Gemini has confirmed the nifty gateway shutdown as the once-flagship NFT art marketplace enters its final phase following years of sector turbulence. Nifty GatewayGemini has confirmed the nifty gateway shutdown as the once-flagship NFT art marketplace enters its final phase following years of sector turbulence. Nifty Gateway

Gemini confirms nifty gateway shutdown as NFT market slump deepens

nifty gateway shutdown

Gemini has confirmed the nifty gateway shutdown as the once-flagship NFT art marketplace enters its final phase following years of sector turbulence.

Nifty Gateway winds down operations

Nifty Gateway, the Gemini-owned NFT marketplace that helped ignite the crypto art boom, is officially closing after nearly a decade of operation.

The platform has now moved into withdrawal-only mode and is scheduled to fully shut down on February 23, 2026. However, this end date also underlines the broader nft market collapse that has already claimed several digital art venues.

The once-prominent venue, among the earliest curated NFT marketplaces, confirmed it will cease operations next month. Moreover, it joins a growing list of nft platform closures that have emerged during the sector’s prolonged downturn.

The marketplace now only allows users to retrieve their assets ahead of the final cutoff on Feb. 23. That said, an announcement from Gemini, which acquired Nifty Gateway in 2019, said the wind-down will let the U.S.-based crypto exchange “sharpen its focus and execute on the vision of building a one-stop super app for customers,” while still supporting NFTs via the Gemini Wallet.

User withdrawals and artist warnings

In practice, the shift means collectors must withdraw NFT assets from the platform before the deadline to avoid complications. However, the company has indicated that the withdrawal system may take time to process.

Crypto artist XCOPY, one of the best-known creators from the early NFT era, urged users not to delay. “You need to withdraw any art you have on Nifty Gateway,” XCOPY wrote on X. “It’s a slow process, don’t leave it late!” Moreover, this public warning highlights continued friction for users dealing with custodial marketplaces.

Gemini’s statement emphasized that customers can continue to custody NFTs using its wallet infrastructure, even after the marketplace itself disappears. However, the end of trading on Nifty Gateway marks a decisive change in strategy for the gemini nft marketplace business.

From early acquisition to NFT boom icon

Gemini acquired Nifty Gateway in November 2019 as its first-ever corporate acquisition. The deal notably united two sets of identical twins: founders Duncan and Griffin Cock Foster and Gemini co-founders Tyler and Cameron Winklevoss.

At the time, Tyler Winklevoss argued that non-fungible tokens would “play a major role in the next era of the digital economy.” Moreover, the timing proved prescient as NFT interest surged in the following years.

The platform soon became synonymous with the NFT art boom that climaxed in 2021. In February 2021, artist Mike Winkelmann, better known as Beeple, sold a piece on Nifty Gateway for $6.6 million, setting a then-record for digital art sold on a marketplace.

That milestone preceded Beeple’s landmark $69.3 million auction at Christie’s weeks later, which thrust NFTs into mainstream culture. Moreover, Nifty Gateway hosted highly publicized drops from celebrities including Eminem, Grimes and The Weeknd during the mania phase.

Custodial model and shifting market dynamics

Nifty Gateway differentiated itself with a custodial model that relied on the platform to hold users’ assets and enabled credit card purchases. This design lowered the barrier to entry for non-crypto-native collectors and, at its peak, helped accelerate adoption.

However, the same approach proved a vulnerability as market preferences shifted. Collectors gravitated toward avatar-based collections and decentralized platforms such as OpenSea and later Blur, which allowed users to control their own wallets and trade across multiple chains.

The founders Duncan and Griffin Cock Foster exited in January 2023, stepping down from leadership amid a turbulent period for parent company Gemini. Moreover, the exchange was then contending with fallout from its lending partner Genesis Global Capital and that firm’s collapse.

Following their departure, the marketplace was rebranded as Nifty Gateway Studio, and its Discord channels were shut down in late 2024. That said, the project continued operating on a reduced scale until the current closure announcement.

NFT marketplace closures accelerate

The nifty gateway shutdown is part of a wider nft marketplace closure trend that has swept across the industry since trading volumes began to fall from 2022 peaks.

Kraken shuttered its own NFT marketplace in February 2025, exiting a business it had launched during the bull market. Moreover, LG Electronics closed its LG Art Lab after three years in June 2025, retreating from a high-profile experiment in TV-based digital art.

Platform X2Y2 announced its closure in March 2025, citing a 90% collapse in activity from peak levels. This sequence of exits underscores the scale of the nft trading volume decline and the difficulty of running sustainable marketplaces once speculative demand evaporates.

Even OpenSea, once the clear market leader, pivoted to multi-chain crypto trading in October 2025 after its NFT-focused business model unraveled. However, the company has kept some NFT functionality, reflecting a bet that the asset class may stabilize at a smaller scale.

Data reveals depth of the downturn

On-chain and market data illustrate how severe the digital collectible slump has become. According to CryptoSlam, NFT trading volume fell to $1.25 billion in Q4 2025, a 28% drop from the previous quarter.

