Major NFT Marketplaces Close as Trading Volumes Plunge 93%
On Feb. 4, 2026, a string of high-profile NFT marketplaces confirmed they will cease operations, with Nifty Gateway and Foundation leading the exits. Trading volumes across the sector have collapsed by about 93%, leaving commission-driven, venture-backed platforms unable to sustain operations as user activity and secondary sales evaporate.
The shutdowns matter because they remove centralized distribution and resale channels that many creators and collectors still rely on for income and liquidity. Venture backers are pulling capital, accelerating consolidation toward decentralized, on-chain marketplaces and peer-to-peer options, but those alternatives may not immediately replace lost demand. The short-term outlook is a sharp contraction in NFT liquidity and revenues, while the market waits to see whether new business models or renewed buyer interest can stabilize the space.