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Leading cryptocurrency exchange Gemini has announced the acquisition of acquired Nifty Gateway, a platform for non-fungible tokens (NFTs), by a parent company.
In its press release, Gemini said that this marks the first acquisition by a Gemini group member and will help expand the reach of cryptocurrency into new use cases.
With this acquisition, Nifty Gateway will now be powered by Gemini's institutional-grade infrastructure. It, however, will remain a separate experience operating within the Gemini family as its own entity.
NFTs are basically cryptographic tokens that represent a unique asset or good on the blockchain, are one of a kind, and are not interchangeable. They could be, therefore, said to be the building blocks that power the emerging economy of digital collectibles and virtual goods.
Tyler Winklevoss, CEO of Gemini, believes that NFTs and the NFT-powered digital goods and collectibles will play a major role in the digital economy and lay the foundation for “entirely new multi-billion dollar industries to emerge.”
"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,” he said.
Founded in 2018, Nifty Gateway facilitates NFT purchases for some of the most popular crypto-games and applications, including OpenSea, Gods Unchained, and CryptoKitties. It allows users to purchase NFTs directly with fiat currency using their credit card.
Nifty Gateway also offers decentralized application (dApp) and game developers a powerful and intuitive suite of tools that simplifies the process of selling NFTs. For dApps and games leveraging Nifty Gateway, NFTs are priced in U.S. dollars, significantly lowering the barrier to entry as interested users don't need to own cryptocurrency to acquire and use NFTs and their associated unique digital assets.
"Nifties are a fundamentally new type of digital good and are an important tool for ownership as our lives move more and more online," said 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."
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