Winklevoss-led Gemini makes first acquisition of Nifty Gateway

Gemini Trust Company (Gemini), a cryptocurrency exchange and custodian, has declared the acquisition of non-fungible token (NFT) platform Nifty Gateway.

Through the agreement, Nifty Gateway will now be powered by the company’s infrastructure and acts as the first acquisition by a member of the Gemini group.

“Non-fungible tokens and the digital goods (and collectibles) they enable 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,” noted Tyler Winklevoss, CEO of Gemini.

“As Gemini continues to build the future of money, we will partner with or acquire companies led by entrepreneurs that share our mission and core values. 

“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.”

NFTs differ from cryptocurrencies as they represent a unique asset on the blockchain that are not interchangeable with other values or currencies.

Such uses include in the gaming sector where players can buy and trade interoperable digital collectibles such as skins, dances, and in-game items.

Founded in 2018, Nifty Gateway facilitates transactions on many crypto-based games and applications, with users able to purchase NFTs directly with fiat currency using a credit card.

Furthermore, the company provides a ‘suite of tools’ to support decentralised application and game developers a guide to selling NFTS.

“Nifties are a fundamentally new type of digital good and are an important tool for ownership as our lives move more and more online,” added Duncan Cock Foster, co-founder of Nifty Gateway. 

“Gemini’s mission and focus on security and regulation are aligned with our approach to NFTs and digital assets. Working with the market leader in digital asset security is a critical step toward our goal of getting a billion people collecting NFTs.”