Gemini shutters Nifty Gateway; marketplace enters withdrawal-only mode ahead of Feb 23, 2026 shutdown
Gemini has placed Nifty Gateway, the NFT marketplace it acquired in 2019, into withdrawal-only mode and will fully cease the platform’s operations on Feb. 23, 2026. From the announcement date users cannot buy, sell, list or bid on NFTs; they must withdraw NFTs, ETH or USD balances to external wallets or the Gemini ecosystem before shutdown. Gemini will not cover gas fees for transfers and some credit-card purchases may face a 72-hour withdrawal hold. The company says the move aligns with a strategic pivot toward a unified “super app” and the Gemini Wallet (launched Aug. 2025) as the primary place to custody NFTs and other crypto assets. The closure highlights ongoing market consolidation after the 2021 NFT boom; however, market data cited in the later report showed a modest rebound in early January 2026 (weekly NFT sales around $85M and a roughly $700M market uptick). The announcement underscores broader industry shifts toward utility-driven and tokenized NFT projects (examples: Pudgy Penguins’ PENGU and OpenSea’s SEA-related pivot). For traders: immediate actions include monitoring NFT transfer flows, potential short-term liquidity changes for NFT-linked tokens, and possible secondary-market price pressure for assets primarily traded on Nifty Gateway. Longer term, expect continued consolidation among marketplaces, migration of liquidity into custodial wallets and major exchanges, and selective upside for utility-focused NFT projects that maintain trading and on-chain activity.
Neutral
Impact on tradable cryptocurrencies mentioned (notably ETH and NFT-linked tokens) is likely neutral overall. Short-term, the shutdown can create localized liquidity shifts and price pressure for NFTs and projects that depended on Nifty Gateway’s user base, which could temporarily depress secondary-market prices or trading volumes for those specific assets. Some NFT-linked tokens or project-specific tokens (examples cited like PENGU or SEA-related projects) could see volatility as holders migrate assets or rebalance positions. Gemini’s decision to funnel users toward the Gemini Wallet and its broader ‘super app’ may concentrate custody and trading liquidity within Gemini, reducing fragmentation and potentially stabilizing liquidity over time. The market-wide effect is muted because NFT trading volumes have contracted since 2021 and much liquidity has already migrated to other marketplaces and wallets; a modest rebound in early Jan 2026 suggests continued selective demand. Overall, expect short-term asset-specific volatility and migration flows, but no broad bullish or bearish shock to ETH or major liquid cryptocurrencies.