Nifty Gateway closes: The end of an NFT era and the future of digital assets

The NFT trading platform Nifty Gateway will cease operations on February 23, 2026. What are NFTs anyway, and why is one of the oldest platforms for digital assets disappearing from the market? These questions reveal not only the history of a single company but also the dramatic rise and fall of an entire market sector that took the crypto world by storm in 2021.

What are NFTs and how did Nifty Gateway revolutionize the market?

NFT stands for “Non-Fungible Token” – unique digital assets registered on the blockchain that are not interchangeable like traditional currencies. Each NFT represents an original and can depict artwork, collectibles, or other digital content.

Nifty Gateway played a key role in democratizing this market. The platform operated by Gemini significantly simplified access to digital collectibles – it accepted credit card payments, a rarity in the heavily crypto-focused industry at the time. With curated “Drops” and exclusive collaborations with artists like Beeple and Grimes, Nifty Gateway positioned itself as a leading marketplace for digital art and collectibles.

The rapid rise and fall of the NFT boom

The peak came in 2021. At its height, Nifty Gateway recorded over $300 million in sales volume. The entire NFT industry experienced an unprecedented hype: the total market reached an impressive $17 billion in market capitalization in early 2022.

But the fall was swift and as dramatic as the rise. Since the peak of 2022, the NFT market has been in a sustained bear market. The current market capitalization is only $2.8 billion – a decline of over 80 percent. This market dynamic forced many platforms to reevaluate their strategies, including Nifty Gateway.

From trading platform to creative studio: Nifty’s transformation

In April 2024, Nifty Gateway signaled a strategic realignment. The platform underwent rebranding and was renamed “Nifty Gateway Studio.” The focus shifted from pure marketplace trading to developing on-chain creative projects in direct collaboration with brands and artists. This change already indicated that the traditional NFT trading model had passed its golden era.

However, this restructuring was not enough to sustain the platform long-term. As of February 23, 2026, Nifty Gateway will be completely closed. From now on, the platform will operate in a withdrawal-only mode, giving users one month to transfer their remaining NFTs and funds. Users can withdraw their assets either via their linked Gemini exchange account or through Stripe to their bank accounts.

Gemini focuses on the super app strategy

The closure of Nifty Gateway is part of a broader strategic reorganization at the parent company Gemini. The company explains that this decision allows it to “sharpen the focus and implement the vision of developing an all-in-one super app for customers.” In other words: Gemini is shifting its focus to creating an integrated platform rather than specialized individual products.

However, the closure does not mean the complete end of NFT support within the Gemini ecosystem. The company announced that it will continue to support NFTs via the Gemini Wallet – albeit no longer through a dedicated marketplace. Users will still be able to manage their digital assets through Gemini services even after Nifty Gateway shuts down.

Lessons from the NFT cycle

The story of Nifty Gateway is a instructive example of the volatility and cyclicality of crypto markets. A platform that once was at the forefront of a global trend and moved millions in trading volume now has to face the reality dictated by a more mature, bearish market. It also shows that even established platforms with strong backing from major investors (Gemini) cannot escape market realities.

For NFT enthusiasts, it remains clear: while individual platforms may disappear, the technology itself – the decentralized, immutable nature of NFTs – has not vanished. It has merely shifted from mainstream hype to specialized applications such as gaming, digital identity, and provenance tracking. The future of NFTs may lie less in large, hyped art auctions and more in practical, long-term use cases.