Thanks to the new model, Nifty Gateway will reduce the ETH gas usage fee by 70%

NFT Marketplace Nifty Gateway will cut ETH mining fees by 70% thanks to a new hybrid custodian model that we will talk more about today in the latest Ethereum news.

Nifty Gateway will introduce a semi-custody ETH-NFT trading system to cut gasoline fees by 70%. The approach, which has shifted some aspects of the transaction chain from wallet to wallet, will minimize ETH blockchain calls. Nifty Gateway will cut ETH mining fees by 70% as it has made a huge shift in shifting from its original focus on curated artifacts to a company that aggregates ETH marketing from NFT. Co-founders Duncan and Griffin Cock Foster say this is the only step toward a larger program as the company introduces a new way to cut fees on NFT transactions by 70%.

We officially have $ 70 million in sales for @muratpak Merge Selections ????.

This is the top grossing collection at NG and we are proud to have over 20,000 unique accounts taking part in the discount to date! 2 more days!

Merge fun! ????????

– Nifty Gateway (@niftygateway) December 3, 2021

Gas is the cost of transactions on the Ethereum blockchain, which is where most of the NFT trading takes place, and as the NFT market explodes in 2021, fees will rise to new highs. Gasoline charges make NFT sales a lot more expensive for everyone. The ETH gasoline fee debate has peaked and sparked a lot of Twitter debates as even longtime proponents consider the viability of today’s leading NFT ecosystem. Duncan says:

“Fuel fees have become a real challenge for all Ethereum-based projects right now. Often times, if you’re spending $ 200 on an NFT and the gas fee to purchase that NFT is $ 100, you will choose not to make that purchase. “

Nifty Gateway proposes a new type of solution as it leverages the existing system to enable wallet-to-wallet transactions that require less fuel than an equivalent peer-to-peer transaction elsewhere. Nifty’s system performs some of the on-chain steps required for wallet-to-wallet transactions on competing OpenSea marketplaces as it processes these outside of the ETH blockchain to minimize gasoline fees. The founders anticipate the total gas savings with this model will be up to 70% compared to OpenSea, but they believe the model will benefit projects trading hundreds of dollars per NFT:

“We’re really hopeful and optimistic that this will benefit the entire NFT ecosystem, and greatly benefit projects that are hit by high gas charges – and make it accessible to all. Everything is easier.”

Yes, I gave up Ethereum even though I supported it in the past.

Yes, Ethereum left its users despite having supported them in the past.

The idea of ​​sitting around and watching the process as it burns and putting together purity tests while no newbie can afford the necklace is crude.

– Zhu Su (@zhusu) November 21, 2021

The NFT market has been investing in surveillance infrastructure for many years as its business model used to go mainstream, but managed discounts that can be used to facilitate wallet-to-wallet transactions are for all ETH NFTs out there cheaper.