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]

Nifty Gateway, the non-fungible token (NFT) trading platform that was once central to the 2021 digital art boom, will shut down on Feb. 23, 2026. Starting immediately, the platform has entered withdrawal-only mode, giving users one month to move any NFTs or funds still on the site, according to an announcement from the company. The website also shows a notice of closing on its homepage. Users can withdraw their funds from the platform through a connected Gemini Exchange account or to their bank via Stripe. ...

Core Viewpoint - Gemini Space Station Inc. (NASDAQ:GEMI) is projected to double in value by 2026, despite recent price target reductions from major financial institutions [1][2]. Financial Performance - In Q3 2025, Gemini reported revenue of $49.8 million, marking a 52% sequential increase, driven by a 45% rise in trading volume and over 100% growth in credit card transaction volume [3]. - Transaction revenue reached $26.3 million, up 26% sequentially, supported by spot trading volumes of $16.4 billion, which increased by 45% quarter-over-quarter [3]. Product Development - Gemini launched the Gemini Wallet, a self-custody smart wallet, and expanded multi-network support, including a Solana edition of the Gemini Credit Card and Solana Staking from Custody for institutions [4]. - Management reaffirmed a medium-term target for Monthly Transacting Users to grow at a CAGR of 20% to 25% [4]. Financial Projections - For the full year 2025, Gemini expects services revenue and interest income to reach between $60 million and $70 million, with sales and marketing expenses projected to total between $45 million and $60 million [4].