Catenaa, Friday, January 30, 2025-Gemini-owned NFT marketplace Nifty Gateway will shut down in February after years of declining activity, marking another high-profile closure tied to the prolonged slump in digital art markets.
Gemini said Nifty Gateway has entered withdrawal-only mode, allowing users to move assets ahead of its final shutdown scheduled for February 26.
The US-based crypto exchange said the decision reflects a shift in strategy as Gemini focuses on building a broader consumer crypto platform while continuing to support NFTs through its wallet services.
Acquired by Gemini in November 2019, Nifty Gateway became a central venue during the NFT art boom that peaked in 2021.
The platform gained global attention after digital artist Beeple sold a work for $6.6 million in February 2021, helping push NFTs into mainstream awareness.
It later hosted high-profile releases involving musicians and entertainers.
Nifty Gateway differentiated itself by offering a custodial marketplace with credit card payments, which lowered barriers for mainstream users.
As the NFT market evolved toward decentralized trading and avatar-style collections, that model lost traction against competitors such as OpenSea and newer platforms.
The Cock Foster brothers, who founded Nifty Gateway, stepped down from leadership in January 2023 amid wider challenges at Gemini following the collapse of its lending partner Genesis Global Capital.
The platform later rebranded and reduced community operations.
The shutdown adds to a growing list of NFT marketplace closures. Several major platforms have exited the sector as trading volumes declined sharply through 2025, reflecting reduced collector demand and weaker speculative interest.
Market data shows NFT trading volumes remain far below peak levels reached during the pandemic-era surge
