{"id":6052,"date":"2026-01-27T08:01:39","date_gmt":"2026-01-27T08:01:39","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=6052"},"modified":"2026-01-27T08:01:39","modified_gmt":"2026-01-27T08:01:39","slug":"nifty-gateway-to-shut-down-after-defining-the-nft-boom","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=6052","title":{"rendered":"Nifty Gateway to Shut Down After Defining the NFT Boom"},"content":{"rendered":"<p><\/p>\n<div>\n<div id=\"blockquote-block_662a589fae8448d43350ef4f7c214d8e\" class=\"blockquote-container\" style=\"border-color: #5100fc\">\n<div class=\"blockquote-text\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nifty Gateway is shutting down on February 23, 2026, following a massive collapse in NFT trading volume and a shift in market interest.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Gemini is pivoting to a \u201csuper app\u201d and will now manage NFTs exclusively through its wallet product rather than a dedicated marketplace.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The platform is in withdrawal-only mode, forcing users to move assets off-chain and raising concerns about the long-term accessibility of custodied art.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p>NFT marketplace Nifty Gateway is closing down on February 23 this year. The platform has already switched to withdrawal-only mode after a steep drop in trading and waning interest in NFTs.\u00a0<\/p>\n<p>The marketplace\u2019s owner, crypto exchange Gemini, said it will now focus on building a broader \u201csuper app\u201d and will handle NFTs only through its Gemini Wallet product.<\/p>\n<p>The abrupt move to withdrawal-only mode has shifted attention to asset recovery because users now need to move their NFTs off the platform. However, artists and collectors are also asking what happens to works minted and stored through a custodial system and how reliably those pieces will remain accessible in the future.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Do this ASAP<\/p>\n<p>$7.8m in NFTs are about to be lost<\/p>\n<p>Nifty Gateway is closing down on February 23rd<\/p>\n<p>They&#8217;re holding 650k NFTs which need to be manually withdrawn<\/p>\n<p>Pieces from artists like Beeple, Sam Spratt and Xcopy lost forever<\/p>\n<p>Hopefully withdrawals stay open past the due date  <a href=\"https:\/\/t.co\/qCePh5oYVP\">pic.twitter.com\/qCePh5oYVP<\/a><\/p>\n<p>\u2014 Gorilla (@CryptoGorilla) <a href=\"https:\/\/twitter.com\/CryptoGorilla\/status\/2015106301097824552?ref_src=twsrc%5Etfw\">January 24, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p><strong>Read more: JPMorgan Pours Cold Water on Ethereum\u2019s Post-Upgrade Bounce<\/strong><\/p>\n<h2 class=\"wp-block-heading\" id=\"h-a-centralised-design-and-a-dead-market\">A Centralised Design and a Dead Market<\/h2>\n<p>The story of Nifty Gateway shows the trade-off at the heart of its design. A centralised, custodial platform made NFTs easy to buy and helped turn on-chain art into a mainstream product. At the same time, it left users dependent on a single company\u2019s infrastructure and long-term business decisions.<\/p>\n<p>Founded in 2018 by Duncan and Griffin Cock Foster, Nifty Gateway allowed purchases in both crypto and fiat, including cards, lowering friction for a broad audience. During the 2021 boom, it processed about US$300 million (AU$459 million) in gross merchandise value through exclusive drops with artists and celebrities.\u00a0<\/p>\n<p>But Nifty Gateway\u2019s appeal was its simplicity. Users could pay with credit cards, skip self-custody, and buy from tightly curated drops. That model made it a key on-ramp during the 2020\u20132021 NFT surge, especially for people who had never used a crypto wallet.\u00a0<\/p>\n<p>After Gemini acquired the company in 2019, it hosted high-profile releases from artists such as Beeple and Pak and became a familiar starting point for new collectors.<\/p>\n<p>NFT trading volumes fell from over US$50 billion (AU$76.5 billion) per quarter in 2022 to around US$1.25 billion (AU$1.9 billion) in the fourth quarter of 2025, so it\u2019s kind of obvious the platform\u2019s model could not withstand the downturn.<\/p>\n<p><strong>Read more: No Turning Back for Crypto in Wall Street\u2019s Engine Room, Says PwC<\/strong><\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>NFTs,Nifty Gateway#Nifty #Gateway #Shut #Defining #NFT #Boom1769500899<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nifty Gateway is shutting down on February 23, 2026, following a massive collapse in NFT trading volume and a shift in market interest. Gemini is pivoting to a \u201csuper app\u201d and will now manage NFTs exclusively through its wallet product rather than a dedicated marketplace. The platform is in withdrawal-only mode, forcing users to move<\/p>\n","protected":false},"author":1,"featured_media":6053,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[223,1822,1821,1294,1820,1389],"class_list":{"0":"post-6052","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"tag-boom","9":"tag-defining","10":"tag-gateway","11":"tag-nft","12":"tag-nifty","13":"tag-shut"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nifty Gateway to Shut Down After Defining the NFT Boom - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=6052\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nifty Gateway to Shut Down After Defining the NFT Boom\" \/>\n<meta property=\"og:description\" content=\"Nifty Gateway is shutting down on February 23, 2026, following a massive collapse in NFT trading volume and a shift in market interest. 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