Niftify Limited LLC, the all-inclusive NFT platform, announced the initial exchange offering (IEO) of its $NIFT tokens with cryptocurrency trading platform Gate.io. Niftify, currently in beta launch, allows people to mint, buy, sell and swap NFTs.
Within the Niftify ecosystem, $NIFT tokens are native utility tokens and used to incentivize actions across the system. $NIFT allows users to receive discounts when paying fees. Users only pay 2.5% in fees instead of 5% when paying with other cryptocurrencies or fiat. Additionally, $NIFT token balances grant varying levels of access to exclusive features, including early access to new drops, premium custom profiles, and entry to “members-only” areas.
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For the IEO, Niftify will complete a Startup Event with Gate.io, which is open today, November 17, for 24 hours. Accounting for 0.29% of Niftify’s supply, there are 571,429 $NIFT tokens for sale at $0.35 each, equivalent to $200,000 USDT. These token sales are in addition to tokens issued pursuant to SAFE/SAFT and subject to an emissions schedule from a prior pre-seed round in April 2021.
Additionally, Niftify launched NFT Auctioning on its platform, allowing creators to auction their NFTs. Sellers determine the currency in which the auction is performed, and auctions support both native blockchain currency and its standard fungible tokens. Auctions begin with a 24-hour time limit after the first placed bid. If a new bid is created in the last minute of an auction, time will extend in 15-minute increments past the 24-hour mark. When time expires, the owner of the highest bid will become the winner and receive the NFT.
“At Niftify, we aim to enable NFT creators, collectors, traders, gamers, enterprises and other enthusiasts to unlock the true potential of NFTs,” says Bruno Ver, co-founder and CEO of Niftify. “Building on recent momentum – from beta launch to sold out A-list celebrity NFT drops – this IEO and our new NFT Auctioning capability bring us closer to achieving our mission.”
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Niftify is a user-friendly platform aiming to facilitate users to automate digital and physical redemptions. Unlike other platforms, creators are incentivized to mint and sell their own NFTs to benefit from the functionality of smart contracts, and also offering them the opportunity to earn royalties of all future sales of their minted NFTs by using the Etherum royalty protocol. NFTs on Niftify are also used as proof of ownership and history tracking for even physical items, as well as proof of authenticity for valuable digital and physical assets.
The sale is open to people globally, with the exception of residents of USA, Canada, China, Iran, Libya, North Korea, Syria, Cuba, Afghanistan, and Crimea (as a part of Ukraine).