The decline of NFT trading platforms... Nifty Gateway announces closure

The NFT platform that was once a leader in the digital collectibles market is disappearing into the annals of history. Gemini-owned Nifty Gateway has decided to cease services as of February 23, 2026, and currently all users can transfer their NFTs and funds via withdrawal-only mode for approximately one month.

Once the King of the NFT Market - The Glory and Crisis of Nifty Gateway

In 2021, during the peak of the digital art boom, Nifty Gateway was at the center of the NFT trading scene. At that time, the platform facilitated over $300 million in sales and collaborated with internationally renowned artists like Beeple and Grimes to host exclusive “drop” events. Rare in the cryptocurrency industry, Nifty Gateway allowed credit card payments, playing a key role in popularizing NFTs.

However, the global NFT market, which recorded $17 billion in early 2022, plummeted afterward. The current market size has shrunk to around $2.8 billion, indicating a prolonged bear market.

Closing on February 23… Users Can Withdraw Funds for One Month

The decision to shut down Nifty Gateway took effect immediately. The platform has been switched to withdrawal-only mode, and users can transfer funds to their linked Gemini exchange accounts or bank accounts via Stripe. The remaining time is about three weeks, during which users must handle all NFTs and funds remaining on the platform.

Long-term NFT Market Slump Results

Gemini explained in an official statement, “This decision allows us to clarify our vision of building a one-stop super app for customers.” Instead of Nifty Gateway, NFT support will continue through Gemini Wallet.

In fact, the platform’s demise was inevitable. In April 2024, Nifty Gateway shifted its focus from marketplace operations to reorganization as “Nifty Gateway Studio.” The strategy was to focus on building on-chain creative projects through collaborations with brands and artists, but ultimately, this also failed to produce results. It was too late to switch to a new business model after the NFT boom, which had been like a wildfire, had already faded.

The closure of Nifty Gateway demonstrates how platforms that once led the NFT market are now revealing their limitations amid market downturns. Just a few years ago, these NFT trading platforms led the diversity and democratization of trading markets, but now they are stepping off the stage of history.