- Nifty Gateway’s new Shopify-like pilot enables curated digital art showcases
- “The best way to help artists is to have more curators,” co-founder Duncan Cock Foster told Blockworks
As NFT trading volumes decline across the board, Nifty Gateway, the Gemini-owned NFT art marketplace, hopes to inspire digital art curators to start tinkering with their own custom showcases.
Traditional art world curators typically partner with artists to develop career strategies that often include securing effective gallery exhibitions to help sell their art.
In an effort to bring this effort to the NFT landscape, Nifty Gateway’s Publishers pilot — a beta program — will see 50 curators curate a roster of artists and run their own NFT storefronts, in the style of e-commerce giant Shopify.
Issuers can decline first-come, first-served issues, single auctions, and open issues, which have no limit on the number of NFTs available at the mint.
Duncan Cocke Foster, co-founder of Nifty Gateway, told Blockworks that the “biggest, missing piece” in the NFT space is the tool built specifically for art curators. The digital art space lacks the so-called “gallery layer” of the traditional art market.
Nifty Gateway is now recruiting in-house curators to help artists release collections, unlike unprepared NFT marketplaces like OpenSea or Rarible. The company says it has worked with 400 artists to earn more than $500 million since 2018.
“There is a limit to the number of artists we can curate. You really have to have a strategy to succeed as an artist,” Cock Foster said. “The best way to help artists is to have more curators.”
Can NFT Curators Increase Nifty Gateway Volumes?
Coke Foster expressed that Publishers’ new pilot project is an attempt to target a new crop of curators — and possibly artists — to increase the number of people making a living selling NFTs full-time.
This initiative comes at a time when NFT trading volumes have shrunk significantly since peaking earlier this year.
OpenSea, the largest NFT market, saw its dollar-denominated trading volumes plummet to lows not seen in more than a year. Trading volumes peaked on May 1 at $405.7 million, in a week that saw average daily values of around $163.7 million, according to DappRadar. Daily volumes now average less than $11.5 million — a drop of more than 90%.
While OpenSea caters to secondary sales, Nifty Gateway is a much smaller platform aiming to serve NFT art collectors. Still, Nifty processes only a dozen trades a day on average, compared to OpenSea’s 50,000-plus. Notably, the platform handled just three NFT sales on Wednesday, totaling $2,800, according to NonFungible.com.
No doubt stats like this have encouraged Nifty Gateway to strategize, now turning to curators in a bid to attract volume.
Over time, the firm plans to expand its publisher program to include artists who release their own works and brands with NFT projects.
Recently, Nifty Gateway enabled Mastercard credit card payments for users who prefer to pay in fiat rather than crypto.
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