Gemini will end operations of Nifty Gateway on February 23, 2026. The Winklevoss twins' crypto exchange acquired the NFT platform in June 2019 and built it into one of the leading marketplaces for digital art. At its peak in mid-2021, Nifty processed monthly sales exceeding $300 million.
Since January 23, 2026, the platform has been in withdrawal-only mode. Users have exactly one month to withdraw their digital assets. Community estimates suggest approximately 650,000 NFTs remain in the platform's custodial wallets. A prominent collector warned that NFTs worth up to $7.8 million could be lost if owners miss the deadline.
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From pioneer to obsolete
Twin brothers Duncan and Griffin Cock Foster founded Nifty Gateway in 2018 with a clear vision: making NFTs accessible to the mainstream. While competing platforms required technical knowledge of crypto wallets, Nifty Gateway accepted credit card payments and managed users' wallets for them. This custodial model significantly lowered the barrier to entry.
In June 2019, Cameron and Tyler Winklevoss acquired the platform for an undisclosed amount. The story of two sets of twins in an NFT startup generated attention in the tech industry. Gemini integrated Nifty Gateway into its ecosystem and positioned it as a premium marketplace for curated art drops.
The approach paid off. In December 2020, digital artist Beeple debuted on the platform. His first drops generated $582,000 within minutes, followed by another $2.2 million in the following days. The "Everydays" collection reached $3.5 million on Nifty Gateway. Later, the same work sold at Christie's for $69 million, a record transaction for NFTs. In early 2021, Grimes generated $6 million with her "WarNymph" collection in just 20 minutes.
Strategic retreat amid market collapse
Gemini cites the focus on its "super app vision" as the reason for the shutdown. The company launched a self-custody wallet with NFT support in August 2025. It offers passkeys, biometric login, and social recovery. Partner networks including Arbitrum, Polygon, Optimism, and Base are integrated. Users also receive free ENS subdomains, and Gemini covers gas fees for certain transactions.
The strategic realignment comes during a difficult phase for the company. In Q3 2025, Gemini reported a net loss of $159.5 million despite doubling revenues year-over-year. The stock price fell to a record low of $14.75. This represents a 40 percent decline since the IPO in September.
At the same time, the NFT market continues to collapse. Total market capitalization dropped from $17 billion in early 2022 to $2.8 billion in January 2026. This represents an 84 percent decline. In 2025 alone, the market shrank from $9.2 billion to $2.4 billion while supply increased by 35 percent. Monthly trading volume fell from $6 billion at the 2022 peak to a low of $300 million in December 2025.
A market clears out its dead
Nifty Gateway joins a long list of platform shutdowns. Kraken NFT ceased operations on February 27, 2025. X2Y2 closed on April 30, 2025 and pivoted to the AI industry. Bybit NFT followed on April 8, LG Art Lab on June 17. Nike ended the Web3 operations of its RTFKT brand in January 2025. Quidd, owned by Animoca Brands, closed on January 31, 2025. MakersPlace gave up around June 2025, citing "current market conditions" and lack of investment. Organizers cancelled the NFT Paris conference for 2026 entirely. Their explanation: "The market collapse hit us hard."
OpenSea, the largest remaining marketplace, is consolidating the market. Its market share on Ethereum rose from 36 percent in early 2025 to 67 percent by year's end. Still, these numbers are deceptive: In October 2025, OpenSea processed $2.6 billion in trading volume. But over 90 percent of that came from fungible tokens rather than NFTs. Main competitor Blur saw volume decline by over 73 percent.
OpenSea itself is undergoing restructuring. The company reduced its workforce to around 60 employees and relocated from San Francisco to Miami. For Q1 2026, the company plans a SEA token launch. Perpetual futures trading and mobile apps are meant to diversify the business model.
Artists caught between gratitude and frustration
Nifty Gateway paid out more than $500 million to artists worldwide over its lifetime. Yet the abrupt shutdown leaves resentment. Artist Bryan Brinkman has around 500 of his own works in custodial wallets on the platform. He was able to withdraw his personal collection of 175 works.
"Now we're left with more questions than answers. Why the sudden shutdown, why the lack of communication, and what will happen to these artworks?" - Bryan Brinkman, (NFT) artist
Criticism of the custodial model is growing louder. Digital artist Artchick asked publicly: "Isn't the whole point of NFTs that we have complete ownership and custody of the tokens?" Collector Lancaster.eth put it more bluntly: "This is the dark side of Web3. 650,000 NFTs. One deadline. No second chances."
The question of metadata remains unresolved. Critics warn that if Gemini shuts down its servers completely, metadata for high-profile collections could become unusable. This includes works by Beeple and Sam Spratt. Gemini has not publicly addressed whether permanent hosting will be guaranteed. Three options are available for withdrawal: transfer to a linked Gemini Exchange account, payout to a bank via Stripe, or migration to the "broader Gemini ecosystem."
The end of an era with an uncertain outcome
Founders Duncan and Griffin Cock Foster left Gemini in January 2023. After nearly four years at the company, they returned to entrepreneurship. At his departure, Duncan Cock Foster expressed optimism about the platform's future.
"There is no doubt that crypto and NFT markets are going through a turbulent time right now, and Gemini is no exception. But betting against the Winklevoss twins is a terrible idea." - Duncan Cock Foster, Co-Founder Nifty Gateway
Three years later, the outcome is clear: the bet did not pay off. The rebranding to Nifty Gateway Studio in April 2024, focused on onchain projects with brands and artists, could not halt the decline. The vision of a curated premium platform for digital art no longer fit a market that had shrunk by 84 percent.
Cameron Winklevoss now frames Gemini's future vision more broadly: "Soon you'll be able to hold a tokenized dollar via stablecoin, tokenized stocks, and digital commodities, all in one app." NFT marketplaces are no longer part of that vision. The numbers speak clearly. Annual NFT trading volume in 2025 was $5.5 billion, well below 2024 levels. And so the consolidation continues.
For the remaining users of Nifty Gateway, time is running out. On February 23, 2026, a chapter of crypto history comes to an end. What happens to the unclaimed NFTs after that remains uncertain.
