give you the option to list your NFT on other marketplaces like OpenSea or LooksRare.
You’ll need to head to https://reveal.magic.link/niftys to get your private key and then use that key to connect your Nifty’s wallet to Metamask, Rainbow, Coinbase Wallet, or Trust Wallet. Here are a couple of support articles that can help you through that process:
- https://support.niftys.com/en/articles/6242432-how-do-i-export-my-nifty-s-wallet-private-key
- https://support.niftys.com/en/articles/6242456-how-do-i-import-my-nifty-s-wallet-private-key-into-metamask
Once you’ve completed this step, you’ll need to follow your chosen marketplace’s steps to connect your MetaMask and paying any associated transactions fees to trade your NFTs.
What’s next for our multichain developments?
We expect the majority of programs on Nifty’s will mint on ETH, like avatars, membership passes and select reward NFTs. Artifact NFTs and other gaming mechanics will likely mint and utilize chains like Palm that have even lower- or free-transaction fees. However, the creators and brands on our platform will make those decisions based off what they believe will work best for each program.
For select projects on the Nifty’s platform that were minted on Palm, Nifty’s will assist with the bridging of NFTs from Palm to ETH. More details will come out soon once we’re closer to those bridge dates.
Need further assistance? Drop into our Discord to connect with our incredibly helpful moderators and community members!
