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Gemini, the cryptocurrency exchange founded by the billionaire Winklevoss twins, has announced it will shutter Nifty Gateway — the non-fungible token (NFT) platform it acquired in 2019 — effective February 23, 2026.
The move marks the end of an era for one of the industry’s earliest pioneers in the NFT space, as the broader market continues to grapple with a significant downturn and shifting investor sentiment.
The announcement, posted to X (formerly Twitter) on January 24, capped the platform’s four-year journey in the NFT space.
Since its launch in 2020, Nifty Gateway sought to “revolutionize digital art” by providing a bridge between traditional creators and blockchain technology. The platform facilitated high-profile “drops” from artists like Beeple and Grimes, and it successfully partnered with Samsung to integrate digital collectibles into smart TVs.
Effective immediately, the platform has entered withdrawal-only mode, halting all primary and secondary market activity. Users will no longer be able to list, purchase, bid on, or sell NFTs on the site.
Gemini has stated that customers holding USD or ETH balances, or those who hold an NFT, will be notified via email with specific instructions on how to migrate their assets to external wallets or the broader Gemini ecosystem before the February deadline.
While the official statement did not elaborate on the specific financial pressures behind the decision, an updated FAQ on the company’s website suggests a strategic pivot. The shutdown is intended to allow Gemini to focus on consolidating its services into a “one-stop super app,” prioritizing core exchange functions and regulatory compliance.
The company clarified that it will continue to support NFTs through the Gemini Wallet, which was introduced in 2025 as part of this integration strategy.
The closure comes at a precarious time for the sector. According to CryptoSlam data, NFT sales volume recently hit $341,832,600, -42.69% compared to the previous 30-day period. Transaction counts have fared even worse, posting a -69.76% decline over the same timeframe.
This trend has forced a wave of consolidation across the industry; Nifty Gateway joins a growing list of platforms — including Kraken, Immutable, Quidd, and X2Y2 — that have exited the NFT marketplace space entirely as the industry matures toward utility-driven assets.
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