Moreover, December 2025 alone recorded just $303 million in NFT sales, highlighting how far activity has fallen from the frenzy of 2021 and early 2022. The contraction has forced marketplaces to cut costs, reduce incentives and, in many cases, shut down entirely.

Data from The Block Research shows total annualized NFT volume for 2025 at roughly $5.5 billion. That figure is only a fraction of the more than $50 billion the market reached at its 2022 peak. However, some builders still argue that a leaner market could foster more sustainable experimentation in the long term.

When asked for additional detail on the decision, a Gemini spokesperson directed The Block to the previously published statement and declined to expand. The exchange has not disclosed user metrics or revenue figures for Nifty Gateway in recent quarters.

In summary, Nifty Gateway’s closure marks the end of a defining chapter in NFT history, encapsulating the sector’s dramatic rise, crowded competition and equally sharp contraction as speculative interest faded.

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact [email protected] for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

XRP Buyers Defend Most Major 200-Week Price Average: Can It Be Bottom of 2026?

XRP Buyers Defend Most Major 200-Week Price Average: Can It Be Bottom of 2026?

The post XRP Buyers Defend Most Major 200-Week Price Average: Can It Be Bottom of 2026? appeared on BitcoinEthereumNews.com. XRP has returned to its 200-week moving
Share
BitcoinEthereumNews2026/02/08 19:49
Expert Tags Ethereum’s ERC-8004 Mainnet Launch An “iPhone Moment”, Here’s What It Means

Expert Tags Ethereum’s ERC-8004 Mainnet Launch An “iPhone Moment”, Here’s What It Means

Market analyst says Ethereum is having an “iPhone moment” as it approaches the ERC-8004 mainnet launch.
Share
Coinstats2026/02/08 19:56
Breaking: CME Group Unveils Solana and XRP Options

Breaking: CME Group Unveils Solana and XRP Options

CME Group launches Solana and XRP options, expanding crypto offerings. SEC delays Solana and XRP ETF approvals, market awaits clarity. Strong institutional demand drives CME’s launch of crypto options contracts. In a bold move to broaden its cryptocurrency offerings, CME Group has officially launched options on Solana (SOL) and XRP futures. Available since October 13, 2025, these options will allow traders to hedge and manage exposure to two of the most widely traded digital assets in the market. The new contracts come in both full-size and micro-size formats, with expiration options available daily, monthly, and quarterly, providing flexibility for a diverse range of market participants. This expansion aligns with the rising demand for innovative products in the crypto space. Giovanni Vicioso, CME Group’s Global Head of Cryptocurrency Products, noted that the new options offer increased flexibility for traders, from institutions to active individual investors. The growing liquidity in Solana and XRP futures has made the introduction of these options a timely move to meet the needs of an expanding market. Also Read: Vitalik Buterin Reveals Ethereum’s Bold Plan to Stay Quantum-Secure and Simple! Rapid Growth in Solana and XRP Futures Trading CME Group’s decision to roll out options on Solana and XRP futures follows the substantial growth in these futures products. Since the launch of Solana futures in March 2025, more than 540,000 contracts, totaling $22.3 billion in notional value, have been traded. In August 2025, Solana futures set new records, with an average daily volume (ADV) of 9,000 contracts valued at $437.4 million. The average daily open interest (ADOI) hit 12,500 contracts, worth $895 million. Similarly, XRP futures, which launched in May 2025, have seen significant adoption, with over 370,000 contracts traded, totaling $16.2 billion. XRP futures also set records in August 2025, with an ADV of 6,600 contracts valued at $385 million and a record ADOI of 9,300 contracts, worth $942 million. Institutional Demand for Advanced Hedging Tools CME Group’s expansion into options is a direct response to growing institutional interest in sophisticated cryptocurrency products. Roman Makarov from Cumberland Options Trading at DRW highlighted the market demand for more varied crypto products, enabling more advanced risk management strategies. Joshua Lim from FalconX also noted that the new options products meet the increasing need for institutional hedging tools for assets like Solana and XRP, further cementing their role in the digital asset space. The launch of options on Solana and XRP futures marks another step toward the maturation of the cryptocurrency market, providing a broader range of tools for managing digital asset exposure. SEC’s Delay on Solana and XRP ETF Approvals While CME Group expands its offerings, the broader market is also watching the progress of Solana and XRP exchange-traded funds (ETFs). The U.S. Securities and Exchange Commission (SEC) has delayed its decisions on multiple crypto-related ETF filings, including those for Solana and XRP. Despite the delay, analysts anticipate approval may be on the horizon. This week, REX Shares and Osprey Funds are expected to launch an XRP ETF that will hold XRP directly and allocate at least 40% of its assets to other XRP-related ETFs. Despite the delays, some analysts believe that approval could come soon, fueling further interest in these assets. The delay by the SEC has left many crypto investors awaiting clarity, but approval of these ETFs could fuel further momentum in the Solana and XRP futures markets. Also Read: Tether CEO Breaks Silence on $117,000 Bitcoin Price – Market Reacts! The post Breaking: CME Group Unveils Solana and XRP Options appeared first on 36Crypto.
Share
Coinstats2025/09/18 02:35