Nifty Gateway, one of the most recognized platforms to emerge from the NFT boom, has announced that it will officially shut down its marketplace on February 23, 2026.
Gemini acquired Nifty Gateway in 2019. This exchange led by the Winklevoss twins also provides regulatory infrastructure, custody, and security that form the basis of the NFT marketplace, as well as its subsequent transformation into Nifty Gateway Studio as Gemini's creative Web3 division.
Nifty Gateway Goes Directly into Withdrawal-Only Mode
From now on, this platform is entering "withdrawal-only mode," and users are asked to withdraw their funds and digital assets before the closure.
Nifty Gateway Studio shared this news, ensuring that there will be no more trading or new activities on the platform.
"Today, we announce that the Nifty Gateway platform will close on February 23, 2026. Starting today, Nifty Gateway can only be used for withdrawals," the company stated in its official announcement.
The company added that customers holding USD, ETH, or NFTs will receive instructions via email on how to move their assets from the platform.
Launched around 2020, Nifty Gateway quickly became widely known during the early wave of NFTs. The platform stood out through curated digital art drops and a user-friendly approach that allowed purchases using credit cards and fiat currencies.
This ease of access helped attract a broader audience, including those not from the crypto world, as NFTs began to enter mainstream culture.
Cameron and Tyler Winklevoss, founders of the Gemini exchange, acquired this platform in 2019. This acquisition positioned it as a leading NFT marketplace, supported by user-custody infrastructure and exchange-level compliance.
At the peak of the NFT boom in 2021, Nifty Gateway hosted many collaborations between renowned creators and major brands. The platform played a role in legitimizing digital art and digital collectibles as a new asset class.
However, as NFT trading volumes plummeted in recent years and user interest waned, this platform struggled to shine again. This happened despite broader industry efforts to change the perception of NFTs to be more useful, such as for utility, gaming, and real-world assets. The network also experienced a hack in 2021 that led to several accounts being compromised.
The Opening of the NFT Market Raises Questions About the Future of Nifty Gateway Studio
This closure reflects the continued decline of the NFT market, which has led many marketplaces to shut down, consolidate, or shift away from pure NFT trading models.
In addition to Nifty Gateway, another player that recently exited the arena is Nike, just a few years after becoming the largest NFT revenue brand in the world.
RTFKT, which was acquired by Nike in 2021, also shut down its Web3 operations in January 2025 due to a sharp decline in the NFT market.
As a result, this has become the next high-profile withdrawal from the once very hot NFT sector, which is now struggling to return to its heyday after its peak in 2021.
While Gemini continues to expand its globally regulated crypto asset services, the closure of Nifty Gateway shows that even early players with large capital are struggling to maintain a dedicated NFT business in the current market situation.
What's Next for Nifty Gateway Studio?
Interestingly, this latest news comes shortly after Nifty Gateway Studio just announced open internship positions, which may indicate interest in new talent or perhaps a shift in focus towards cost efficiency.
So, one important question after this announcement is the future of Nifty Gateway Studio (NGS), the company's Web3 creative division officially launched in 2024.
NGS is positioned as a full digital production studio focused on immersive on-chain creative experiences. NGS collaborates with artists, brands, and creators to deliver experimental NFT-based content.
The projects being worked on include limited edition collectibles to interactive drops that combine AI, art, and ownership on the blockchain.
Although closely related to its original marketplace, it is currently unclear whether Nifty Gateway Studio will:
Continue operating independently
Expand following Gemini's grand strategy, or
Be shut down along with the closure of the main platform.
The company did not provide specific explanations regarding the fate of the studio in its announcement, nor has it responded to requests for comments from BeInCrypto.
"Very sad news. I am very proud of NG's achievements and the hard work of everyone. During my time running NG with Griffin Cock Foster, we paid out over US$500 million to artists. In 2021, this amount was about 1/8 of the total paid by YouTube to creators that same year. The NFT movement will continue," said Duncan Cock Foster, former co-founder of Nifty Gateway Studio.
For users, the top priority right now is to withdraw assets. Nifty Gateway emphasizes that customers must move all their funds and NFTs before the deadline of February 23, 2026. After that, this platform will cease all its operations.