When I learned about niftygateway.com and their goal of getting 1 billion people collecting nifties I was taken back by such an ostentatious goal. As a Bitcoin and Ethereum holder since 2017 and growing up being an avid collector of Baseball Cards, Pokemon Cards, and Nintendo Games I had to learn more. They had my attention.
If you are thinking "WTF is a NIFTY?" A Nifty is an non-fungible token (NFT).
- An example of something that is fungible is a $1 bill, if you lend someone $1, you do not care if you get the same $1 bill back.
- An example of something that is non-fungible would be an original painting. If the same artist painted a second painting, this would not be the same as the first painting as they are each unique.
Nifties are a cryptographic token that represents something scarce and unique. Digital scarcity is what makes Nifty's valuable, just like physical scarcity makes gold or an original painting valuable within the global marketplace. Nifties make it possible to own rare and authentic digital art that can not be manipulated or duplicated.
Nifty Gateway has a pretty cool set up, let me give you a quick rundown... Art Collections are released in "drops" every 3-4 weeks by anywhere from 3-4 artists. These drops are available in an "exhibition" format as seen on their website, every piece is limited in availability and authenticated on the blockchain. Once sold, the nifties are available on the "Marketplace" which is a secondary where Nifties can be sold, and users can make offers on Nifties. What is really badass is that when resold the original artist gets a predetermined % of the sale. This is incredible because most artists never realize profits after the original sale. Imagine if artists families could generate cash flows after the artists life has ended.
What I really appreciate about Nifty Gateway is the ability to purchase crypto collectibles instantly with your credit or debit card. Many other marketplaces require you to use MetaMask or another wallet to purchase with Ethereum (ETH) and this is a barrier for new users who want to start collecting and may not be as savvy with digital currency.
Non-fungible tokens earliest mainstream coverage was CryptoKitties which rose to prominence in late 2017. For perspective, one Cryptokitty sold for $170,000 in 2018. This kicked off the buzz and digital art and digital goods immediately started gaining more popularity. Now there are many marketplaces and artists who design digital art and create digital products on the blockchain. (Nifty Gateway recently did a surprise drop with Momo Wang CryptoKitty Artist Series)
A cool fact about digital goods demand: In 2019 alone the video game Fortnite made $1.8 billion in digital sales. Digital goods are rising in popularity, and for those that remember the early days of World of Warcraft know that people have been buying and selling digital goods for well over a decade. These are just two unique examples of why digital goods that are authentic and scarce have value and justify such a marketplace.
If you want to take a look at my collection of nifties you can view them here: https://niftygateway.com/@bobby
Over the next decade do not be surprised if we see art mediums advance like they have in prior generations, for instance:
- Ancient Greece - art was made with bronze, gold, silver, marble. (1000 B.C - 1 A.D)
- Medieval Period - Vellum was used as canvas, and oil and tempura used for paints, gold was used in the paints (1400's)
- Renaissance Period - Parchment, watercolor, and oil among others. Prints were VERY rare. (1500's)
- Exploration Period - Oil, brass, ivory, velvet and steel were used. Ivory was new (1600's)
- Revolutionary Period - watercolor, oil, marble, engraving, and plaster. (1800's)
- WWI and WW2 - pen, color, ink, watercolor. Ink was new in this time, Printing got popular (1900)
- Cold War - Propoganda posters, Rayon, steel, bronze, stoneware and etchings (1950)
- Today - All Mediums are used, and we are breaking into the digital world.
We are a global economy and art has no borders. People like the freedom to move and go as they please. Many artists are growing up with a mouse, keyboard or stylus. Do not under estimate what art is capable of, and take time to enjoy new mediums and ways in which art can be appreciated.