Read on Twitter
I have seen people responding to and engaging with this tweet from @ChaseNFT and I wanted to comment, because it is a mix of legitimate points of debate, and then also plain misinformation.
Thread
https://twitter.com/ChaseNFT/status/1350598154190774272
Thread
https://twitter.com/ChaseNFT/status/1350598154190774272
First of all, Nifty Gateway currently mints everything from its own factory smart contract. This is in many cases better for artists, especially new ones, since most artists (and people) don't understand key management yet - as seen in this NYT article. https://www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-fortunes.html
However, we also see the benefits of letting artists mint from their own wallet, and we are working to build this functionality!
We have upgrades planned to make our tokens as decentralized as possible.
(Aside, apply if you can help build this!) https://www.gemini.com/jobs/2389734?gh_jid=2389734
We have upgrades planned to make our tokens as decentralized as possible.
(Aside, apply if you can help build this!) https://www.gemini.com/jobs/2389734?gh_jid=2389734
Ultimately, though, it's a debate - the way this tweet is framed, in my opinion, makes it sound like you can't trust the provenance of Nifty Gateway NFTs, which is false. There are just tradeoffs - artist's using their own contract for everything isn't a perfect solution.
No one is actually debating the provenance of Nifty Gateway's NFTs... because that would be accusing of us lying, which we would be a very serious accusation. We are a part of @Gemini, one of the most trusted organizations in crypto, and are fully transparent, and open.
The same is true of on chain vs off chain sales - many would contend on chain sales are a perfect history for NFTs.
But again, this isn't necessarily true. On chain data can easily be faked (and often is) via wash trading - it isn't a perfect history of NFTs for this reason.
But again, this isn't necessarily true. On chain data can easily be faked (and often is) via wash trading - it isn't a perfect history of NFTs for this reason.
Nifty Gateway is a centralized exchange, and we charge ~15% every time an NFT changes hands - this makes wash trading super inefficient, and means it probably doesn't happen on Nifty (or at least happens less).
Again, it's a legitimate debate which is better, but having an on chain record of sales doesn't prove perfect history, and saying it does is misleading.
Everyone who has been in NFTs for a while has seen their share of wash trading, and knows about these tradeoffs!
Everyone who has been in NFTs for a while has seen their share of wash trading, and knows about these tradeoffs!
As for artist getting paid out on time, the proceeds from sales are fed instantly into their balance after a drop, as many artists have been vouching for on the thread. If they have a @Gemini account or US bank account, they can cash it out instantly.
For some artists who live in countries where @Gemini isn't available, we have to pay them out bi weekly, and it has taken a few weeks to pay them - this is something else we always want to improve on as well, and we are working to add support for more cashout options.
Finally, @ChaseNFT has been implying that Nifty Gateway team members mint themselves extra copies of NFTs, which is a very serious accusation to make. This is where his tweets go into the territory of blatant falsehood. We would absolutely never do this. https://twitter.com/ChaseNFT/status/1350713856256069632
The reason Nifty Gateway centralizes and custodies its NFTs is because we are customer focused (as Duncan and I have said on multiple public forums). We just want to do what is best and easiest for customers! However, other platforms have other approaches, which is 100% valid.
In my opinion, @ChaseNFT is representing these issues in bad faith, by blending issues of legitimate debate with outright falsehoods and spreading misinformation.
Generally, at Nifty, we try not to engage with people who aren't engaging in good faith, but I wanted to respond to these issues because I saw this tweet getting traction, and felt compelled to add in our perspective.
Finally, I have to say that it is disappointing to see executives at a competitor ( @SuperRare) engaging and feeding this thread, when it is filled with bad faith and misinformation. https://twitter.com/SuperRareRoses/status/1350599456832552972
This is disappointing and unprofessional from a competitor when they are aware of these nuances.
I personally really like what @SuperRare has built - it is an awesome platform, and an OG in the NFT space - I have nothing but good things to say about them.
I personally really like what @SuperRare has built - it is an awesome platform, and an OG in the NFT space - I have nothing but good things to say about them.
We are also working on a new minting system, which we are really excited about, and will come out as a part of a larger refactor (and redesign, which we commissioned @metalab, who designed Slack, to design!) soon!
@DCCockFoster will follow up with a thread about this!
@DCCockFoster will follow up with a thread about this!
Anyway, I'm always happy to discuss these issues, and am on Twitter constantly, so feel free to DM or tweet at me if anyone has any questions!
