Nifty Gateway Studio: Difference between revisions
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{{Short description|Auction platform for non-fungible token art}} |
{{Short description|Auction platform for non-fungible token art}} |
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{{Infobox company |
{{Infobox company |
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| name = Nifty Gateway |
| name = Nifty Gateway Studio |
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| logo = |
| logo = |
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| industry = |
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| predecessor = |
| predecessor = |
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| founded = |
| founded = 2019 |
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| founder = Duncan and Griffin Cock Foster |
| founder = Duncan and Griffin Cock Foster |
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| defunct = |
| defunct = |
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| fate = |
| fate = |
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| successor = |
| successor = |
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| hq_location_city = |
| hq_location_city = New York |
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| hq_location_country = |
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| area_served = |
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| key_people = |
| key_people = |
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| products = Social Entertainment and creative experiences |
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| owner = {{unbulleted list| |
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| [[Cameron Winklevoss]] |
| [[Cameron Winklevoss]] |
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| [[Tyler Winklevoss]] }} |
| [[Tyler Winklevoss]] }} |
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| products = [[Non-fungible token|NFT marketplace]] |
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| owner = [[Winklevoss twins]] |
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| num_employees = |
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| num_employees_year = <!-- Year of num_employees data (if known) --> |
| num_employees_year = <!-- Year of num_employees data (if known) --> |
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| parent = Gemini Trust Company |
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| parent = [[Gemini (company)|Gemini]]<ref>{{Cite press release|url=https://www.prnewswire.com/news-releases/gemini-acquires-nifty-gateway-300960563.html|title=Gemini Acquires Nifty Gateway|date=November 19, 2019}}</ref> |
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| website = {{URL|niftygateway.com}} |
| website = {{URL|niftygateway.com}} |
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}} |
}} |
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'''Nifty Gateway''' is a digital art online [[auction]] platform for [[non-fungible token]] (NFT) art founded by Duncan and Griffin Cock Foster,<ref name=":0">{{Cite web|url=https://nymag.com/intelligencer/2020/03/duncan-and-griffin-cock-foster-nifty-gateway-gemini.html|title=The Twin Blockchain Entrepreneurs Who Dream of "Digital Air Jordans"|date=March 4, 2020|website=New York Magazine}}</ref> and has since been acquired by the [[Winklevoss twins]].<ref name="Revenge Of The Winklevii" /> Nifty Gateway has sold NFTs by [[Mike Winkelmann|Beeple]], [[Pak (creator) | Pak]], [[Refik Anadol]], Sam Spratt, XCOPY, Skygolpe and other widely followed [[NFT art]]ists.<ref name="Revenge Of The Winklevii"> |
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'''Nifty Gateway Studio (“NGS”)''' is a full-service, digital production studio working with creators and brands to develop and distribute immersive social entertainment and creative experiences onchain. |
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{{cite web |
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|url= https://www.forbes.com/sites/michaeldelcastillo/2021/04/05/revenge-of-the-winklevii-facebook-winklevoss-bitcoin-nft-billionaire-revenge/ |
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NGS has collaborated with creatives such as [[Refik Anadol]], [[Mike Winkelmann|BEEPLE]], [[Pak (creator)|PAK]], Sam Spratt, and [[Daniel Arsham]]. |
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|title= Revenge Of The Winklevii |
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|last1= del Castillo |
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|first1= Michael |
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|last2= Adams |
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|first2= Susan |
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|last3= Gara |
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|first3= Antoine |
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|date= 2021-04-05 |
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}}</ref><ref name=artnet>{{Cite web|url=https://news.artnet.com/opinion/nifty-gateway-nft-hack-gray-market-1953549|title=The Gray Market: Why the Hack of Nifty Gateway Raises Far-Reaching Questions About the Entire NFT Market (and Other Insights)|date=March 22, 2021|website=Artnet News}}</ref> |
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==History== |
==History== |
