Nifty Gateway to close in February 2026 as NFT market decline intensifies
Nifty Gateway, one of the first and most popular NFT marketplaces, is set to shut down operations next month, marking another high-profile exit in the sector's long slump.
“Today, we announce that the Nifty Gateway platform will be closed on February 23, 2026,” the Gemini-owned platform wrote in a post on X on Saturday, adding that it has already entered exit-only mode, and it will take about a month for users to withdraw their remaining NFTs or funds from the site.
A shutdown notice will now appear on the Nifty Gateway home page, and users can withdraw their assets through a linked Gemini exchange account or directly to their bank through Stripe.
Nifty Gateway said customers with NFTs, ETH or US dollar balances will receive email instructions on withdrawing their assets. The company urged users to complete the process before the February deadline.
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Nifty Gateway has recorded the highest sales of $300 million.
Launched in 2020, Nifty Gateway played a central role in bringing NFTs to the mainstream audience. Unlike many crypto-native platforms at the time, it lowered the barrier to entry by allowing users to purchase digital collections using credit cards. The marketplace became known for “drops” from high-profile artists and creators, including Beeple and Grimes.
In the year At the peak of the NFT frenzy in mid-2021, Nifty Gateway facilitated over $300 million in sales. That momentum faded as the broader NFT market cooled. In the year In April 2024, the company moved away from operating a traditional marketplace and rebranded as Nifty Gateway Studio to focus on onchain innovation projects and brand partnerships.
Gemini, which acquired Nifty Gateway in 2019, said the shutdown would allow the crypto exchange to focus on its broader product strategy. “This decision will allow Gemini to increase its focus and execute on its vision of building a one-stop super app for customers,” the company said, adding that it will continue to support NFTs through the Gemini wallet.
Related: US prosecutors drop OpenSea NFT fraud case after appeals court overturns
As the NFT market is showing signs of life, Animoka gets the Somo
Earlier this month, Animoca Brands acquired gaming and digital collectibles company Somo, bringing playable and tradable collectibles to Animoca's extensive blockchain ecosystem. The company plans to integrate Somo using shared infrastructure and partnerships, positioning the deal as a strategic extension of its existing gaming and NFT portfolio.
The purchase comes as the NFT market shows a short-term correction to early 2026. Total NFT market capitalization increased nearly 20 percent in the first two weeks of the year, rising from $2.5 billion to nearly $3 billion.
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