Gemini, a leading bitcoin and crypto exchange, announced today its first acquisition with the purchase of Nifty Gateway, a popular platform to buy and manage non-fungible tokens (NFTs).
NFTs, many of which follow the ERC-721 open standard, are cryptographic tokens that represent a unique asset or good on the blockchain. NFTs are different from fungible cryptocurrencies like bitcoin in that each NFT is unique and, therefore, not interchangeable. As a result, NFTs have found a use-case in the crypto-collectibles card market, crypto-art, and more.
Nifty Gateway provides a simple and easy way to buy NFTs with a credit or debit card. Founded by twin brothers Duncan Cock Foster and Griffin Cock Foster, the platform currently facilitates NFT purchases for public crypto-games and applications, including CryptoKitties, OpenSea, and Gods Unchained.