Nifty Gateway is a digital art online

auction An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition e ...

platform for

non-fungible token A non-fungible token (NFT) is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership. The ownership of an NFT is recorded in the ...

(NFT) art founded by Duncan and Griffin Cock Foster, and has since been acquired by the Winklevoss twins. Nifty Gateway has sold NFTs by Beeple, Pak,

Refik Anadol Refik Anadol (born 1985) is a Turkish-American new media artist and designer. His projects consist of data-driven machine learning algorithms that create abstract, dream-like environments. He lives and works in Los Angeles. Early life and educati ...

and other widely followed

NFT art A non-fungible token (NFT) is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership. The ownership of an NFT is recorded in the b ...

ists. In March 2021, Nifty Gateway began a partnership with the auction house

Sotheby's Sotheby's () is a British-founded American multinational corporation with headquarters in New York City. It is one of the world's largest brokers of fine and decorative art, jewellery, and collectibles. It has 80 locations in 40 countries, an ...

Account takeovers

In March 2021, a small number of users of the platform were hacked. A common theme across all the users that were hacked was that they all did not have

2-factor authentication Multi-factor authentication (MFA; encompassing two-factor authentication, or 2FA, along with similar terms) is an electronic authentication method in which a user is granted access to a website or application only after successfully presenting ...

activated. It is speculated that the hack was a result of cracking or otherwise acquiring their individual passwords. Nifty Gateway released a statement saying its initial investigation had found “no evidence” the platform itself was breached. Nifty Gateway was able to reverse all transactions made via stolen credit card information, although it raised questions regarding new users understanding of cryptocurrency's decentralization. One user planned to file a police report and contact their insurance company, but did not, stating “there’s nothing I can do per the Nifty terms of service.”

References

{{reflist

External links

Official site
Blockchain art Blockchain and auctions