Nifty Gateway utilizes a variety of different mechanics for participating in primary market sales of NFTs. In simpler terms, these are different ways we allow our artists & curators to hold NFT drops:
Open Editions - Open Edition NFTs are set to a fixed price (e.g., $100) and will be available to purchase for a set amount of time (e.g., 5 minutes) once the drop period begins. The number of purchases will be equal to the number of editions purchased will dictate the number of NFTs minted and distributed to collectors. Delivery of Open Edition NFTs may not be immediate, as popular collections can take up to a few hours to mint on-chain, at which point they will appear in your account.
First Come, First Serve (FCFS) - FCFS NFTs are set to a fixed price (e.g., $500) and will have a set number of editions available (e.g., 15). When the drop time goes live, the edition pieces will be available on a first come, first serve basis until they have all been purchased.
Blind Editions - Blind editions are essentially a cross between Open Edition and FCFS. The max supply for a particular edition is hidden to collector and minting closes when that max supply is reached.
Drawings - Drawings were designed to level the playing field for all collectors. Drawings will have a set number of editions available (e.g., 10) and will be available to enter for a set amount of time (e.g., 30 minutes). Once the drawing period begins, collectors that meet the specified requirements can enter the drawing.
Once the entry period concludes winners will be randomly selected and automatically charged for the price of the NFT.
- Edition #'s will be randomly assigned
- Only one entry per user unless otherwise specified
- You must have a validated profile and payment method to enter
- If payment cannot be processed at selection time a new winner will be selected
Auctions - During auctions, a single artwork will be made available for a set period of time. Collectors will have the opportunity to enter publicly visible bids as they compete against one another for the piece. When the auction period ends, the collector who has submitted the highest bid, will win. Please note, when there are less than 5 minutes left in the auction, any new successful bids will reset the auction timer to 5 minutes.
Packs - A pack is composed of a set number of NFTs, the edition size, each pack is composed of a mix of unique NFTs - the number of each of those unique NFTs varying. When you enter a pack drawing, your odds of winning each unique NFT varies.
Silent Auctions - During the auction period, collectors will be able to place a blind bid for one of the editions. Once the auction period has concluded, the highest bidders will all receive one of the editions, and will pay the price that they bid on the piece. Edition numbers will be distributed in order of highest bid.
Ranked Auctions - Ranked Auctions are similar to silent auctions but defer in that all bids submitted by collectors are publicly viewable. Once the auction period has concluded, the highest bidders will all receive one of the available editions, and will pay the price that they bid on the piece.