Gemini Trust Co., the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, said it will shut down its Nifty Gateway NFT marketplace, marking another retrenchment in the once-booming digital collectibles sector.
Summary
- Gemini said Nifty Gateway helped introduce new creative experiences during the height of the NFT boom. Now, it’s coming to an end.
- The closure reflects Gemini’s broader strategic shift as it looks to focus on what it describes as building a “one-stop super app” for crypto users.
- The move comes amid a prolonged downturn in the NFT market.
In a statement released Tuesday, Gemini said Nifty Gateway will officially close on February 23.
The platform has entered withdrawal-only mode effective immediately, allowing users to move their assets off the marketplace ahead of the shutdown.
Launched in 2020, Nifty Gateway positioned itself as a premium destination for digital art and collectibles, gaining early attention for high-profile NFT drops and collaborations with established artists and brands.
Gemini said the platform supported “dozens of innovative drops” and helped introduce new creative experiences during the height of the NFT boom.
“We are incredibly proud of the work the Nifty team has pioneered and grateful to Nifty Gateway’s customers and artists for joining us on this journey,” Gemini said.
The closure reflects Gemini’s broader strategic shift as it looks to consolidate products and focus on what it describes as building a “one-stop super app” for crypto users. While the standalone marketplace will be wound down, Gemini said it will continue to support NFTs through the Gemini Wallet, which launched in August 2025.
Nifty Gateway customers who hold NFTs along with USD or ether balances will receive instructions on how to migrate their assets from Nifty Gateway into the broader Gemini ecosystem.
The move comes amid a prolonged downturn in the NFT market, where trading volumes and user activity have fallen sharply from their 2021 peaks. Several marketplaces have scaled back operations or exited the space entirely as investor interest cooled and regulatory scrutiny of crypto assets increased.
Gemini
Gemini Trust Co., founded in 2014 by the Winklevoss twins, operates a regulated cryptocurrency exchange and custodian platform serving both retail and institutional clients.
The New York-based firm has emphasized compliance and regulatory engagement, positioning itself as a security-focused alternative to offshore crypto exchanges. Gemini is licensed in multiple jurisdictions and offers services including spot trading, custody, staking, and a digital wallet.
In recent years, the company has also streamlined its product lineup following market volatility, high-profile industry failures, and legal challenges affecting parts of the crypto sector. The decision to shutter Nifty Gateway underscores Gemini’s effort to narrow its focus as it bets on integrated wallet-based services rather than standalone NFT marketplaces.
For artists and collectors who once flocked to curated NFT drops, the closure marks the end of one of the more prominent platforms to emerge during the early days of the digital art boom.
Source: https://crypto.news/gemini-shut-down-nifty-gateway-nft-marketplace-feb/
