Back in March 2020, Duncan Cock Foster, alongside his twin brother Griffin, launched the NFT marketplace Nifty Gateway with a bold prediction: within a decade, commissioning artists to create NFTs for dinner parties would become common practice. Fast forward to 2026, and the platform is set to close on February 23, as confirmed by Gemini, the cryptocurrency company owned by twins Cameron and Tyler Winklevoss. The closure marks the end of their venture following previous business challenges, with the Winklevoss brothers previously gaining notoriety for a $65 million settlement against Mark Zuckerberg over Facebook’s origins.
Nifty Gateway, which allowed credit and debit card purchases for NFTs, faced numerous issues, including security breaches and payment defaults. A notable lawsuit involved a collector who was charged $650,000 for a less desirable edition of a Beeple NFT after losing the first edition. At its peak in 2021, the platform boasted $300 million in gross merchandise value, driven by significant sales like a $17 million Pak collection through Sotheby’s. However, as the NFT market sharply declined, many companies, including Kraken and Bybit, shut down their NFT platforms.
Gemini’s announcement did not clarify the specific reasons for closing Nifty Gateway, citing only a desire to focus on building a comprehensive app for customers. The decision left artists and creators in a difficult position, with the platform moving to a “withdrawal-only mode.” Users were initially given a month to transfer their assets, later extended to three months after criticism. Concerns about the closure process were raised, with one user, @digitalartchick, noting on X that they were advised to take screenshots of their NFTs, questioning the industry’s seriousness.
Despite the setback for Nifty Gateway, the Winklevoss twins appear unfazed. Recently, the Securities and Exchange Commission dropped a longstanding lawsuit against Gemini, and the brothers, known for supporting Donald Trump, continue their political engagement. With Nifty Gateway’s closure, the question remains of what will replace NFTs as the dinner party novelty; perhaps trading in gold bars will take its place.
In conclusion, Nifty Gateway’s farewell is a reminder of the volatile nature of the NFT market, and perhaps a sign that it’s time to explore new avenues of digital engagement.
