Gemini Shuts Down Nifty Gateway NFT Marketplace: What This Means for Holders

Gemini has announced its decision to close down Nifty Gateway, a prominent NFT marketplace. This move reflects the ongoing challenges within the NFT sector amid a prolonged downturn. Users are advised on withdrawal processes and what to expect moving forward.

Key Takeaways

Shutdown Announcement: Nifty Gateway is now in withdrawal-only mode, with assets to be fully withdrawn by February 23, 2026.
User Guidance: Gemini will provide instructions via email for customers holding USD, ETH, or NFTs.
Market Trends: The NFT market has dramatically declined, with significant drops in both trading volume and sales revenue.
Industry Exits: Nifty Gateway's closure aligns with a broader trend of exits and pivots within the NFT space.

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

Nifty Gateway's Shutdown Details

Gemini is shutting down Nifty Gateway, one of the early and well-known NFT marketplaces, highlighting the ongoing struggles in the NFT industry as it faces a prolonged downturn. According to a post on X (formerly Twitter) by Nifty Gateway, the platform has switched to withdrawal-only mode, meaning users can no longer list, buy, or sell NFTs on the site.

Customers have until February 23, 2026, to withdraw their assets. Despite this closure, Gemini has expressed its commitment to NFTs by continuing to support them through the Gemini Wallet. Users holding USD, ETH, or NFTs will receive an email with instructions on how to redeem their assets.

The Rise and Fall of Nifty Gateway

Withdrawals can be processed either through a connected Gemini Exchange account or directly to a bank account using Stripe, with this service available during the transition.

Nifty Gateway was founded in 2018 by brothers Duncan and Griffin Cock Foster and was acquired by Gemini in 2019, quickly becoming a crucial player in the NFT boom of 2020. The platform distinguished itself by allowing users to purchase NFTs using credit cards, removing barriers for those who weren’t familiar with cryptocurrencies at the time.

Nifty Gateway became known for curating drops from popular artists, such as Beeple and Grimes. During the NFT excitement in mid-2021, the platform recorded over $300 million in trading volume as digital art gained significant attention.

Image of NFT trading trend

However, this momentum was short-lived as the cryptocurrency market shifted, leading to decreased interest in high-priced digital collectibles. Gemini has stated that closing Nifty Gateway will allow the company to refocus on its broader product roadmap, aiding in the development of a consolidated super app while maintaining NFT support at the wallet level.

Challenges Facing the NFT Sector

Nifty Gateway's closure underscores prevailing structural issues within the NFT space. The marketplace has been in a downturn since hitting an estimated valuation of $17 billion in early 2022, with current valuations falling between $2.7 billion and $3 billion—over a 65% decline from peak values.

Recent statistics show that annual NFT sales revenue dropped sharply by roughly 37% in 2025, totaling around $5.63 billion, while total NFT supply has increased. The average sale price has plummeted, with many transactions falling below the $100 mark, significantly impacting art-based NFTs.

Despite an increase in NFT users to over 11 million, much of the attention has shifted toward gaming assets, tokenization of real-world items, and AI-generated collections, diverting interest away from high-value digital art.

The closure of Nifty Gateway is part of a larger trend, with other notable exits occurring in the NFT space. In January, Nike quietly sold its RTFKT NFT subsidiary, established during the 2021 boom, indicating a strategic withdrawal to focus on its primary business.

In March 2025, LG Electronics announced the shutdown of its NFT platform, LG Art Lab, integrated into its smart televisions. Similarly, OpenSea, once a leader in NFT marketplaces, rebranded as a multi-chain crypto trading aggregator in late 2025, while Magic Eden sold its former trading app Slingshot as it shifted away from NFTs to focus on token trading.