Non-fungible tokens, also known as ‘nifties,’ are blockchain-based tokens which cannot be exchanged like Bitcoin and others but instead exists in the form of traditional collectibles such as stamps and baseball cards.
In a fast-growing digital economy, these tokens could potential become the perfect digital form factor for crypto-collectibles, crypto-art, and similar digital goods. Gemini, as it stands, is making a bet on the future of such tokens with Nifty Gateway representing the company’s first acquisition since it was founded in 2014.
Gemini also highlighted that Nifty Gateway was coincidentally founded by identical twins Duncan Cock Foster and Griffin Cock Foster, and currently facilitates nifty purchases for some of today’s most popular crypto-games and applications, including CryptoKitties, OpenSea, and Gods Unchained.
Commenting on their latest acquisition, Gemini CEO Tyler Winklevoss expressed the conviction that digital collectibles will “lay the foundation for entirely new multi-billion dollar industries to emerge.”
He added that the decision to acquire Nifty Gateway stemmed from their new partners sharing a similar 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,” Tyler concluded.
In September, Coinfomania reported that Gemini launched its regulated crypto custody service, making the company one of the many exchanges diversifying into that aspect of the cryptocurrency industry.
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