NEW YORK, USA – Tyler Winklevoss, the CEO and co-founder of Gemini, announces that the cryptocurrency exchange company purchased Nifty Gateway.
Cameron and Tyler Winklevoss are unexpectedly twins. They established some businesses together, and it includes Gemini.
The news about Gemini, having “Non-Fungible Tokens” was reported by Winklevoss in a post from Medium, and he also shared more details regarding the first purchase of the company.
Non-Fungible Tokens (NFT), or referred to as nifties or nifty, are digital money that is deposited on a worldwide blockchain. These assets are unlike those that are not safe on local or centralized databases. Moreover, Winklevoss defined nifties as cryptographic coins. Also, these tokens follow the ERC-721 standard, which is included in a class of exclusive tokens.
As per the ERC-721 classification, there’s a minimum border. Then, digital coins are exchanged or managed during the implementation of a nifty contract.
Winklevoss explained the mission of Gemini in a post, which is to create bridges in the developing digital economy. Their mission is calling cryptocurrency as the future of currency. He also is that the purpose motivated the company more to buy the famous coin management platform, which is the Nifty Gateway.
Aside from sharing the company’s mission, Winklevoss also explained NFTs through drawing contrasts with fungible digital coins such as Bitcoin (BTC). Gemini is unlike other cryptocurrencies since each can’t be exchanged.
Nifties makes the perfect digital form factors as per Winklevoss. It’s excellent for various purposes and crypto-collectibles. One of the resolutions is the combination of art and Bitcoin storage, which is known as crypto-art.
Winklevoss shared how he trusts that collectibles, as well as digital ones that are also used for gaming, will unite. Both will be stored on sole blockchains in the nifty form. He also elaborated to viewers why Gemini picked Nifty Gateway, and it’s because of the smooth and consistent platform. Also, this company uses a traditional payment scheme of credit or debit cards. Furthermore, according to him, these tend to make significant assets, and it comes features that’ll let players buy something game-related.
Aside from tackling the collectives, Winklevoss also talked about the Griffin Foster and Duncan Foster, twin brothers, and the Nifty Gateway founders. He mentioned that these two created the platform for crypto games and applications.
Winklevoss concluded the post by mentioning that their passion for cryptocurrency and nifties made both of them well-suited with the Gemini family. Moreover, he also added that they could control the brand of this cryptocurrency exchange.