Gemini-Owned Nifty Gateway to Close After Prolonged NFT Market Slump
Why Is Nifty Gateway Closing Now?
Nifty Gateway, one of the earliest NFT marketplaces to reach a mainstream audience, will shut down operations on Feb. 23, 2026, according to a statement published by the platform over the weekend. The Gemini-owned company has already entered withdrawal-only mode, giving users roughly one month to move any remaining NFTs or funds.
“Today, we are announcing that the Nifty Gateway platform will be closing on February 23, 2026,” the company wrote in a post on X. A shutdown notice is now displayed on the platform’s homepage, and users can withdraw assets either through a linked Gemini Exchange account or directly to their bank via Stripe.
Nifty Gateway said customers holding NFTs, ether, or US dollar balances would receive email instructions outlining the withdrawal process and urged users to complete transfers ahead of the deadline.
Investor Takeaway
How Nifty Gateway Rose During the NFT Boom
Launched in 2020, Nifty Gateway played a central role in bringing NFTs beyond crypto-native audiences. Unlike many early competitors, the platform allowed users to purchase digital collectibles using credit cards, lowering technical barriers at a time when wallet setup and onchain transactions remained unfamiliar to many buyers.
The marketplace became known for tightly curated NFT releases, hosting high-profile drops from artists such as Beeple and Grimes. During the height of the NFT surge in mid-2021, Nifty Gateway facilitated more than $300 million in sales, making it one of the most visible venues during the digital art boom.
That momentum faded as NFT trading volumes declined and speculative demand cooled across the sector. As prices fell and new user inflows slowed, many early platforms faced pressure to either pivot or scale back operations.
From Marketplace to Studio, Then Exit
In April 2024, Nifty Gateway stepped away from operating a traditional NFT marketplace and rebranded as Nifty Gateway Studio. The shift reflected a narrower focus on onchain creative projects and partnerships with brands and artists, rather than open marketplace trading.
Despite that change, the platform did not return to its earlier level of relevance. Gemini, which acquired Nifty Gateway in 2019, said the shutdown would allow the exchange to concentrate on its broader product roadmap.
“This decision will allow Gemini to sharpen its focus and execute on the vision of building a one-stop super app for customers,” Gemini said in a blog post, adding that it would continue to support NFTs through the Gemini Wallet.
Investor Takeaway
What the Shutdown Says About the NFT Market
Nifty Gateway’s exit adds to a list of platforms that expanded rapidly during the NFT cycle and later struggled as demand retrenched. The broader NFT market peaked at an estimated $17 billion in market capitalization in early 2022 before entering a long downturn.
Current estimates place NFT market capitalization closer to $2.8 billion, despite brief rebounds in activity. Earlier this year, total NFT market value rose around 20% in the first weeks of 2026, including a sharp one-day increase alongside higher trading volumes. Those moves, however, have not reversed the longer-term contraction.
Recent deal activity, including Animoca Brands’ acquisition of gaming and digital collectibles firm Somo, suggests selective investment continues, particularly where NFTs intersect with gaming and utility-based use cases. Even so, the closure of Nifty Gateway underscores how difficult it has been for legacy NFT marketplaces to regain traction after the speculative phase ended.
What Happens Next for Users and the Sector
For Nifty Gateway users, the immediate priority is asset withdrawal ahead of the February deadline. The platform has made clear that funds and NFTs must be moved off-site, either through Gemini or via direct bank transfers where available.
For the NFT sector more broadly, the shutdown reflects a transition away from broad, consumer-facing marketplaces toward narrower applications tied to gaming, branding, and onchain infrastructure. While NFTs remain active in pockets of the crypto economy, the era of rapid marketplace expansion appears to be over.
