Leading Cryptocurrency Exchange and Custodian Expands into Non-Fungible Tokens (NFTs), Taps into Billion-Dollar Virtual Goods Economy
NEW YORK, Nov. 19, 2019 /PRNewswire/ -- Gemini Trust Company, LLC (Gemini), a cryptocurrency exchange and custodian, today announced that a parent company acquired Nifty Gateway™, a popular platform for non-fungible tokens (NFTs, also known as "nifties") that power the emerging economy of digital collectibles and virtual goods. With this acquisition, Nifty Gateway will now be powered by Gemini's secure, institutional-grade infrastructure. The move marks the first acquisition by a member of the Gemini group and extends the reach of cryptocurrency into new use cases.
Unlike cryptocurrencies such as bitcoin, nifties are cryptographic tokens that represent a unique asset or good on the blockchain, are one of a kind, and are not interchangeable. Blockchains can enable gamers to buy and trade interoperable digital collectibles such as skins, dances, and in-game items, helping further fuel a $50 billion-plus annual market1 for virtual goods.
"Non-fungible tokens and the digital goods (and collectibles) they enable will play a major role in the next era of the digital economy. They are the perfect form factor for crypto-collectibles, crypto-art, and much more – laying the foundation for entirely new multi-billion dollar industries to emerge," said Tyler Winklevoss, CEO of Gemini.
"As Gemini continues to build the future of money, we will partner with or acquire companies led by entrepreneurs that share our mission and core values. We're excited to be working with Nifty Gateway to extend the reach of crypto across other concepts and build a bridge between NFT creators and the growing ranks of everyday consumers looking to purchase them." Read More...