Nifty Gateway, one of the most prominent Non-Fungible Token platforms to emerge in the Non-Fungible Token wave, has just announced that it will officially close its exchange on February 23, 2026.
Gemini acquired Nifty Gateway in 2019. This exchange, run by the Winklevoss brothers, also provided the legal, custody, and security infrastructure for the Non-Fungible Token exchange, which later developed into Nifty Gateway Studio as Gemini's Web3 creative arm.
Nifty Gateway switches to instant withdrawal-only mode.
Starting now, the platform is switching to a “withdrawal-only” mode, recommending users withdraw all funds and digital assets before closing time.
Nifty Gateway Studio has confirmed the news, stating that users will no longer be able to trade or perform any new activities on the platform.
“Today, we announce that the Nifty Gateway platform will close on February 23, 2026. From today, Nifty Gateway will switch to withdrawal-only mode,” the company stated .
The company also added that customers holding USD, ETH , or Non-Fungible Token will receive instructions via email to move their assets off the platform.
Launched around 2020 , Nifty Gateway quickly became a household name in the first wave of Non-Fungible Token . The platform stood out thanks to its carefully curated digital art releases and easy purchasing via credit card and fiat currency.
This convenience has enabled many people who had never been exposed to blockchain to participate in the Non-Fungible Token market as Non-Fungible Token become a popular trend globally.
Cameron and Tyler Winklevoss – the two founders of Gemini – acquired Nifty Gateway in 2019, transforming it into a leading Non-Fungible Token exchange with a secure custody and compliance platform on par with large exchanges.
During the peak of the Non-Fungible Token wave in 2021, Nifty Gateway collaborated with a host of renowned artists and brands. The platform also helped to establish digital art and digital collections as a new and emerging asset class.
However, after a significant drop in Non-Fungible Token volume in recent years and a decrease in user interest, Nifty Gateway has been almost unable to regain its market position. Although the entire industry is still trying to steer Non-Fungible Token toward utility, gaming, and real-world asset sectors, the platform was also hacked in 2021, affecting many accounts.
The cooling Non-Fungible Token market raises questions about the future of Nifty Gateway Studio.
This closure reflects the declining trend of the Non-Fungible Token market, as more and more platforms are either being dissolved, merged, or shifting away from the traditional Non-Fungible Token trading model.
Besides Nifty Gateway , Nike has also recently exited the Non-Fungible Token market, despite previously being the highest-earning brand from Non-Fungible Token sales worldwide .
RTFKT – acquired by Nike in 2021 – also shut down its Web3 division in January 2025 due to the sharp decline in the Non-Fungible Token market.
Therefore, this is XEM as yet another major case of withdrawal from the once-booming Non-Fungible Token sector, which has yet to recover since its peak in 2021.
While Gemini continues to expand its cryptocurrency services globally , the closure of Nifty Gateway demonstrates that even well-funded and early entrants are struggling to maintain a focus on Non-Fungible Token in the current market environment.
What will Nifty Gateway Studio be like next?
It's noteworthy that just a few weeks ago, Nifty Gateway Studio was still posting internship openings, which could indicate the company is still looking for new talent or simply cutting operating costs.
Therefore, one question that remains open is the future of Nifty Gateway Studio (NGS) – the company's Web3 creative division – which officially launched in 2024.
NGS is positioned as a full-service digital production studio focused on creative, interactive blockchain-based experiences. The studio has collaborated with numerous artists, brands, and creators on experimental Non-Fungible Token projects.
The projects they've undertaken are diverse, ranging from limited-edition collections to unique releases that combine AI, art, and ownership on the blockchain.
Despite its close ties to the original platform, it remains unclear what Nifty Gateway Studio will:
- Continue operating independently
- Transforming into part of Gemini's larger strategy, or
- It was shut down along with the main platform.
The company has not yet provided a specific plan for the studio's future in its recent announcement, nor has it responded to BeInCrypto's request for further comment.
“This is truly sad news. I’m very proud of what NG has accomplished with everyone. When I ran NG with Griffin Cock Foster, we paid over $500 million to artists. In 2021, that was equivalent to about one-eighth of what YouTube paid creators that year. The Non-Fungible Token movement will continue,” Chia Duncan Cock Foster, former co-founder of Nifty Gateway Studio.
For users, the top priority right now is withdrawing assets. Nifty Gateway emphasizes that customers need to transfer all funds and Non-Fungible Token out of the platform before February 23, 2026. After this date, the platform will cease operation completely.
