NFT platform Nifty Gateway, which drove $300 million in transactions, is closing down. The platform, known for its significant role in the NFT market and for hosting high-profile digital art sales, announced that it will cease operations and shut its doors. This decision marks a major change in the digital collectibles space, leaving many users and artists to consider their next steps.

The moment is approaching to end an era in the cryptocurrency market. NFT marketplace Nifty Gateway, which was at the center of the digital art boom in 2021, is set to officially end its services on February 23, 2026. This decision appears to be a result of parent company Gemini’s strategic choice to focus its management resources on building a “one-stop super app.”

The specific schedule and guidance for the end of the service have been released. Effective immediately, the Nifty gateway has transitioned to a withdrawal-only mode, allowing users to move their remaining NFT assets and funds on the platform during a one-month grace period. Users can withdraw funds to their banks through their linked Gemini exchange accounts or utilizing the Stripe payment system, the official announcement stated.

The Growth and Role of NFT Platforms That Led the Crypto Market

Since its inception, the Nifty Gateway has played a pivotal role in popularizing NFT trading. As one of the few NFT marketplaces that supports credit card payments, it has hosted “drops” curated through collaborations with renowned artists like Beeple and Grimes. These strategies have played a big role in introducing digital collectibles to the general public.

At the market’s peak in mid-2021, Nifty Gateway established itself as a major player in the NFT industry, with a trading volume of over $300 million. At that time, digital art and NFTs were gaining traction in the cryptocurrency community as new investment targets and creative mediums. However, this growth was absorbed into the flow of change over time.

Business Redirection and Strategic Restructuring of the Parent Company

The way the Nippi gateway operates has undergone a dramatic transformation starting in April 2024. Gemini moved away from its marketplace operations and rebranded itself as “Nifty Gateway Studio,” which shifted its focus to developing on-chain creative projects around collaboration with brands and artists.

This complete closure is an extension of this strategic shift. “This decision will help us more clarify and execute our vision of building a one-stop super app for our customers,” Gemini explained in an official statement. However, it added that NFT support through Gemini Wallet will continue, meaning users will be able to manage their digital assets within the crypto ecosystem even after the platform shuts down.

The long-term bear market in the NFT market and the current position of the industry

The closure of the Nifty Gateway is interpreted as an event symbolizing the overall downturn in the NFT market. The NFT industry, which reached a market size of $17 billion in early 2022, has since entered a continuous bear market. Currently, the NFT market is valued at $2.8 billion, marking a significant decline in market size in just a few years.

This shift in the market can be seen not just as a bubble burst but as a process of reevaluation of NFT technology and the real value and utilization of digital assets. Moving away from the initial speculative frenzy, a mature discussion is underway about the true meaning and usefulness of NFTs. The continuation of NFT support through Gemini Wallet is evaluated as part of its survival strategy in this context.

The shutdown of Nifty Gateway is an example of the volatility of the NFT market, but it also suggests how the cryptocurrency industry is adapting to the new landscape. While the platform will disappear, the value of NFT technology and digital assets is expected to evolve in various forms.