Gemini Shuts Down Nifty Gateway NFT Marketplace – Here’s What’s Next for Holders

Core Insights - Gemini is shutting down Nifty Gateway, indicating a continued retreat in the NFT industry as the prolonged downturn persists [1] - Nifty Gateway has entered withdrawal-only mode, allowing users to withdraw assets until February 23, 2026 [1][3] - Gemini plans to continue supporting NFTs through the Gemini Wallet, providing guidelines for users to redeem their assets [2] Company Overview - Nifty Gateway was founded in 2018 and acquired by Gemini in 2019, becoming a key player during the NFT boom in 2020 [3] - The platform allowed credit card purchases for NFTs, lowering barriers for non-crypto users and featuring curated drops from popular artists [4] - During the peak in mid-2021, Nifty Gateway recorded over $300 million in trading volume [4] Industry Context - The NFT market has been in a recession since early 2022, with market capitalization dropping from an estimated $17 billion to approximately $2.7 to 3 billion, a decline of over 65% [6] - Total NFT sales revenue fell by about 37% annually in 2025 to around $5.63 billion, while total supply increased [6] - The closure of Nifty Gateway reflects structural issues within the NFT industry [6]