- Nifty is the first USD-based Non-Fungible Token (NFT) exchange
The Nifty exchange, which was purchased by the Gemini exchange last year, has become the first USD-based Non-Fungible Token (NFT) exchange. This means that users will be able to deposit and withdraw USD from the exchange. Previously NFT exchanges had crypto deposits and withdrawals only.
An NFT is essentially a digital collectible that is secured with the blockchain. The benefit of this token is that its holders have sole ownership over their digital collectibles, and have the ability to buy and sell them via the blockchain. This paves the way for a blockchain-based digital collectibles marketplace.
Nifty is partnering with celebrities and the sporting industry to create NFTs. Essentially, there will be one for each player on a sports team, or for each celebrity, kind of like digital trading cards. Nifty plans on launching new tokens every few weeks.
Overall, it appears the NFT industry is just beginning, and there is vast potential for Nifty and other NFT exchanges to turn into major marketplaces.
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