The Winklevoss Twins' Gemini crypto exchange has just completed its first acquisition by purchasing the Nifty Gateway platform. This allows users to purchase and manage non-fungible tokens (NFT).

bitcoin
FILE PHOTO: A coin representing the bitcoin cryptocurrency is seen on computer circuit boards in this illustration picture, October 26, 2017. Reuters

What are NFTs?

It was in an article about Gemini's Medium account that Tyler Winklevoss revealed this acquisition. The billionaire indicates that cryptocurrency is the first step in what he considers the future of money. It also evokes the future arrival of digital goods and collectibles. "As part of our mission to build the future of money, we are building bridges with these new digital economies. To that end, we bought Nifty Gateway, a popular platform on which you can buy and manage non-fungible tokens (NFT)," says the businessman.

NFT, also called as "nifties", are crypto tokens that follow the ERC-721 standard and represent a unique asset or property on a blockchain. These nifties thus differ from cryptocurrencies like bitcoin which is fungible. "Nifties are the perfect digital format for crypto-collections, crypto-art, etc," Winklevoss continues. He then stated that the Nifty Gateway offers an easier method to purchase nifties with credit or debit cards.

NFT: a future market?

Today, the figurehead of the NFT is represented by the Cryptokitties who have been so successful that they were responsible for slowing down the Ethereum network. Although NFTs are now widely used for games, there is a good chance that they will have a bright future and diversify.

Blockchain
Blockchain Pixabay

This will be particularly true through the coming tokenisation of different goods and services. It is on this evolution that Domraider guarantees the development of Auctionity in the coming months and years. The NFT market, although still in its infancy, is likely to develop and reach a much wider audience rapidly.

About Domraider Group

Initially specialized in the auction of expired domain names, Domraider has taken the blockchain shift thanks to the realization of its ICO. Now organized around several activities, the Domraider group has created two new brands to meet the expectations of these users in these different markets:

Domraider Group (Group corporate website): corporate.domraider.com
Auctionity: www.auctionity.com
DRT (Site dedicated to DRT and DRT holders): token.domraider.com
Youdot (Drop catching solution for expired domain names): www.youdot.io