Nifty Gateway offers many different ways to drop NFTs, and we are adding new ones all the time.
Picking which drop type you want to use to release an NFT is as simple as clicking a button.
We handle all minting, smart contract creation, user interaction, accepting payment from your purchasers, and more, on your behalf for all of these different drop types.
Here is an overview of the different Drop Types:
First Come First Serve
First Come First Serve drops have a fixed edition number and a fixed price.
They become available for purchase when the drop opens, and can simply be purchased at that time, and will be delivered instantly to a Nifty Gateway account when purchased.
They are all minted in a single transaction in advance when the drop is published.
Open Editions are bound by time - for a set period of time, they are “Open”, and an unlimited number can be purchased in that time period. Once they “Close”, no more can ever be minted again. This format matches supply to demand. The opening and closing time are configured on the manage drop dashboard.
Open Editions can be limited to one per Nifty Gateway account, or not.
Open Editions from a drop are minted and delivered when the Open Edition closes. None are delivered until then.
Open Editions are one of Nifty Gateway’s most popular formats. Some Open Edition drops have sold as much as $90M in volume over a multi day period.
❗ Note - as of now, a single drop can either contain only Open Editions or only **other drop types.
A Drawing is a drop where collectors submit an entry for a chance to win a limited edition NFT.
Drawings have a limited number of editions and a set price.
Only drawing winners are charged.
The duration of the drawing, number of times a collector may enter, the opening time and closing time for the drawing, and the rules to participate in a drawing are all customizable.
Ranked Auctions are auctions for editions of NFTs.
Bidders compete to be in the leaderboard of the top bidders. If you are on the leaderboard, then you will receive one of the NFTs.
For example, if you create a Ranked Auction that is an edition of 5, then users must be among the top 5 bidders to receive one. The highest bidder gets edition #1, the second highest bidder gets edition #2, and so on and so forth.
The Minimum Bid Increment and edition size can both be customized for a Ranked Auction. The Minimum Bid Increment is the amount that there must be in between bids. So for example, if the Minimum Bid Increment is $5, and there are two bids currently active for $10 and $15, you would need to bid at least $20 to land on the leaderboard. However, if the minimum bid increment was $2, a $12 bid could be placed in between those two bids.
Every time the leaderboard changes and there are less than 5 minutes remaining, then the time remaining gets reset to 5 minutes.
We recommend a Minimum Bid Increment of between $2-$10. A large minimum bid increment creates fewer possible bids and can reduce momentum for a Ranked Auction. Momentum on Ranked Auctions is key, similar to how it is for 1/1 auctions.
Silent Auctions are auctions for multiple editions of an NFT where bids from other users can’t be viewed.
All user bids are secret, and the highest n bidders will receive an NFT, where n is the number of editions.
For example, if there is a silent auction with 5 editions, and 30 bids are placed, the 5 highest bids would all receive 1 NFT, with the highest bidder receiving edition #1, the second highest bidder receiving edition #2, and so on. If two bids are the same, then the user who ranks higher between those two is random.
A 1/1 Auction is a very popular format for NFTs.
The minimum bid, minimum bid increment and duration can be customized in this drop format.
The minimum bid increment is the amount by which the auction bid must be higher than the previous auction bid. So if the highest bid is $1,000, and the minimum bid increment is $50, then the next bid must be at least $1,050.
The duration is how long the 1/1 auction lasts. If there is a bid placed with less than 5 minutes remaining, then the time remaining automatically is extended to 5 minutes.
The Minimum Bid is a floor for your auction - bids can only be placed that beat the Minimum Bid. Minimum Bids are not reserves - users will not be able to bid an amount on your auction that is lower than the minimum bid. We recommend setting a low minimum bid, if setting one at all - a large part of the success of auctions comes from momentum, and for momentum to build it is important for bids to get placed!
Selling NFTs in Person
If you want to sell NFTs in person, we recommend minting a drop of First Come First Serve NFTs, then placing a QR code that links to your checkout page in the place where you want to sell the NFTs.
Users can then scan the QR code and buy straight from their phones. Even if they have never bought an NFT before, they can go from zero to NFT in only 30 seconds.
Hosting a Drop on Your Own Site
See Configuring Your Drop - Hosting a Drop on Your Own Site.
Cost of Publishing a Drop
See Smart Contract - Cost of Minting a Drop
What is the Record Volume for a Drop on Nifty Gateway?
The record volume for a drop is $91M - set by Pak’s Merge Drop. Other drops, such as Fewocious’ Paint Drop, and XCOPY’s Max Pain Drop, have done over $19M in volume.