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.
Open Editions - Open Edition nifties are set to a fixed price (e.g., $500) 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 nifties minted and distributed to collectors. Often delivery of Open Edition nifties is not immediate, as popular collections may take a few hours to mint, at which point they will appear in your account.
Packs - A pack is composed of a set number of nifties, the edition size, each pack is composed of a mix of unique nifities - the number of each of those unique nifities varying. So when you enter a pack drawing or fcfs drop, your odds of winning each unique nifty varies.
Auctions - During auctions, a single artwork will be made available over a course of typically 24 hrs. 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.
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 100 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 Auction Nifties 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.
Drawings - Drawings were designed to level the playing field for all collectors. Drawings will have a set number of editions available (e.g.,100) 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 nifty.
- 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
First Come First Serve (FCFS) - FCFS nifties 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.