We’d love your feedback.
Take a 30-second survey to help improve The Block.
Nifty Gateway has outlined new details on how it plans to preserve users’ NFTs as it winds down operations, pledging permanent hosting for token metadata and media even after the platform closes.
In a Tuesday post on X, the Gemini-owned NFT marketplace said it intends to migrate most NFT metadata and media hosting to a decentralized storage network, allowing collectors continued access to their assets in perpetuity after the shutdown.
The update follows last week’s announcement that Nifty Gateway would cease operations amid a prolonged downturn in the non-fungible token market.
According to the statement, Nifty Gateway plans to move metadata and media to Arweave, a blockchain-based data storage network designed for permanent archival. However, the company said a subset of NFTs minted in 2021 or earlier have metadata that is permanently linked to Nifty Gateway’s own servers. For those assets, the firm said it will “continue to host the metadata indefinitely.”
The platform also extended the deadline for users to withdraw their NFTs, giving customers a 90-day window to move assets off the platform by April 23. After that date, Nifty Gateway said it will continue working with customers to facilitate withdrawals if needed.
In addition, the company said it is developing a bulk withdrawal tool for users with multiple NFTs, which it plans to roll out with sufficient time for customers to use ahead of the April deadline.
Nifty Gateway, which was acquired by Gemini in 2019, entered withdrawal-only mode earlier this year. The platform rose to prominence during the 2021 NFT art boom but has struggled alongside a broader collapse in NFT trading volumes and marketplace activity.
