Nifty Gateway, a pioneering NFT marketplace owned by Gemini acquired in 2019 has officially announced it will shut down on February 23, 2026.
As of January 24, 2026, the platform entered withdrawal-only mode, meaning no new trading, listings, or purchases are possible. Users have roughly one month until the closure date to withdraw any remaining NFTs, Ethereum (ETH), or USD balances.
Withdrawals can be done via a linked Gemini Exchange account or directly to a bank account using Stripe. Affected users (those with balances) are receiving email instructions from Nifty Gateway. The company urges prompt action to avoid issues near the deadline.
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At its peak in mid-2021, Nifty Gateway facilitated over $300 million in sales, famous for curated drops from artists like Beeple and Grimes, and for enabling credit card purchases to onboard mainstream users.
This move follows a 2024 pivot to Nifty Gateway Studio focused on onchain creative projects and aligns with Gemini’s strategy to build a “one-stop super app,” while continuing NFT support via the Gemini Wallet.
The closure reflects the broader NFT market downturn since the 2021-2022 boom, with declining volumes, platform consolidations, and exits, similar retreats by others like Nike’s NFT efforts. It’s seen as the end of an era for one of the earliest and most influential NFT platforms.
Rekt Drinks Collab with X Games Drop
Rekt Drinks, the beverage brand tied to the $REKT token and crypto-native culture has partnered with X Games for a limited-edition drop: GRXPEFRUIT, a grapefruit-flavored sparkling water/soda.
This launched around January 2026 and ties into their sponsorship/visibility at X Games Aspen 2026 events. Rekt Drinks has been crushing limited drops, often selling out quickly like past collabs like MoonPay’s “Moon Crush” helped them hit 1M+ cans sold in under a year.
The X Games tie-in includes heavy branding presence at events, aligning with MoonPay’s separate 3-year sponsorship of the X Games League starting March 2026, focusing on crypto integration in action sports.
Community buzz includes predictions and sightings of Rekt Drinks flowing at X Games, boosting the brand’s “consume-to-earn” model with points, NFTs, and real-world/crypto rewards. This fits Rekt’s strategy of high-profile collabs (past ones with OpenSea, MoonPay, GameSquare/FaZe) to blend Web3, gaming, and consumer products.
Both stories highlight shifts in the crypto and Web3 space: legacy NFT platforms winding down amid market maturation, while newer consumer brands like Rekt Drinks push forward with IRL activations and partnerships in sports/entertainment.
Nifty Gateway was one of the first major marketplaces to mainstream NFTs through curated drops, credit card purchases, and high-profile artist collaborations. It peaked with over $300 million in sales during the hype cycle.
Its exit signals the wind-down of many centralized, custodial platforms that dominated early adoption but struggled with post-boom volumes, high operational costs, and competition from decentralized alternatives.
NFT trading volumes remain muted in 2026, with daily global sales often in the low tens of millions. The shutdown reinforces that speculative frenzy has faded, shifting focus toward utility-driven projects (gaming, real-world assets, onchain creativity).
Gemini’s pivot to a “super app” and wallet-based NFT support suggests consolidation around stronger crypto infrastructure players. Anyone holding NFTs or funds on Nifty must withdraw promptly via Gemini Exchange or Stripe-linked bank to avoid permanent loss.
This highlights custodial risks (“not your keys, not your NFTs”)—a lesson echoed from past incidents like the 2021 hack. Many collectors express nostalgia and gratitude for onboarding opportunities, but others criticize the abruptness and custodial model. It may accelerate migration to self-custodial wallets or other chains.
Implications of Rekt Drinks’ X Games Collaboration (GRXPEFRUIT Drop)
The GRXPEFRUIT limited-edition grapefruit sparkling water drop with X Games sold out in 1 minute, highlighting Rekt Drinks’ momentum as a crypto-native consumer brand. Rekt Drinks tied to $REKT token and Rektguy NFTs continues rapid sell-outs, blending Web3 culture with real-world products.
Heavy visibility at X Games Aspen amplifies exposure in action sports—a counterculture-aligned space. This builds on prior collabs and ties into MoonPay’s 3-year X Games League sponsorship starting March 2026, creating synergies for crypto integration in mainstream events.
Success shows “consume-to-earn” models work: limited drops drive scarcity, community hype, and points/NFT rewards. Selling out ultra-fast validates demand for crypto-branded IRL goods, potentially attracting non-crypto consumers via sports/entertainment.
It positions Rekt as a leader in bridging digital assets with everyday products (non-alcoholic sparkling water fits the “fearless” vibe without regulatory alcohol hurdles).
This fits 2026 trends of Web3 projects pushing physical activations (events, merch, beverages) for real revenue and visibility. High engagement (e.g., X posts hyping the launch/sell-out) boosts $REKT token awareness and community loyalty.
It could inspire more sports-crypto tie-ins, especially with MoonPay’s league pushing DeFi in action sports. Rapid sell-outs create FOMO but also scalping/secondary market issues. Sustaining hype requires consistent quality and drops. If momentum holds, it could elevate $REKT as a consumer crypto play beyond pure speculation.
Rekt Drinks’ drop shows vibrant, real-world crypto innovation thriving—two sides of the same evolving ecosystem. If you have holdings on Nifty, act fast; if you’re into Rekt, the brand’s on fire right now.