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Gemini Shuts Down Nifty Gateway NFT Marketplace – Here’s What’s Next for Holders

Gemini is shutting down Nifty Gateway, one of many NFT sector’s earliest and most recognizable marketplaces, in an additional signal of the trade’s continued retreat because the extended downturn drags on.

In an announcement on X, Nifty Gateway confirmed the shutdown by stating that the platform had entered withdrawal-only mode on Friday, which meant that folks might now not checklist, buy, or promote NFTs.

They additionally added that clients have till February 23, 2026, to withdraw their property from the platform.

Since then, Gemini introduced that it might nonetheless embrace NFTs utilizing the Gemini Wallet.

The firm introduced that customers with USD, ETH, or NFTs shall be despatched an e mail with pointers on methods to redeem their property.

Nifty Gateway’s Rise, Peak, and Exit From the NFT Marketplace

The withdrawals could also be carried out by way of a related Gemini Exchange account or on to a checking account by way of Stripe, and this service will exist all through the transition interval.

Nifty Gateway was established in 2018 by two brothers, Duncan and Griffin Cock Foster, and was bought by Gemini in 2019. It turned the epicenter of the NFT increase in 2020.

Nifty Gateway moreover enabled folks to make use of bank cards to purchase NFTs, which different crypto-native web sites didn’t have at the moment, decreasing entry boundaries amongst non-crypto customers.

It additionally established its title on the curated drops of the most well-liked artists and creators, together with Beeple and Grimes.

During the NFT mania in mid-2021, over $300 million of buying and selling quantity occurred via the platform as digital artwork gained consideration and hypothesis on the earth and surged to a frenzy.

Source: Gemini

This wave of momentum didn’t final lengthy when crypto markets inverted and the hype round high-priced digital collectibles was deadened.

Gemini famous that the whole closure will allow the corporate to deal with its bigger product roadmap.

The trade in an announcement claimed that the transfer would help it to focus extra on making a one-stop tremendous app, because it continues to service NFTs on the pockets degree versus an impartial market.

NFT Sector Sees More Exits as Downturn Persists

The closure signifies structural issues all through the NFT trade, because the NFT market has been in a protracted recession since hitting an estimated 17 billion market capitalization in early 2022.

Recent knowledge shows its present capitalization at about $2.7 to three billion, or down over 65% of peak ranges.

Source: CoinGecko

The complete NFT gross sales income declined by roughly 37% yearly in 2025 to roughly $5.63 billion, and complete provide elevated.

The worth of the typical sale dropped drastically, they usually ceaselessly fell under $100, as art-oriented NFTs skilled among the sharpest worth drops.

Although the consumer base of NFTs has elevated to over 11 million, a lot of the curiosity has moved away to gaming gadgets, real-life tokenization, and AI-generated collections as an alternative of high-finance digital artwork.

The closing of Nifty Gateway is preceded by a number of exits and pivots of the identical nature.

In January, Nike sold its RTFKT, its subsidiary in NFTs, which it had acquired within the 2021 increase, in a silent approach, which signifies a retraction to its primary sphere of enterprise.

In March 2025, LG Electronics said it would close its NFT platform, LG Art Lab, constructed into good televisions.

The former NFT market chief, OpenSea, additionally changed its name to a multi-chain crypto trading aggregator in late 2025, with the former trading app Slingshot being sold by Magic Eden because it exited the NFT trade to develop into a token buying and selling platform.

The submit Gemini Shuts Down Nifty Gateway NFT Marketplace – Here’s What’s Next for Holders appeared first on Cryptonews.

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