Investor and owner Andrew E. Wolff has publicly explained the recent layoffs at Artnet and Artsy as a necessary step for the companies' financial restructuring and future growth. He framed the cuts as part of a broader consolidation strategy, merging the US businesses and organizational structures of the two digital art platforms while keeping their brands separate.
Artnet and Artsy have announced a strategic merger under a single leadership structure following their acquisition by Beowolff Capital. While both platforms will maintain their distinct brand identities and websites, they will now operate as a combined organization led by Artsy CEO Jeffrey Yin, with Beowolff Capital founder Andrew Wolff serving as chairman. The move aims to integrate Artnet’s industry-leading price database and journalism with Artsy’s expansive e-commerce and discovery marketplace.
Nifty Gateway, one of the earliest and most prominent NFT marketplaces, announced it will shut down on February 23, 2026, citing sharply declining activity. The platform, founded in 2018 by twins Duncan and Griffin Cock Foster and acquired by Gemini in 2019, has entered withdrawal-only mode, advising users to move their assets before the deadline. At its peak in 2021, Nifty Gateway reported $300 million in gross merchandise value, boosted by a Sotheby's partnership for a $17 million NFT drop by the artist Pak. The closure follows the collapse of the NFT boom, with trading volumes plummeting and other platforms like Async Art, KnownOrigin, and MakersPlace already shuttered.