Nifty Gateway, the prominent non-fungible token (NFT) marketplace owned by the crypto exchange Gemini, has announced its definitive shutdown, effective February 26. The platform, which was instrumental in launching the mainstream NFT art movement, cited the need to streamline operations and focus on core crypto offerings as the primary drivers behind the decision.
Launched in 2018 and acquired by Gemini in 2019, Nifty Gateway pioneered several features that became industry standards, including high-profile curated ‘drops,’ limited editions, and the concept of ‘open editions.’ It was particularly effective in bringing traditional fine artists, celebrities, and major brands, such as Beeple, The Weeknd, and leading auction houses, into the digital asset space, driving unprecedented sales volumes during the 2021 bull market.
While the marketplace interface will be permanently retired, Nifty Gateway assured its community that all purchased NFTs remain secured on the Ethereum blockchain. Users retain full ownership and can access and trade their assets via decentralized wallets and other secondary marketplaces like OpenSea. The platform is actively advising users to withdraw any remaining balances and export all necessary account information before the stated closure date. The closure marks a significant inflection point, underscoring the shift in focus among major crypto entities following the prolonged NFT market correction.
Source: Gemini’s Nifty Gateway to shut down on Feb. 26 after pioneering NFT art boom
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