Gemini’s Winklevoss’ First FinTech Acquisition, Nifty Gateway, Allows Card Payments for Crypto Collectibles
Gemini duo, Cameron and Tyler Winklevoss, have expanded their footprint in the blockchain and crypto space following acquisition of Nifty Gateway. This move will enable card payments for online gaming products, arts and collectibles dubbed ‘nifties’; they operate as blockchain-based tokens.
— Tyler Winklevoss (@tylerwinklevoss) November 19, 2019
The interesting thing about this partnership is that both Gemini and Nifty Gateway founders are sets of identical twins. Tyler even said that the fit in vision and background would not have been more perfect. Duncan and Griffin Cock Foster are the two brains behind the Nifty Gateway ideas; the two brothers were looking to ease the tedious process of buying online tokens for utilities like games.
Basically, CryptoKitties game offer ‘nifties’ that users can buy within a blockchain ecosystem for value addition and gaming. The existing networks would only facilitate such a transaction via a crypto coin which means users have to go through an exchange. This will however not be the case with the Nifty Gateway as it’s designed to facilitate instant credit card purchases.
So far, the Winklevoss have not yet disclosed how much the deal was worth but have expressed optimism in the nifties market. Nifty Gateway's idea is expected to enhance user interface experience to levels of Amazon as the online collectibles, art and gaming market grow. Duncan Foster said that the nifties collector market may soon hit 1 billion. Similar sentiments were echoed by Tyler Winklevoss;
“We believe in this future where all your assets will be on a blockchain and you may want to buy, sell and store them, and Nifty fits that vision.”
The two entities may soon merge some of their features although it is more likely the Nifty Gateway team will be absorbed by Gemini going forward. Foster brothers currently own 400 nifties combined and Tyler believes that their idea can be sold as a solution as long as they trust themselves with the vision.