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Nifty Gateway will close, offering bulk withdrawal for NFT holders

Nifty Gateway, owned by crypto exchange Gemini, plans a bulk withdrawal tool and a separate way to host artwork after its January closure.

Reported · Written up by our desk · Market Structure

CryptoSlate reports that Nifty Gateway, the NFT marketplace owned by crypto exchange Gemini, announced it will close in January and outlined exit arrangements for customers.

The marketplace said users will be able to withdraw NFTs in bulk, and it will also provide a place to host the artwork after the shutdown, according to CryptoSlate.

The closure comes after high-profile NFT auction sales in 2021, including Christie’s selling a Beeple NFT for $69.35 million and Sotheby’s taking $24.40 million for 101 Bored Ape Yacht Club NFTs, the outlet noted.

CryptoSlate also said the rapid pace of marketplace closures has challenged the idea that paying for an NFT token automatically ensures the ability to access the underlying asset long term.

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