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Founded in 2019 by Duncan and Griffin Cock Foster with the goal of transforming the art market, Nifty Gateway attracted the attention of Cameron and Tyler Winklevoss, founders of Gemini Trust Company, who acquired Nifty Gateway later that year. The acquisition led to Nifty Gateway’s expansion and was followed by collaborations with artists such as Refik Anadol, BEEPLE, PAK, Sam Spratt, and Daniel Arsham, as well as brands including Samsung, Playboy, Starbucks and others. |
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Nifty Gateway was founded by Duncan and Griffin Cock Foster in November 2018 as a platform to buy NFTs. In the summer of 2019, it was acquired by the [[Winklevoss twins]] and became an auction platform.<ref name="Revenge Of The Winklevii" /><ref name=":0" /> The company has partnered with [[Christie's]] for their first NFT auction<ref name="Revenge Of The Winklevii" /> and [[Sotheby's]].<ref>{{Cite web |last1=Villa |first1=Angelica |date=April 6, 2021 |title=In a First, Sotheby's Collaborates with Major NFT Player for Pak Sale |url=https://www.artnews.com/art-news/market/sothebys-pak-nifty-gateway-nft-1234588719/}}</ref> |
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==Nifty Gateway Studio== |
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In March 2021, some users of the platform were hacked. A common theme across all the users that were hacked was that they all did not have [[multi-factor authentication|2-factor authentication]] activated. It is speculated that the hack was a result of [[password cracking|cracking]] or otherwise acquiring their individual passwords. Nifty Gateway released a statement saying its initial investigation had found “no evidence” the platform itself was breached.<ref name="artnet" /> Nifty Gateway was able to reverse all transactions made via stolen [[credit card]] information, although it raised questions regarding new users understanding of cryptocurrency's decentralization.<ref name="yahoof">{{Cite web|url=https://finance.yahoo.com/news/lessons-nifty-gateway-nft-heist-215733502.html|title=Lessons From the Nifty Gateway NFT Heist: Not Your Keys, Not Your Art|date=March 17, 2021|website=Yahoo! Finance}}</ref> |
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[[File:NGS Logo..png|thumb|135x135px]] |
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In 2024, Nifty Gateway rebranded as Nifty Gateway Studio (“NGS”), transitioning from an NFT marketplace to a full-service digital production studio that collaborates with partners throughout the creative process, focusing on brand and IP growth. |
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As emerging technologies raise complex questions about ownership, NGS leverages onchain technology to address modern intellectual property challenges, giving creators control over their creative IP—including copyright, distribution, and merchandising—while providing them with royalties to ensure artistic freedom and long-term value. |
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One user planned to file a police report and contact their insurance company, but did not, stating “there’s nothing I can do per the Nifty terms of service.”<ref name=yahoof/><ref>{{Cite web |date=2022-06-22 |title=Nifty Gateway NFT Marketplace Review {{!}} The Ascent by Motley Fool |url=https://www.fool.com/the-ascent/cryptocurrency/nfts/nifty-gateway-review/ |access-date=2022-07-16 |website=The Motley Fool |language=en}}</ref> |
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==Notable Sales== |
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In 2021, Amir Soleymani sued Nifty Gateway over an auction for a [[Beeple]] artwork titled "Abundance." Soleymani had bid on the artwork but was ultimately outbid. The auction was a ranked auction, a format Soleymani claims he had not encountered before. He was expected to pay $650,000 for a lower-valued edition of the work, which led to a series of legal disputes. Soleymani filed a suit in the [[High Court of Justice|U.K. High Court]], questioning the fairness and enforceability of Nifty Gateway's terms. Described by [[The Daily Telegraph|''The Daily Telegraph'']] as having "huge repercussions for the UK consumer", the UK's [[Competition and Markets Authority]] joined Soleymani in the lawsuit.<ref>{{Cite news |last=Mendick |first=Robert |date=2022-11-12 |title=Liverpool art dealer's David and Goliath fight with US billionaire twins to win his money back |url=https://www.telegraph.co.uk/news/2022/11/12/liverpool-art-dealers-david-goliath-fight-us-billionaire-twins/ |access-date=2024-02-12 |work=The Telegraph |language=en-GB |issn=0307-1235}}</ref> The case has also seen a countersuit filed in New York.<ref>{{cite web | url=https://www.artnews.com/art-news/news/nifty-gateway-legal-battle-beeple-1234605528/ | title=NFT Platform Nifty Gateway, Collector Caught in Legal Battle over Beeple Auction | date=4 October 2021 }}</ref><ref>{{cite web | url=https://news.artnet.com/market/beeple-nifty-gateway-collector-dispute-2016787 | title=An Irate Collector is Suing the NFT Platform Nifty Gateway over the Terms of a Very Weird Beeple Auction | date=4 October 2021 }}</ref> |
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'''Refik Anadol “Machine Hallucinations- MARS”''' |
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In 2021, Nifty Gateway collaborated with AI artist [[Refik Anadol]] to release "Machine Hallucinations–Mars," an immersive digital art collection that reimagines the Martian landscape. |
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Using AI trained on 1.5 million images captured by the HiRISE camera on the [[Mars Reconnaissance Orbiter]], Anadol created an exploration of Mars through AI-generated textures and imagery, depicting the planet's unique features. Anadol’s work has been displayed at institutions including MoMA, reflecting his focus on digital art and its intersection with technology. |
