"Nifty Gateway, one of the earliest online marketplaces for non-fungible tokens (NFTs), has announced it will shut down effective February 23 amid a sharp drop in activity. The platform has already "entered withdrawal-only mode," according to a notification on its website, which advises members: "Please withdraw your assets by this date." After February 23, "you will no longer be able to list, purchase, bid on, or sell NFTs on Nifty Gateway. You will still be able to withdraw your NFTs and funds,""
"Nifty Gateway was founded in 2018 by twins Duncan and Griffin Cock Foster as a platform where NFTs could be easily bought and sold using cryptocurrency or fiat. In 2019, it was snapped up by cryptocurrency exchange Gemini, founded by another pair of twins Tyler and Cameron Winklevoss, as its first-ever acquisition. At the time, the Fosters and Winklevosses believed NFTs would play a major role in the next era of the digital economy. And for a short time, they did."
"In 2021, the platform reported $300 million in gross merchandise value, its profile boosted by its partnership with Sotheby's for the auction house's $17 million NFT drop with Pak. "Since launching, Nifty supported dozens of innovative drops and brought new creative experiences to life," Gemini noted in its recent announcement. "We are incredibly proud of the work the Nifty team has pioneered and grateful to Nifty Gateway's customers and artists for joining us on this journey.""
Nifty Gateway will cease operations on February 23 and has entered withdrawal-only mode; users must withdraw assets by that date. After closure, listing, purchasing, bidding, and selling of NFTs will be disabled while withdrawals remain available. The platform launched in 2018 by Duncan and Griffin Cock Foster and was acquired by Gemini in 2019 as its first acquisition. Nifty reached about $300 million in gross merchandise value in 2021 and partnered with Sotheby's on a $17 million NFT drop with Pak. The shutdown reflects a broader collapse in NFT interest and trading volumes following speculative excesses during the 2021 boom.
Read at Artnet News
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