Nifty Gateway Closes: From Hundreds of Millions in Trading Volume to Market Collapse

The NFT trading landscape just witnessed a significant turning point. Nifty Gateway, once a juggernaut in the digital collectibles space that processed hundreds of millions of dollars at its peak, will cease operations on February 23, 2026. The platform entered withdrawal-only mode immediately, giving users exactly one month to extract their NFTs and assets. In just over three weeks, the page that once represented the gateway to mainstream NFT adoption will go dark.

This closure marks the end of an era. At its height in mid-2021, Nifty Gateway had processed over $300 million in trading volume, making it one of the oldest and most influential NFT marketplaces during the digital art boom. Yet today’s shutdown reflects a broader market reality: the $17 billion NFT market that peaked in early 2022 has withered into a $2.8 billion landscape—a staggering decline that tells the story of an industry that overheated and cooled just as quickly.

From $300 Million in Sales to Market Downturn: The Numbers Behind NFT’s Decline

Nifty Gateway’s journey mirrors the entire NFT market cycle. The platform carved out its niche by democratizing NFT purchases in a way competitors couldn’t. It offered credit card payments—virtually unheard of in the crypto-native ecosystem at the time—and curated drops from celebrity artists like Beeple and Grimes, attracting mainstream audiences who might have otherwise never touched blockchain technology.

But markets don’t stay hot forever. By April 2024, parent company Gemini made the strategic decision to pivot. Nifty Gateway Studio, as it became known, shifted from operating as a marketplace to building onchain creative projects in partnership with brands and artists. The marketplace model, once a revenue driver, no longer made business sense.

Gemini’s Strategic Shift: Building a Billion-Dollar Vision Beyond NFTs

Gemini’s reasoning was clear in their official statement: “This decision will allow Gemini to sharpen its focus and execute on the vision of building a one-stop super app for customers.” Rather than maintain a declining marketplace, the parent company chose to invest resources in a broader platform strategy that could capture more value.

Importantly, Gemini isn’t abandoning NFT support entirely. The company plans to continue supporting digital collectibles through Gemini Wallet, suggesting that while the marketplace is ending, NFT functionality remains part of the bigger picture. The distinction matters: this isn’t necessarily about NFTs losing relevance to Gemini, but rather about allocating capital more efficiently.

Final Days: What Users Need to Know Before February 23

For active users, the next month is critical. Nifty Gateway has enabled two withdrawal pathways: users can move funds through their connected Gemini Exchange account or send assets directly to their bank via Stripe. The company emphasized that complete withdrawal is possible—there’s no forced forfeiture of assets.

The market environment that killed Nifty Gateway’s marketplace model isn’t unique to this platform. The broader NFT space has endured a prolonged bear market. The contrast is striking: from $17 billion in market capitalization during the euphoria of early 2022 to $2.8 billion today represents the scale of market correction the sector has experienced.

Nifty Gateway’s closure is less about the platform’s failure and more about changing market conditions and strategic priorities. A platform that once processed hundreds of millions during the boom has become unsustainable in an environment where billion-dollar market capitalization in NFTs represents contraction rather than growth. For users with assets on the platform, the next few weeks offer a window to act before that gateway closes for good.