The Tamesis
Nifty Gateway, one of the earliest and most high-profile online marketplaces for non-fungible tokens (NFTs), announced it will shut down on February 23, citing a sharp drop in activity. The platform has entered “withdrawal-only mode” and users are advised to transfer assets before the deadline, after which they will no longer be able to buy, sell or bid on NFTs, but will still be able to withdraw money.
Founded in 2018 by twins Duncan and Griffin Cock Foster, Nifty Gateway aims to trade NFTs via cryptocurrency or fiat currency. In 2019, it became the first acquisition of Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss. At its peak in 2021, the platform’s gross merchandise value reached $300 million, thanks to a $17 million NFT donation from artist Pak in partnership with Sotheby’s.
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“The Nifty team has pioneered dozens of innovative drops and creative experiences,” Gemini said in the announcement, expressing gratitude to artists and collectors for joining the platform.
However, the NFT boom has collapsed. Annual transaction volumes dropped from billions to just hundreds of millions, and many digital artworks lost all market value. Christie’s closed its digital art department last fall, while Sotheby’s significantly reduced its Metaverse team in 2024. Other NFT platforms, including Async Art, KnownOrigin, and MakersPlace have all shut down, making Nifty Gateway one of the last major casualties of this once-thriving market.
Users who currently hold NFTs or USD or ETH balances will be directed by Gemini to transfer their assets to the Gemini ecosystem. The company emphasized that NFTs will continue to be supported through the Gemini wallet and sees the closure as part of a strategic shift focused on building a “one-stop super app” for cryptocurrency customers.
shutdown occurs in NFT Paris, Europe’s largest annual conference for the Web3, NFT and digital ownership community, canceled the event earlier this month, just weeks before the conference was due to open. Organizers say current market conditions make the event financially unfeasible.
“this [crypto and NFT] “The market crash hit us hard. Despite significant cost cuts and months of trying to make it work, we were not able to make it this year,” Alexandre Tsydenkov, founder of NFT Paris, wrote on LinkedIn on Tuesday.
