Yesterday, cryptocurrency exchange and custodian Gemini Trust announced the launch of the blockchain-based Nifty Marketplace for buying, selling and storing digital art and collectibles. Gemini Trust is the brainchild of Cameron and Tyler Winklevoss, otherwise known as the Winklevoss Twins.
Founded in 2014, Gemini has a digital assets custodian service license from the New York State Department of Financial Services. With Nifty Marketplace, the company is expanding operations into non-fungible tokens (NFTs).
Cryptocurrencies, like bitcoin, are homogenous fungible tokens that are interchangeable and hence have the same value. In contrast, NFTs represent a unique asset on the blockchain. They follow the ERC-721 standard, unlike most tokens that use the Ethereum ERC-20 standard.
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