Nifty Gateway, one of the earliest and most recognizable NFT marketplaces, will cease operations next month, marking another high-profile exit amid the industry’s prolonged downturn.
“Today we are announcing that the Nifty Gateway platform will close on February 23, 2026.” – platform owned by Gemini he wrote in a Saturday post on X, adding that it has already entered withdrawal-only mode, giving users about a month to transfer any remaining NFTs or funds off the site.
The closure notification is now displayed on the Nifty Gateway homepage and users can withdraw assets via their linked Gemini Exchange account or directly to their bank via Stripe.
Nifty Gateway said customers with NFT, ETH or US dollar balances will receive instructions via email on how to withdraw their assets. The company urged users to complete the process before the February deadline.
Related: What the NFT Paris recall says about the current state of the NFT market
Nifty Gateway’s sales at its peak exceeded $300 million
Launched in 2020, Nifty Gateway has played a key role in bringing NFTs to a wider audience. Unlike many crypto platforms at the time, it allowed users to purchase digital collectibles using credit cards, lowering the barrier to entry. The market became known for its curated “drops” from famed artists and creators, including Beeple and Grimes.
At the height of the NFT craze in mid-2021, Nifty Gateway made easier sales exceeding $300 million. This momentum has moderated as the broader NFT market has cooled. In April 2024, the company moved away from operating a customary marketplace and changed its name to Nifty Gateway Studio, focusing on imaginative onchain projects and brand partnerships.
Gemini, which acquired Nifty Gateway in 2019, he said the closure would allow the cryptocurrency exchange to focus on its broader product strategy. “This decision will enable Gemini to focus on and execute on its vision of creating an end-to-end super app for customers,” the company said, adding that it will continue to support NFTs through the Gemini wallet.
Related: US prosecutors will drop the OpenSea NFT fraud case after an appeals court overturned the verdict
Animoca acquires Somo as the NFT market begins to recover
Earlier this month, Animoca Brands acquired gaming and digital collectibles company Somo, bringing its playable and tradable collectibles to the broader Animoca blockchain ecosystem. The company plans to integrate Somo using shared infrastructure and partnerships, positioning the deal as a strategic expansion of its existing gaming and NFT portfolio.
The acquisition came as the NFT market showed a short-lived rebound in early 2026. Total NFT market capitalization increased by approximately 20% in the first two weeks of the year, from approximately $2.5 billion to over $3 billion, with a edged $300 million jump occurring in a single 24-hour period amid higher trading volumes.
Warehouse: Bitget’s Gracy Chen is looking for “entrepreneurs, not wannabe entrepreneurs”
