Gemini is shutting down Nifty Gateway, a leading NFT marketplace, effective February 23, 2026, as part of the industry’s ongoing downturn due to declining market capitalization from $17 billion to around $2.7-$3 billion. Customers can withdraw assets until closure, while Gemini shifts focus to its broader product roadmap, continuing to support NFTs through its wallet services.
Gemini is shutting down Nifty Gateway, one of the NFT sector’s earliest and most recognizable marketplaces, in a further sign of the industry’s continued retreat as the prolonged downturn drags on.
In a statement on X, Nifty Gateway confirmed the shutdown by stating that the platform had entered withdrawal-only mode on Friday, which meant that people could no longer list, purchase, or sell NFTs.
They also added that customers have until February 23, 2026, to withdraw their assets from the platform.
Since then, Gemini announced that it would still embrace NFTs using the Gemini Wallet.
The company announced that users with USD, ETH, or NFTs will be sent an email with guidelines on how to redeem their assets.
Nifty Gateway’s Rise, Peak, and Exit From the NFT Marketplace
The withdrawals may be done via a connected Gemini Exchange account or directly to a bank account via Stripe, and this service will exist throughout the transition period.
Nifty Gateway was established in 2018 by two brothers, Duncan and Griffin Cock Foster, and was purchased by Gemini in 2019. It became the epicenter of the NFT boom in 2020.
Nifty Gateway additionally enabled people to use credit cards to buy NFTs, which other crypto-native websites did not have at that time, reducing entry barriers amongst non-crypto users.
It also established its name on the curated drops of the most popular artists and creators, including Beeple and Grimes.
During the NFT mania in mid-2021, over $300 million of trading volume occurred through the platform as digital art gained attention and speculation in the world and surged to a frenzy.
This wave of momentum did not last long when crypto markets inverted and the hype around high-priced digital collectibles was deadened.
Gemini noted that the total closure will enable the company to focus on its larger product roadmap.
The exchange in a statement claimed that the move would assist it to focus more on creating a one-stop super app, as it continues to service NFTs at the wallet level as opposed to an independent marketplace.
NFT Sector Sees More Exits as Downturn Persists
The closure indicates structural problems throughout the NFT industry, as the NFT market has been in a protracted recession since hitting an estimated 17 billion market capitalization in early 2022.
Recent data shows its current capitalization at about $2.7 to 3 billion, or down over 65% of peak levels.
The total NFT sales revenue declined by approximately 37% annually in 2025 to approximately $5.63 billion, and total supply increased.
The price of the average sale dropped drastically, and they frequently fell below $100, as art-oriented NFTs experienced some of the sharpest price drops.
Although the user base of NFTs has increased to over 11 million, most of the interest has moved away to gaming items, real-life tokenization, and AI-generated collections instead of high-finance digital art.
The closing of Nifty Gateway is preceded by several exits and pivots of the same nature.
In January, Nike sold its RTFKT, its subsidiary in NFTs, which it had acquired in the 2021 boom, in a silent way, which indicates a retraction to its main sphere of business.
In March 2025, LG Electronics said it would close its NFT platform, LG Art Lab, built into smart televisions.
The former NFT marketplace leader, OpenSea, also changed its name to a multi-chain crypto trading aggregator in late 2025, with the former trading app Slingshot being sold by Magic Eden as it exited the NFT industry to become a token trading platform.
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