The NFT bubble has burst. Nifty Gateway, one of the earliest and most high-profile online marketplaces for non-fungible tokens (NFTs), announced it will close on February 23, citing sharply declining activity. The platform, which has already entered “withdrawal-only mode,” is advising users to move their assets before the deadline, after which they will no longer be able to buy, sell, or bid on NFTs, though withdrawals will still be possible.
The NFT boom, though, has since collapsed. Trading volumes have tanked from billions to mere hundreds of millions annually, with many digital artworks losing all market value. Current users holding NFTs or balances in USD or ETH will be guided by Gemini on moving their assets to the Gemini ecosystem. The company emphasized that NFTs will continue to be supported through the Gemini wallet, framing the closure as part of a strategic shift to focus on building a “one-stop super app” for crypto customers.
The closure comes after NFT Paris, Europe’s biggest annual conference for the Web3, NFT, and digital ownership community, canceled the event earlier this month just weeks before it was set to open. The organizers said that current market conditions made the event financially impossible. “The crypto and NFT market collapse hit us hard,” NFT Paris’s founder Alexandre Tsydenkov wrote on LinkedIn.
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