Turning point in the NFT industry—Established platform Nifty Gateway to cease operations in February 2026, impact on the market

Once a central player in the NFT market, Nifty Gateway announced that it will fully shut down its service on February 23 of this year. This news has caused a significant ripple within the industry, symbolizing the current state of the overall NFT market.

The history of the oldest platform mediating over $300 million in transactions

Nifty Gateway was reigning as the leading NFT trading platform during the peak of the digital art and NFT boom in 2021. Under its parent company Gemini, the platform facilitated over $300 million in transactions at its peak, establishing itself as a pioneer in bringing digital collectibles to a broader audience.

Notably, it hosted curated “drops” with renowned artists such as Beeple and Grimes, and accepted credit card payments—an uncommon practice in the crypto-native market. This strategy contributed significantly to popularizing NFTs among the general public.

One-month grace period for users—specific procedures for asset transfer

As of January 2026, Nifty Gateway has already transitioned to a withdrawal-only mode. Users are given approximately one month until February 23 to transfer their remaining NFTs and funds on the site.

Multiple options are available for users to withdraw assets: transferring via linked Gemini Exchange accounts or withdrawing funds to bank accounts through the payment platform Stripe. However, since there has been no clear explanation regarding the fate of user assets if not handled within this period, urgent action is required.

Gemini’s strategic shift—integrating into a one-stop super app concept

In April 2024, Nifty Gateway underwent rebranding and launched a new business as “Nifty Gateway Studio.” At that point, the platform shifted its strategy from operating a marketplace to focusing on building on-chain creative projects in partnership with brands and artists.

Regarding the service termination, Gemini, the parent company, issued an official statement: “This decision will enable us to realize a clearer management policy and achieve our vision of a one-stop super app for users.” Notably, support for NFTs through Gemini Wallet will continue in the future. In other words, even though the platform itself is disappearing, NFT functionalities will be integrated and maintained in other forms.

Overall decline of the NFT market—a sharp drop from $17 billion to $2.8 billion

This news is set against the backdrop of a structural decline in the entire NFT market. In early 2022, the market cap of NFTs reached $17 billion. However, due to a prolonged bearish market, the current market cap has shrunk to $2.8 billion. This represents approximately an 83% reduction in market size, illustrating how severely the NFT market is undergoing a correction.

The excitement of the bubble era has cooled, and the market is witnessing the淘汰 of projects lacking real value creation. Nifty Gateway’s withdrawal symbolizes this market cleansing process.

Future prospects of the NFT industry—evolution through blockchain utilization

While the closure of Nifty Gateway might be viewed pessimistically, there are also positive perspectives from the industry as a whole. The market may accelerate capital inflows into blockchain and NFT projects with genuine utility, excluding speculative ventures.

The integrated strategy centered around Gemini Wallet suggests a redefinition of NFTs as part of the financial infrastructure. In other words, a shift is underway from merely a digital collectible trading platform to a more versatile blockchain utilization environment.

This news can be seen as an inevitable adjustment in the process of the NFT market maturing. For market entrants, it underscores the increasing importance of differentiating projects with true value propositions.