Nifty Gateway, one of the most well-known platforms amid the NFT (non-fungible token) craze, announced that it will officially shut down its marketplace on February 23, 2026.
Gemini acquired Nifty Gateway in 2019. The exchange led by the Winklevoss twins provided regulatory, custodial, and security infrastructure for the growth of the NFT marketplace and later Nifty Gateway Studio, Gemini's web3 creative division.
Nifty Gateway switches to withdrawal-only mode
Effective immediately, this platform has entered 'withdrawal-only mode'. Users are advised to withdraw their funds and digital assets before the termination.
Nifty Gateway Studio has stated that no further transactions or new activities will take place on the platform.
"Today we announce that the Nifty Gateway platform will close on February 23, 2026. From today, Nifty Gateway will apply withdrawal-only mode." – Company announcement.
It also stated that customers holding dollars, Ethereum (ETH), and NFTs (non-fungible tokens) will receive email guidance on how to move their assets outside the platform.
Launched around 2020, Nifty Gateway quickly gained fame during the early wave of NFTs. It differentiated itself with a user-friendly approach that allowed credit card and fiat currency payments, as well as curated digital art drops.
Thanks to this accessibility, more members of the public unfamiliar with cryptocurrency were able to easily enter during the time NFTs were rapidly integrating into mainstream culture.
Cameron and Tyler Winklevoss, founders of Gemini, acquired the platform in 2019. This positioned Nifty Gateway as a leading NFT marketplace based on exchange-level custody and compliance infrastructure.
During the NFT craze in 2021, Nifty Gateway created opportunities for numerous famous creators and brands to collaborate. This contributed to proving that digital art and collectibles constitute a new asset class.
However, as NFT trading volume sharply declined over the following years and user interest waned, the platform struggled to regain growth momentum. The industry attempted to shift paradigms toward utility, gaming, and real-world assets (RWA) but failed to keep pace with this trend. In 2021, there were also hacking incidents where multiple accounts were compromised.
NFT market adjustment... Nifty Gateway Studio's future?
This closure reflects that the NFT market is entering a long-term phase of contraction and adjustment (bottoming out), with numerous exchanges and platforms closing or adjusting the market and moving away from single NFT trading models.
Another recent example of a company withdrawing from this market besides Nifty Gateway is Nike. Nike exited shortly after becoming the brand that generated the highest revenue from NFT sales.
RTFKT, which Nike acquired in 2021, also ended its web3 operations in January 2025 due to the sharp downturn in the NFT market.
Thus, this decision will remain as another major company retreating from the NFT market, which has not rebounded since its peak in 2021.
Meanwhile, while Gemini is expanding its regulated cryptocurrency services worldwide, the closure of Nifty Gateway has revealed that even companies with capital and early mover advantages are finding it challenging to sustain NFT-specialized businesses in the current market environment.
Nifty Gateway Studio, what's next?
Notably, this news came just weeks after Nifty Gateway Studio recently posted internship recruitment notices. This suggests a shift in strategy focused on either acquiring new talent or cost reduction.
Therefore, one of the important questions remaining after this announcement is the direction of the web3 creative division of the company, Nifty Gateway Studio (NGS), which was officially launched in 2024.
NGS has established itself as a full-service digital production studio focusing on immersive on-chain creative experiences. It has collaborated with artists, brands, and creators to showcase experimental NFT (non-fungible token) based content.
The project ranged from limited edition collectibles to interactive drops combining AI, art, and blockchain ownership.
Originally closely connected to the marketplace, it is still unclear whether Nifty Gateway Studio will continue to operate independently, be restructured under Gemini's broader strategy, or be phased out along with the platform.
Possibility of continuing to operate independently
Possibility of change within Gemini's expansion strategy
Possibility of being phased out along with the platform
The company did not provide separate guidance on the future of the studio in its official notice, and did not respond immediately to requests for comments from BeInCrypto.
"This is very sad news. I am proud of the achievements of NGS and the efforts everyone has put in. During the time we led NG with Griffin Cock Foster, we paid artists over $500 million. This was about one-eighth of what YouTube paid its creators in 2021. The NFT movement will continue." – Duncan Cock Foster, former co-founder of Nifty Gateway Studio.
The most urgent task for users is to withdraw their assets. Nifty Gateway emphasized that customers must transfer all funds and NFTs (non-fungible tokens) before the deadline of February 23, 2026. After that, the platform will cease operations completely.