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'''BEEPLE, “CROSSROADS”''' |
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Nifty Gateway hosted the sale of [[Mike Winkelmann|BEEPLE]]’S "CROSSROADS," in 2021 which set the record at the time as the most expensive digital artwork sold at $6.6 million. The sale illustrated the growing cultural relevance of NFTs. <ref>{{Cite web |last=Solomon |first=Tessa |date=2021-02-25 |title=Beeple NFT Artwork Sells for $6.6 M. Ahead of Viral Christie’s Auction |url=https://www.artnews.com/art-news/news/beeple-nft-artwork-nifty-gateway-sale-1234584701/ |access-date=2024-11-13 |website=ARTnews.com |language=en-US}}</ref> |
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'''PAK, “Merge”''' |
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In 2021, artist PAK launched "Merge" on Nifty Gateway. The collection sold over 250,000 editions, grossing $91.8 million—making it the largest sale by a living artist.<ref>{{Cite web |last=Mattei |first=Shanti Escalante-De |date=2021-12-06 |title=Mysterious Pak NFT Project Generates $91.8 M. in Sales on Nifty Gateway |url=https://www.artnews.com/art-news/news/pak-merge-nft-sale-nifty-gateway-1234612436/ |access-date=2024-11-13 |website=ARTnews.com |language=en-US}}</ref> |
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The concept allowed collectors to accumulate “mass” during the sale, resulting in a dynamic NFT that merged all collected mass and gradually reduced the number of unique NFTs. With over 26,000 participants, "Merge" emphasized the social and scarce nature of collecting. |
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'''Sam Spratt “The Monument Game”''' |
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In 2023, Nifty Gateway produced “The Monument Game” by Sam Spratt, a creative experience that introduced a new mode of audience participation and ownership. |
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Collectors engaged directly with the artwork and its creator by leaving reflections directly atop the artwork that were permanently preserved onchain for all to view. The “Monument Game” was later showcased in Spratt’s first solo exhibition, held alongside the 2024 Venice Biennale.<ref>{{Cite web |last=Mattei |first=Shanti Escalante-De |date=2024-04-17 |title=In Venice, 1OF1 and Collector Ryan Zurrer Introduce Web3 Phenom Sam Spratt to the Art World |url=https://www.artnews.com/art-news/artists/venice-biennale-sam-spratt-art-exhibition-monument-game-nfts-1234703518/ |access-date=2024-11-13 |website=ARTnews.com |language=en-US}}</ref> |
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'''“Starbucks Odyssey”''' |
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In 2022, Nifty Gateway collaborated with Starbucks to power “Starbucks Odyssey,” a blockchain-based extension of the Starbucks Rewards loyalty program that allowed users to earn points through app purchases, redeemable for exclusive offers, merchandise, and coffee-themed NFTs. |
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Over the program's two-year run, members participated in “Journeys”—interactive activities where they could earn collectible NFTs that unlocked new benefits and immersive coffee experiences, blending digital engagement seamlessly with real-world rewards.<ref>{{Cite web |last=Faithfull |first=Mark |title=Starbucks NFTs Sell Out In 18 Minutes As Secondary Price Soars |url=https://www.forbes.com/sites/markfaithfull/2023/03/10/starbucks-nfts-sell-out-in-18-minutes-as-secondary-price-soars/?sh=405641553945 |access-date=2024-11-13 |website=Forbes |language=en}}</ref> |
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'''Samsung TV''' |
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In 2022, Nifty Gateway and Samsung Electronics developed the first smart TV NFT platform, allowing users to explore, purchase, and display digital art on select Samsung TVs. The collaboration brought over 6,000 curated pieces from artists—including BEEPLE, Daniel Arsham, and PAK— to users on Samsung TVs.<ref>{{Cite web |date=2022-03-31 |title=Samsung Integrates Nifty Gateway NFT Marketplace Into its Smart TVs |url=https://hypebeast.com/2022/3/samsung-nifty-gateway-smart-tv-platform-nft-info |access-date=2024-11-13 |website=Hypebeast}}</ref> |
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==References== |
==References== |
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==External links== |
==External links== |
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*[https://niftygateway.com Official site] |
*[https://niftygateway.com Official site] |
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[[Category:Entertainment]] |
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[[Category: |
[[Category:Onchain technology]] |
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[[Category:Non-fungible tokens]] |
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Revision as of 00:10, 14 November 2024
| Founded | 2019 |
|---|---|
| Founder | Duncan and Griffin Cock Foster |
| Headquarters | New York |
| Products | Social Entertainment and creative experiences |
| Owner | |
| Parent | Gemini Trust Company |
| Website | niftygateway |
Nifty Gateway Studio (“NGS”) is a full-service, digital production studio working with creators and brands to develop and distribute immersive social entertainment and creative experiences onchain.
