Nifty Gateway, one of the earliest and most recognizable platforms from the first wave of mainstream NFTs, will shut down operations on February 23, 2026. The Gemini-owned marketplace confirmed the decision in a public announcement on X, stating that the platform has already entered withdrawal-only mode.
The notice marked the final chapter for a service that played a central role in introducing NFTs to a broader audience during the 2020–2021 boom. Users now have a limited window to withdraw NFTs, ETH, or fiat balances from the platform before operations cease.
Today, we are announcing that the Nifty Gateway platform will be closing on February 23, 2026. Starting today, Nifty Gateway is in withdrawal-only mode.
— Nifty Gateway Studio (@niftygateway) January 24, 2026
Nifty Gateway was launched in 2020 with the vision of revolutionizing digital art. Since launching, Nifty supported dozens of…
Withdrawal-only mode begins immediately
According to Nifty Gateway’s announcement, customers with active balances or NFT holdings will receive email instructions detailing how to move assets off the platform. Withdrawals can take place through connected Gemini Exchange accounts or directly to bank accounts via Stripe.
A shutdown notice currently appears on the Nifty Gateway website, reinforcing the February 23 deadline. The company advised users with questions to contact [email protected].
The announcement stated:
“Today, we are announcing that the Nifty Gateway platform will be closing on February 23, 2026. Starting today, Nifty Gateway is in withdrawal-only mode.”
From mainstream breakout to market retreat
Launched in 2020, Nifty Gateway positioned itself as a bridge between crypto-native technology and mainstream consumers. The platform gained attention for its curated NFT drops and its support for credit card payments, which removed a major barrier for non-crypto users.
Artists such as Beeple and Grimes used the platform to reach wider audiences, and Nifty Gateway quickly became a household name during the peak of NFT enthusiasm. At its height in mid-2021, the marketplace facilitated more than $300 million in gross merchandise value, according to company disclosures.
The momentum did not hold. As NFT trading volumes declined and user interest cooled, activity across the sector contracted. CoinGecko data showed that total NFT market capitalization peaked at $17 billion in April 2022 before falling by more than 85% to roughly $2.47 billion.
Strategic shift under Gemini ownership
Gemini acquired Nifty Gateway in 2019, prior to the NFT boom. As market conditions changed, Gemini adjusted its approach to NFTs. In April 2024, the company stepped back from operating a traditional marketplace and rebranded the unit as Nifty Gateway Studio.
The new direction emphasized on-chain creative projects and brand partnerships rather than a full-scale consumer marketplace. Gemini framed the final shutdown as part of a broader product strategy.
“This decision will allow Gemini to sharpen its focus and execute on the vision of building a one-stop super app for customers,” Gemini wrote in a blog post. “We will continue to support NFTs via the Gemini Wallet.”
User backlash highlights custodial risks
The closure prompted criticism from artists and collectors, many of whom raised concerns about custody and withdrawal mechanics.
Digital artist Artchick (@digitalartchick) said support staff advised her to “screenshot my NFTs to ‘withdraw them to my wallet’,” adding, “Not a serious industry.”
Collector Lancaster.eth (@Lancaster_eth) described the shutdown as “the dark side of web3,” writing that Nifty Gateway introduced many users to digital art, but now faced “650k NFTs. One deadline. No second chances.”
Other users warned that failure to act before the deadline could result in permanent asset loss.
A broader NFT market recalibration
The Nifty Gateway shutdown took place amid a prolonged correction in the NFT sector. After the speculative surge of 2021, many early platforms struggled to maintain liquidity, user engagement, and sustainable revenue models.
At the same time, selective activity continued. Animoca Brands announced the acquisition of Somo earlier in 2026, signaling continued interest in playable and branded digital collectibles. NFT market capitalization rose by roughly 20% in the first weeks of the year, driven by short-term volume increases.
The contrast highlighted a market that now favors targeted partnerships and infrastructure over broad retail marketplaces.
What the closure means for users and the industry
For Nifty Gateway users, the immediate priority remains asset withdrawal before the February 23 deadline. Anyone holding NFTs, ETH, or USD balances must complete the process within the defined timeframe.
For the industry, the shutdown underscored a shift in strategy among major crypto firms. Gemini’s decision to sunset the marketplace while maintaining NFT support through its wallet reflected a focus on core infrastructure rather than standalone storefronts.
Nifty Gateway once represented the promise of NFTs for mainstream audiences. Its exit illustrated the challenges that followed the sector’s rapid rise and long downturn.
Matvii Diadkov
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource, and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice. HODL FM strongly recommends contacting a qualified industry professional.
