Influential NFT Platform Nifty Gateway Set to Shut Down in February

Nifty Gateway, the pioneering and historically influential non-fungible token (NFT) marketplace, is scheduled to cease all operations in February 2024. The platform, which rose to prominence by hosting exclusive, curated drops from high-profile artists, including Beeple and Grimes, informed users of the impending closure in a recent communication.

Launched in 2018 and subsequently acquired by the Gemini exchange, founded by Cameron and Tyler Winklevoss, Nifty Gateway was instrumental in driving the initial mainstream adoption of digital collectibles. It was particularly known for facilitating primary sales and establishing the price benchmarks for premium digital art during the NFT boom cycle of 2021-2022.

The decision to shut down reflects the ongoing difficulties facing centralized NFT platforms amid a prolonged crypto market downturn and intense competition from decentralized rivals. While user assets remain secure on the blockchain, the platform has urged collectors and creators to actively migrate any remaining data, art, and wallet integrations before the final operational deadline. Nifty Gateway’s closure symbolizes a significant moment of consolidation within the evolving digital asset industry.

Source: Influential NFT Platform Nifty Gateway Set to Shut Down in February