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.

Founded in 2018 by twins Duncan and Griffin Cock Foster, Nifty Gateway was designed to make NFT transactions accessible via cryptocurrency or fiat. In 2019, it became the first acquisition of Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss. At its height in 2021, the platform reported $300 million in gross merchandise value, boosted by a Sotheby’s partnership for a $17 million NFT drop by the artist Pak.