Nifty Gateway, one of the most recognizable platforms to emerge from the NFT boom, has announced it will officially shut down its NFT marketplace on February 23, 2026, marking another major exit from the once-red-hot digital collectibles sector.
The platform, which has been owned by crypto exchange Gemini since 2019, has entered withdrawal-only mode effective immediately, urging users to remove all funds and digital assets ahead of the shutdown deadline.
Nifty Gateway Enters Withdrawal-Only Mode
In a statement shared by Nifty Gateway Studio, the company confirmed that no new trading, minting, or marketplace activity will take place going forward.
“Today, we are announcing that the Nifty Gateway platform will shut down on February 23, 2026. Starting today, Nifty Gateway is in withdrawal-only mode,” the company said.
Users holding USD, ETH, or NFTs will receive email instructions outlining how to migrate their assets off the platform. After the deadline, the marketplace will cease operations entirely.
From NFT Pioneer to Market Exit
Launched around 2020, Nifty Gateway quickly became a household name during the early stages of NFT adoption. It differentiated itself through curated digital art drops and a user-friendly onboarding experience, including the ability to purchase NFTs using credit cards and fiat currencies.
This accessibility helped onboard a broader, non-crypto-native audience at a time when NFTs were rapidly entering mainstream culture.
Gemini, led by Cameron and Tyler Winklevoss, acquired Nifty Gateway in 2019, positioning it as a regulated, exchange-backed NFT marketplace supported by institutional-grade custody, compliance, and security infrastructure.
At the height of the NFT boom in 2021, Nifty Gateway hosted dozens of high-profile collaborations with artists, creators, and global brands. The platform played a key role in legitimizing digital art and NFT collectibles as a new asset class.
Market Decline and Structural Challenges
However, as NFT trading volumes collapsed in subsequent years and user engagement declined, Nifty Gateway struggled to regain momentum. This came despite broader industry efforts to reposition NFTs around utility, gaming, AI integration, and real-world assets.
The platform also faced challenges following a security breach in 2021, which resulted in multiple user accounts being compromised.
The shutdown reflects a longer-term contraction across the NFT sector, which has seen numerous marketplaces either close, consolidate, or pivot away from pure NFT trading models.
Another notable exit includes Nike, which shut down its Web3 operations in January 2025. Nike’s NFT subsidiary RTFKT, acquired in 2021, had previously become the world’s highest-grossing NFT brand before market conditions deteriorated.
What Happens to Nifty Gateway Studio?
The announcement raises questions about the future of Nifty Gateway Studio (NGS), the company’s Web3 creative arm officially launched in 2024.
NGS was positioned as a full-service digital production studio focused on immersive, on-chain creative experiences. Its work included experimental NFT-based content, limited-edition collections, and interactive releases blending AI, digital art, and blockchain-based ownership.
Notably, the shutdown comes just weeks after NGS advertised open internship positions, suggesting either ongoing restructuring or a shift toward cost efficiency.
At this stage, it remains unclear whether Nifty Gateway Studio will:
Continue operating independently
Be integrated into Gemini’s broader strategy
Or be discontinued alongside the marketplace
The company has not provided specific guidance on the studio’s future and did not immediately respond to media requests for comment.
Former Nifty Gateway Studio co-founder Duncan Cock Foster reacted to the news, stating:
“Extremely sad news. Very proud of what NG accomplished and the work everyone did. During my time running NG with Griffin Cock Foster, we paid out over $500 million to artists. In 2021 alone, that was roughly one-eighth of what YouTube paid creators that year. The NFT movement will continue.”
User Action Required Before February 2026
For users, the immediate priority is asset withdrawal. Nifty Gateway emphasized that all funds and NFTs must be removed before February 23, 2026, after which the platform will be fully decommissioned.
While Gemini continues to expand its regulated crypto services globally, the closure of Nifty Gateway highlights the difficulty of sustaining specialized NFT businesses in the current market environment — even with strong institutional backing.
This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making financial decisions.
👉 Follow for more crypto industry updates, market structure insights, and Web3 news.
#NFTs #CryptoNews