Nifty Gateway Studio
| Founded | 2018 |
|---|---|
| Founder | Duncan and Griffin Cock Foster |
Area served | Internet, Worldwide |
Key people | |
| Products | NFT marketplace |
| Owner | Winklevoss twins |
| Parent | Gemini[1] |
| Website | niftygateway |
Nifty Gateway is a digital art online auction platform for non-fungible token (NFT) art founded by Duncan and Griffin Cock Foster,[2] and has since been acquired by the Winklevoss twins.[3] Nifty Gateway has sold NFTs by Beeple, Pak, Refik Anadol, Sam Spratt, XCOPY, Skygolpe and other widely followed NFT artists.[3][4]
History
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.[3][2] The company has partnered with Christie's for their first NFT auction[3] and Sotheby's.[5]
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 2-factor authentication activated. It is speculated that the hack was a result of 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.[4] 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.[6]
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.”[6][7]
In 2021, Amir Soleymani became involved in a legal dispute with Nifty Gateway, a prominent NFT trading platform, 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 U.K. High Court, questioning the fairness and enforceability of Nifty Gateway's terms.[8] The case has also seen a countersuit filed in New York, adding an international layer to the dispute.[9][10]
References
- ^ "Gemini Acquires Nifty Gateway" (Press release). November 19, 2019.
- ^ a b "The Twin Blockchain Entrepreneurs Who Dream of "Digital Air Jordans"". New York Magazine. March 4, 2020.
- ^ a b c d del Castillo, Michael; Adams, Susan; Gara, Antoine (2021-04-05). "Revenge Of The Winklevii". Forbes.
- ^ a b "The Gray Market: Why the Hack of Nifty Gateway Raises Far-Reaching Questions About the Entire NFT Market (and Other Insights)". Artnet News. March 22, 2021.
- ^ Villa, Angelica (April 6, 2021). "In a First, Sotheby's Collaborates with Major NFT Player for Pak Sale".
- ^ a b "Lessons From the Nifty Gateway NFT Heist: Not Your Keys, Not Your Art". Yahoo! Finance. March 17, 2021.
- ^ "Nifty Gateway NFT Marketplace Review | The Ascent by Motley Fool". The Motley Fool. 2022-06-22. Retrieved 2022-07-16.
- ^ Mendick, Robert (2022-11-12). "Liverpool art dealer's David and Goliath fight with US billionaire twins to win his money back". The Telegraph. ISSN 0307-1235. Retrieved 2024-02-12.
- ^ "NFT Platform Nifty Gateway, Collector Caught in Legal Battle over Beeple Auction". 4 October 2021.
- ^ "An Irate Collector is Suing the NFT Platform Nifty Gateway over the Terms of a Very Weird Beeple Auction". 4 October 2021.