From Peak to Closure: NFT Platform Nifty Gateway will close on February 23, 2026

Nifty Gateway, one of the oldest NFT trading platforms that once reached a peak in the industry by facilitating over $300 million in sales, will officially close in less than a month. Owned by Gemini, this platform has been in withdrawal-only mode since early February 2026, providing users with a golden opportunity to transfer their NFTs and funds before operations end. This decision marks the end of an era that was once the epicenter of digital art explosion, while also reflecting dramatic changes in the global NFT market landscape.

Nifty Gateway in the Peak Era: How the Platform Became a Leader in the NFT Market

In mid-2021, Nifty Gateway reached its zenith as the primary destination for high-quality digital collections. The platform played a crucial role in bringing NFTs to mainstream audiences by simplifying the purchase process and accepting credit card payments—something rarely seen in crypto markets at the time. Collaborations with renowned artists like Beeple and Grimes strengthened its position as the preferred platform for collectors and digital art enthusiasts. Transaction volume hit a record with over $300 million in sales, making Nifty Gateway one of the leading indices in the rapidly growing NFT industry.

This success was no coincidence— the platform integrated an intuitive user experience with curated high-quality collections, setting itself apart from other more centralized NFT marketplaces based on blockchain protocols. The ability to accept conventional payments opened access for millions of users previously hindered by the complexity of crypto transactions.

Pivot from Marketplace to Creative Studio: Strategic Changes in 2024

However, the development of the NFT industry did not meet expectations. Starting April 2024, Nifty Gateway fundamentally shifted its strategic direction by rebranding to Nifty Gateway Studio. Instead of continuing marketplace operations, the platform shifted focus to building on-chain creative projects through partnerships with brands and artists. This strategy reflects efforts to adapt to a significantly contracting NFT market.

Gemini, the parent company managing Nifty Gateway, explained that this transformation allows them to strengthen their focus on long-term vision. According to an official statement, the decision to close marketplace operations will free resources to develop a comprehensive “super app” for Gemini customers. Nevertheless, support for the NFT ecosystem will not disappear entirely—Gemini Wallet will continue to serve as a channel for managing and transacting with NFT assets.

Closure and the Future: Gemini NFT Wallet Replaces Nifty Gateway

The process of shutting down Nifty Gateway has begun with a withdrawal-only period lasting until 23 February 2026. Users have a limited time to transfer their NFTs and funds via two main options: transferring to a connected Gemini Exchange account or to a bank account via Stripe payment system. A closure notice has been displayed on the platform’s homepage to ensure maximum visibility to all active users.

This closure is not just the end of marketplace services but a symbol of strategic consolidation within the Gemini ecosystem. By shifting NFT support to Gemini Wallet, the company aims to simplify its product portfolio while maintaining the ability to serve the NFT community. This approach reflects broader industry trends where platforms optimize their operations in response to more challenging market conditions.

Why the NFT Market Has Fallen from Its Peak: Global Market Context

The closure of Nifty Gateway must be understood within the context of the dramatic decline of the overall NFT market. In early 2022, the NFT segment peaked with a market capitalization of $17 billion, celebrating the euphoria of digital art collectors worldwide. However, since then, the industry has experienced a prolonged bear market, with speculative momentum significantly decreasing.

Current conditions show a stark difference: the market capitalization of NFTs is now at $2.8 billion, representing an over 80 percent decline from its peak. This contraction reflects a healthy market correction after excessive speculation, while also revealing substantial challenges in finding sustainable NFT use cases beyond collectibles and speculation. NFT platforms like Nifty Gateway, which once thrived, now must adapt or exit the industry.

The closure of Nifty Gateway on 23 February 2026 marks a milestone for the NFT industry—signaling the end of the pioneering NFT marketplace era and the beginning of a more mature consolidation phase. For users holding assets on the platform, February 2026 is a critical period to migrate their assets before operations end forever.