Nifty Gateway utilizes a variety of different mechanics for participating in primary market sales of NFTs. In simpler terms, these are just different ways you can buy your Nifties. We'll explain a few of these purchase methods below.
The Open Edition drop mechanism relies on a fixed price (e.g., $500) and a set amount of time (e.g., 5 minutes) where collectors can purchase editions of a work. The creator will sell as many editions as there are demand for within that period of time. After the Open Edition purchase period ends, a number of editions equal to the number of purchases will be minted and distributed to collectors. After the initial purchase period ends, these Nifties will only be available to purchase on the secondary market (Marketplace).
Nifties sold in a pack will have a total number of packs equal to the sum of all the editions of each nifty included in the pack. For example, a total of 100 packs will be created if 10 nifties each with 10 editions each are included. Packs are sold at a specific list price, one nifty per pack, and are typically purchasable for 45 minutes or until they are sold out.
Public auctions on Nifty Gateway typically last 24 hours and allow potential collectors to submit publicly viewable offers to purchase a specific nifty. When the auction period ends, the nifty up for auction will be awarded to the collector who submitted the highest offer.
Nifties that are sold under a Silent Auction model will receive offers for a fixed period of time (e.g., 45 minutes) that remain hidden until the conclusion of the auction when the winning offers are revealed.