How exactly are the gas fees cheaper on NG than other platforms?
Executing an NFT sale from one wallet to another requires multiple different steps.
On other platforms, each of these steps are executed on-chain, leading to high gas costs. On Nifty Gateway, we’ve taken advantage of our custodial infrastructure to move as many steps of the wallet to wallets sales process off chain as possible. Less on chain steps = lower gas fees.
How does Nifty Gateway’s wallet to wallet NFT purchasing work?
Our wallet to wallet purchasing uses the best parts of our custodial infrastructure in order to create a cheaper and easier experience for collectors. To list something for sale that is held in your Ethereum wallet, you will first have to give our on-chain proxy contract permission to transfer your NFT in the event of a sale.
We will release a dashboard where you can see and manage the permissions you have set from your Ethereum wallet. The only circumstance where an NFT will be transferred by our proxy contract is in the event of an NFT sale.
Does this require me to deposit my NFTs into a Nifty Gateway custody account?
No, with this system you are able to list NFTs for sale while they are still held in your Ethereum wallet. To list something for sale, you will have to give temporary permission to Nifty Gateway to transfer the NFT you own in the event of an NFT sale. In order to list an item for sale from your wallet, you will also be required to sign a message with your Ethereum wallet confirming the specific details about the sale.
How does the gas savings calculator work?
Our wallet to wallet NFT purchasing product saves users gas in a number of ways. First, users do not have to pay gas to cancel a listing. Second, a failed purchasing transaction is not possible. Third, making a wallet to wallet purchase costs approximately 50% of the gas fees on NG compared to other platforms. The gas savings calculator examines your wallet activity and shows you an estimate of how much you will save based on those three activities.
Please note that it is just an estimate, and the actual results will vary depending on a variety of factors.
If my Nifty Gateway account is taken over, can NFTs in my wallet be stolen?
No. Even if your Nifty Gateway account is taken over, the NFTs held in your Ethereum wallet will be completely safe. There is no way for an attacker who has access to your Nifty Gateway account to steal NFTs held in your Ethereum wallet because listing an NFT for sale requires a signature from your wallet.
When will an NFT be transferred out of my wallet by the Nifty Gateway proxy contract?
The only time an NFT will be transferred out of your wallet by the Nifty Gateway proxy contract is in the event of an NFT being sold. You can track all NFT transfers made by our system by looking at our proxy smart contract on-chain. There are no other cases where an NFT will be moved by our proxy contract.
How secure is the Nifty Gateway proxy contract?
The proxy contract is secured by the same system that is used to secure billions of dollars worth of crypto currency. You can read an in depth summary of how our custody system works here.
When will the wallet to wallet NFT purchasing product go live?
It will go live in January 2022. Stay tuned!