Overview
- The Gemini-owned NFT platform announced on January 24 that trading has ceased and accounts are limited to withdrawals ahead of a permanent closure on February 23.
- Gemini says it will guide customers to move NFTs and any USD or ETH balances into the broader Gemini ecosystem, with ongoing NFT support available through the Gemini Wallet.
- Coverage diverges on post-deadline access, with some reports noting withdrawals may continue after February 23 and others citing no confirmation from Nifty Gateway or Gemini.
- Artists and collectors are rushing to extract works from custodial wallets, with estimates that significant numbers of NFTs, including pieces by high-profile creators, remain unwithdrawn.
- The wind-down follows a steep decline in NFT trading and industry retrenchment, echoing recent closures or pivots by other marketplaces and auction house scale-backs.