Once-prominent NFT marketplace Nifty Gateway to wind down operations

Nifty Gateway, 1 of the earliest and astir recognizable NFT marketplaces, is acceptable to unopen down operations adjacent month, marking different high-profile exit amid the sector’s prolonged downturn.

“Today, we are announcing that the Nifty Gateway level volition beryllium closing connected February 23, 2026,” the Gemini-owned level wrote successful a Saturday station connected X, adding that it has already entered withdrawal-only mode, giving users astir 1 period to determination immoderate remaining NFTs oregon funds disconnected the site.

A shutdown announcement is present displayed connected Nifty Gateway’s homepage, and users tin retreat assets either done a linked Gemini Exchange relationship oregon straight to their slope via Stripe.

Nifty Gateway said customers with NFTs, ETH oregon US dollar balances would person email instructions connected withdrawing their assets. The institution urged users to implicit the process up of the February deadline.

Nifty Gateway announces closure. Source: Nifty Gateway

Related: What the NFT Paris cancellation says astir the existent authorities of the NFT market

Nifty Gateway topped $300 cardinal successful income astatine its peak

Launched successful 2020, Nifty Gateway played a cardinal relation successful bringing NFTs to a mainstream audience. Unlike galore crypto-native platforms astatine the time, it allowed users to acquisition integer collectibles utilizing recognition cards, lowering the obstruction to entry. The marketplace became known for curated “drops” from high-profile artists and creators, including Beeple and Grimes.

At the tallness of the NFT frenzy successful mid-2021, Nifty Gateway facilitated much than $300 cardinal successful sales. That momentum faded arsenic the broader NFT marketplace cooled. In April 2024, the institution stepped distant from operating a accepted marketplace and rebranded arsenic Nifty Gateway Studio, shifting its absorption toward onchain originative projects and marque partnerships.

Gemini, which acquired Nifty Gateway successful 2019, said the closure would let the crypto speech to ore connected its broader merchandise strategy. “This determination volition let Gemini to sharpen its absorption and execute connected the imaginativeness of gathering a one-stop ace app for customers,” the institution said, adding that it volition proceed to enactment NFTs done the Gemini Wallet.

Related: US prosecutors driblet OpenSea NFT fraud lawsuit aft appeals tribunal reversal

Animoca acquires Somo arsenic NFT marketplace shows signs of life

Earlier this month, Animoca Brands acquired gaming and integer collectibles steadfast Somo, bringing its playable and tradable collectibles into Animoca’s wider blockchain ecosystem. The institution plans to integrate Somo utilizing shared infrastructure and partnerships, positioning the woody arsenic a strategical hold of its existing gaming and NFT portfolio.

The acquisition came arsenic the NFT marketplace showed a short-term rebound astatine the commencement of 2026. Total NFT marketplace capitalization roseate astir 20% successful the archetypal 2 weeks of the year, climbing from astir $2.5 cardinal to implicit $3 billion, with a crisp $300 cardinal leap occurring successful a azygous 24-hour play alongside higher trading volumes.

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