Nifty Gateway to Shut Down, Transitioning to Withdrawal-Only Mode
- Nifty Gateway will cease operations on Feb. 23, giving users one month to withdraw their assets.
- The platform has facilitated over $300 million in sales at its peak during the NFT boom.
- Users can withdraw funds via a connected Gemini Exchange account or directly to their bank through Stripe.
- As of now, the NFT market capitalization stands at $2.8 billion, down from a peak of $17 billion in early 2022.
- Nifty Gateway transitioned to Nifty Gateway Studio in April, focusing on on-chain creative projects.
The closure of Nifty Gateway marks a significant shift in the NFT landscape, as it was one of the earliest platforms that simplified digital collectible purchases for mainstream audiences. This decision reflects ongoing challenges within the NFT market and aims to refocus efforts under Gemini’s broader strategy.
With over $300 million in sales at its height, Nifty Gateway’s shutdown underscores the dramatic changes in the NFT sector amid declining market values.(Source)
