Nifty Gateway, a major NFT marketplace launched in 2020, permanently shut down in February 2026. Its closure coincided with a severe cryptocurrency market sell-off, adding to a list of defunct NFT exchanges and contributing to the perception of a market collapse.
Despite this, industry insiders argue the NFT ecosystem is evolving, not dying. They contend that Nifty Gateway's failure was due to specific platform policies that undermined core blockchain principles, and that the popular focus on high-profile projects like Bored Ape Yacht Club overlooks a diverse range of artistic and technical forms within the crypto art niche, which continues to develop on other platforms.