Digital asset exchange Gemini, which was founded in 2014 by the famous Winklevoss twins, announced on Tuesday (November 19) the company's first acquisition: a trading platform for non-fungible tokens (NFTs).
In a Gemini blog post published earlier today, Tyler Winklevoss, the CEO of the Gemini exchange, first explained what NFTs (aka "nifties") are:
"What is an NFT? NFTs — also known as 'nifties' — many of which follow the ERC-721 standard for tokens, are cryptographic tokens that represent a unique asset or good on the blockchain. Nifties differ from fungible cryptocurrencies like bitcoin in that each nifty is one-of-a-kind and, therefore, not interchangeable. As a result, nifties are the perfect digital, form factor for crypto-collectibles, crypto-art, and much more."
He then went on to say why Gemini decided to expand into NFTs by acquiring Nifty Gateway:
"As part of our mission to build the future of money, we are building bridges into these new digital economies. To that end, we have purchased Nifty Gateway™, a popular platform where you can buy and manage non-fungible tokens (NFTs)... Nifty Gateway provides a simple and easy way to buy nifties with your credit or debit card... Duncan and Griffin’s passion (quite frankly 'obsession') for nifties, crypto, and building intuitive products made them the perfect fit for the Gemini family."