Nifty Gateway

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 and other widely followed NFT artists.[3][4]

Nifty Gateway
Founded2018
FounderDuncan and Griffin Cock Foster
Area served
Internet, Worldwide
Key people
ProductsNFT marketplace
OwnerWinklevoss twins
ParentGemini[1]
Websiteniftygateway.com

In March 2021, Nifty Gateway began a partnership with the auction house Sotheby's.[5]

Account takeovers

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]

References
  1. "Gemini Acquires Nifty Gateway" (Press release). November 19, 2019.
  2. "The Twin Blockchain Entrepreneurs Who Dream of "Digital Air Jordans"". New York Magazine. March 4, 2020.
  3. del Castillo, Michael; Adams, Susan; Gara, Antoine (2021-04-05). "Revenge Of The Winklevii". Forbes.
  4. "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.
  5. Villa, Angelica (April 6, 2021). "In a First, Sotheby's Collaborates with Major NFT Player for Pak Sale".
  6. "Lessons From the Nifty Gateway NFT Heist: Not Your Keys, Not Your Art". Yahoo! Finance. March 17, 2021.
  7. "Nifty Gateway NFT Marketplace Review | The Ascent by Motley Fool". The Motley Fool. 2022-06-22. Retrieved 2022-07-16.
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