NFT marketplace Nifty Gateway to close amid prolonged market decline
The NFT platform Nifty Gateway, owned by Gemini, will shut down on February 23, bringing an era of pioneering crypto art to a close.
According to The Block, Nifty Gateway—one of the oldest and most prominent NFT marketplaces—announced it will cease operations in February, joining a growing list of tokenized art platforms that have closed amid a prolonged downturn in the sector.
Data from CryptoSlam shows that NFT trading volume fell to $1.25 billion in the fourth quarter of 2025, down 28% from the previous quarter. December sales totaled just $303 million. Total NFT trading volume for 2025 reached approximately $5.5 billion, compared with more than $50 billion at the market’s peak in 2022.
Kraken shut down its NFT marketplace in February 2025. LG Electronics closed its LG Art Lab after three years of operation in June last year, while X2Y2 announced its closure in March, citing a 90% drop in trading volume from peak levels. Even OpenSea, once the market leader, pivoted toward multi-chain cryptocurrency trading in October following the collapse of its NFT-focused business.
Now Nifty Gateway—once synonymous with the NFT art boom after headline-making sales by Mike Winkelmann, known as Beeple, and releases from celebrities such as Eminem, Grimes, and The Weeknd—has announced a withdrawal-only mode ahead of its full shutdown on February 23, 2026.
NFTs shift toward universal platforms
Nifty Gateway stood out by offering a custodial marketplace with credit card payments, lowering the barrier to entry for non-crypto-native collectors. However, this same approach left it vulnerable as the market shifted toward avatar-based collections and decentralized platforms such as OpenSea and later Blur.
The platform has already entered withdrawal-only mode, allowing users to retrieve their assets before the final closure. In an announcement published by Gemini, which acquired Nifty Gateway in 2019, the company said the shutdown would allow the US crypto exchange to “focus and execute on its vision of building a universal super app for customers,” while continuing to support NFTs through the Gemini wallet.
Crypto artist XCOPY also urged Nifty Gateway users to begin withdrawing their assets as soon as possible, calling it a “slow process” and advising against delays.
As we wrote, The rise and fall of NFTs: Why the world cooled on non-fungible tokens
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