Gemini Delves Deeper into Crypto Space with Nifty Gateway AcquisitionBy Nov 20, 2019 1 Min Read
Gemini, a cryptocurrency exchange behemoth, has revealed the acquisition of Nifty Gateway, a famed platform for non-fungible tokens (NFTs), also called nifties. Expressly, nifties are used in powering the emerging economy of virtual goods and digital collectibles.
Through this acquisition, Gemini’s infrastructure will be used to further launch Nifty Gateway.
Nifties are unique cryptographic tokens
As compared to cryptocurrencies like Bitcoin, nifties are unique cryptographic tokens that represent a specific good or asset on the blockchain. They are, therefore, one of a kind, and they cannot be interchanged.
By leveraging on blockchain technology, gamers can use nifties to trade and buy interoperable digital collectibles, such as dances, skins, and in-game items. This approach can, therefore, propel the value of virtual goods.
Tyler Winklevoss, the CEO of Gemini, acknowledged: “Non-fungible tokens and the digital goods (collectibles) will play a major role in the next era of the digital economy. They are the perfect form factor for crypto-collectibles, crypto-art, and much more – laying the foundation for entirely new multi-billion dollar industries to emerge.”
He also added: “We're excited to be working with Nifty Gateway to extend the reach of crypto across other concepts and build a bridge between NFT creators and the growing ranks of everyday consumers looking to purchase them.”
Conversely, Nifty Gateway’s co-founder, Duncan Foster, noted: “Nifties are a fundamentally new type of digital good and are an important tool for ownership as our lives move more and more online.”
Nifties are, therefore, touted to revolutionize the digital economy.
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