NGS has collaborated with creatives such as Refik Anadol, BEEPLE, PAK, Sam Spratt, and Daniel Arsham.
History
Founded in 2019 by Duncan and Griffin Cock Foster with the goal of transforming the art market, Nifty Gateway attracted the attention of Cameron and Tyler Winklevoss, founders of Gemini Trust Company, who acquired Nifty Gateway later that year. The acquisition led to Nifty Gateway’s expansion and was followed by collaborations with artists such as Refik Anadol, BEEPLE, PAK, Sam Spratt, and Daniel Arsham, as well as brands including Samsung, Playboy, Starbucks and others.
Nifty Gateway Studio
In 2024, Nifty Gateway rebranded as Nifty Gateway Studio (“NGS”), transitioning from an NFT marketplace to a full-service digital production studio that collaborates with partners throughout the creative process, focusing on brand and IP growth.
As emerging technologies raise complex questions about ownership, NGS leverages onchain technology to address modern intellectual property challenges, giving creators control over their creative IP—including copyright, distribution, and merchandising—while providing them with royalties to ensure artistic freedom and long-term value.
Notable Sales
Refik Anadol “Machine Hallucinations- MARS”
In 2021, Nifty Gateway collaborated with AI artist Refik Anadol to release "Machine Hallucinations–Mars," an immersive digital art collection that reimagines the Martian landscape.
Using AI trained on 1.5 million images captured by the HiRISE camera on the Mars Reconnaissance Orbiter, Anadol created an exploration of Mars through AI-generated textures and imagery, depicting the planet's unique features. Anadol’s work has been displayed at institutions including MoMA, reflecting his focus on digital art and its intersection with technology.
BEEPLE, “CROSSROADS”
Nifty Gateway hosted the sale of BEEPLE’S "CROSSROADS," in 2021 which set the record at the time as the most expensive digital artwork sold at $6.6 million. The sale illustrated the growing cultural relevance of NFTs. [1]
PAK, “Merge”
In 2021, artist PAK launched "Merge" on Nifty Gateway. The collection sold over 250,000 editions, grossing $91.8 million—making it the largest sale by a living artist.[2]
The concept allowed collectors to accumulate “mass” during the sale, resulting in a dynamic NFT that merged all collected mass and gradually reduced the number of unique NFTs. With over 26,000 participants, "Merge" emphasized the social and scarce nature of collecting.
Sam Spratt “The Monument Game”
In 2023, Nifty Gateway produced “The Monument Game” by Sam Spratt, a creative experience that introduced a new mode of audience participation and ownership.
Collectors engaged directly with the artwork and its creator by leaving reflections directly atop the artwork that were permanently preserved onchain for all to view. The “Monument Game” was later showcased in Spratt’s first solo exhibition, held alongside the 2024 Venice Biennale.[3]
“Starbucks Odyssey”
In 2022, Nifty Gateway collaborated with Starbucks to power “Starbucks Odyssey,” a blockchain-based extension of the Starbucks Rewards loyalty program that allowed users to earn points through app purchases, redeemable for exclusive offers, merchandise, and coffee-themed NFTs.
Over the program's two-year run, members participated in “Journeys”—interactive activities where they could earn collectible NFTs that unlocked new benefits and immersive coffee experiences, blending digital engagement seamlessly with real-world rewards.[4]
Samsung TV
In 2022, Nifty Gateway and Samsung Electronics developed the first smart TV NFT platform, allowing users to explore, purchase, and display digital art on select Samsung TVs. The collaboration brought over 6,000 curated pieces from artists—including BEEPLE, Daniel Arsham, and PAK— to users on Samsung TVs.[5]
References
- ^ Solomon, Tessa (2021-02-25). "Beeple NFT Artwork Sells for $6.6 M. Ahead of Viral Christie's Auction". ARTnews.com. Retrieved 2024-11-13.
- ^ Mattei, Shanti Escalante-De (2021-12-06). "Mysterious Pak NFT Project Generates $91.8 M. in Sales on Nifty Gateway". ARTnews.com. Retrieved 2024-11-13.
- ^ Mattei, Shanti Escalante-De (2024-04-17). "In Venice, 1OF1 and Collector Ryan Zurrer Introduce Web3 Phenom Sam Spratt to the Art World". ARTnews.com. Retrieved 2024-11-13.
- ^ Faithfull, Mark. "Starbucks NFTs Sell Out In 18 Minutes As Secondary Price Soars". Forbes. Retrieved 2024-11-13.
- ^ "Samsung Integrates Nifty Gateway NFT Marketplace Into its Smart TVs". Hypebeast. 2022-03-31. Retrieved 2024-11-13.