One of the oldest NFT trading platform which facilitated over $300 million in sales at its peak shuts down

Nifty Gateway, the non-fungible token (NFT) trading platform that was once central to the 2021 digital art boom, will shut down on Feb. 23, 2026.

Starting immediately, the platform has entered withdrawal-only mode, giving users one month to move any NFTs or funds still on the site, according to an announcement from the company. The website also shows a notice of closing on its homepage. Users can withdraw their funds from the platform through a connected Gemini Exchange account or to their bank via Stripe.

The Gemini-owned platform helped bring digital collectibles to a broader audience by simplifying NFT purchases. It was one of the oldest NFT trading platforms and hosted curated “drops” with artists like Beeple and Grimes, and accepted credit card payments, a rarity in a crypto-native market.

At its peak in mid-2021, Nifty Gateway had facilitated over $300 million in sales. But in April 2024, the company shifted away from marketplace operations, rebranding as Nifty Gateway Studio.

The focus moved toward building onchain creative projects in partnership with brands and artists.

“This decision will allow Gemini to sharpen its focus and execute on the vision of building a one-stop super app for customers,” the marketplace’s parent company, Gemini, wrote in a blog post. “We will continue to support NFTs via the Gemini Wallet.”

The NFT market reached a $17 billion market capitalization in early 2022 but has since been in a long, drawn-out bear market. Its current market capitalization is now at $2.8 billion.

Read more: Founders of Gemini-Owned NFT Marketplace Nifty Exchange Are Leaving the Company