Gemini Trust Co., the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, announced it would shutter its Nifty Gateway NFT marketplace, marking another downturn in the once-booming digital collectibles sector.
Summary
- Gemini said Nifty Gateway helped introduce new creative experiences at the height of the NFT boom. Now it is coming to an end.
- The closure reflects Gemini’s broader strategic shift, which seeks to focus on what it describes as creating a “one-stop super app” for crypto users.
- This decision comes against a backdrop of prolonged slowdown in the NFT market.
In a statement on Tuesday, Gemini said that Nifty Gateway will officially close its doors on February 23.
The platform has entered withdrawal-only mode with immediate effect, allowing users to withdraw their assets from the market before 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 launches and collaborations with established artists and brands.
Gemini said the platform supported “dozens of innovative launches” and helped introduce new creative experiences at the height of the NFT boom.
“We are incredibly proud of the Nifty team’s pioneering work 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 seeks to consolidate its products and focus on what it describes as creating a “one-stop super app” for crypto users. Although the standalone marketplace is being removed, Gemini said it will continue to support NFTs through the Gemini wallet, launching in August 2025.
Nifty Gateway customers who hold NFTs as well as USD or Ether balances will receive instructions on how to migrate their assets from Nifty Gateway to 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 highs. Several markets have scaled back operations or exited the space altogether as investor interest has cooled and regulatory scrutiny of crypto assets has increased.
Gemini
Gemini Trust Co., founded in 2014 by the Winklevoss twins, operates a regulated cryptocurrency exchange and custodian platform serving retail and institutional clients.
The New York-based company has focused on compliance and regulatory engagement, positioning itself as a security-focused alternative to offshore crypto exchanges. Gemini is licensed in multiple jurisdictions and offers services such as spot trading, custody, staking, and a digital wallet.
In recent years, the company has also streamlined its product line following market volatility, high-profile industry failures, and legal challenges affecting parts of the crypto industry. The decision to shut down Nifty Gateway underscores Gemini’s efforts to become more focused as it banks on integrated wallet-based services rather than standalone NFT marketplaces.
For artists and collectors who once flocked to curated NFTs, the shutdown marks the end of one of the most important platforms to emerge at the start of the digital art boom.
