Gemini’s Nifty Gateway to shut down on Feb. 26 after pioneering NFT art boom

Nifty Gateway, an early and prominent NFT marketplace acquired by Gemini in 2019, is ceasing operations on February 26, allowing users until February 23 to withdraw assets. Gemini stated the closure allows it to "sharpen its focus" on building a one-stop super app, while still supporting NFTs via the Gemini Wallet. Nifty Gateway was central to the 2021 NFT art boom, hosting sales for major artists like Beeple and celebrities. However, its custodial model and credit card support made it vulnerable as the market shifted toward decentralized platforms. The closure follows a trend of other platforms shuttering amid a prolonged sector downturn, evidenced by declining trading volumes, which fell significantly from their 2022 peak.

(Source：The Block)