Moonbirds Clarification: No Snapshot Taken for NFT Series

Nifty Gateway, the Gemini-owned NFT platform, will fully shut down on February 23, 2026, having transitioned to withdrawal-only mode. The platform is allowing users to retrieve assets and funds ahead of the deadline. Gemini cited a strategic focus on its broader product goals as a reason for the closure.

Nifty Gateway played a pivotal role in the early NFT art boom, particularly in 2021 when it facilitated over $300 million in sales. The platform offered a user-friendly experience for non-crypto-native buyers and became a hub for high-profile digital art drops.

The closure of Nifty Gateway is another blow to the NFT sector, which has seen several major players exit the market. The platform's shutdown aligns with broader industry trends, as NFT trading volume has declined significantly in recent quarters.

Why Did This Happen?

Gemini's decision to shut down Nifty Gateway reflects a strategic shift. The company aims to focus on its core offerings and has committed to supporting NFTs through the Gemini Wallet. The move follows a period of instability at Gemini, including challenges from its lending partner Genesis Global Capital.

The NFT market has faced ongoing challenges since the 2021 peak. Competition from decentralized platforms, a shift in collector preferences toward avatar-based collections, and a decline in overall trading volume have all contributed to Nifty Gateway's difficulties.

How Did Markets Respond?

The NFT market showed a brief rebound in early 2026, with total market capitalization rising about 20% in the first two weeks of the year. However, this upward movement was short-lived, and trading volumes remain far below previous peaks.

Nifty Gateway's closure has been met with mixed reactions from the NFT community. Some see it as the end of an era for NFT marketplaces that prioritized accessibility and mainstream appeal. Others view it as a necessary step for the sector to consolidate and evolve.

What Are Analysts Watching Next?

Analysts are closely monitoring how the NFT market responds to Nifty Gateway's closure. The sector's ability to adapt through innovation—such as blockchain-based evidence management systems and improved launch mechanics—will be key to its long-term viability.

TrustNFT.io has recently introduced a white paper on blockchain-based evidence management, signaling new applications for the technology beyond NFTs. This development highlights the broader potential for blockchain to address critical issues in criminal justice and digital asset verification.