Your JPEG is on a server that is about to die.

The thesis

If a private company can turn off your art, you do not own your art. In 2021 marketplaces sold Beeples and Paks and Grimeses like they were oil paintings. They were not. They were database rows on a startup's metadata server, with a hash on Ethereum that said: trust us, the file at this URL is the file. Then the startups ran out of money. Nifty Gateway has shut down. MakersPlace is dead. Async Art is dead. KnownOrigin has shut. And every collector of every dead platform woke up one morning to find their JPEG was a 404.

What the dossier covers

Primary-sale reconstruction.

Drop-by-drop, contract-by-contract, sourced from Nifty Gateway's own publicly served product index. Sibling contracts deduped. Off-chain auction proceeds disclosed where on-chain figures would mislead.

On-chain mechanics.

tokenURI(), setBaseURI(), niftyRegistryContract, the BuilderInstance template, nftcdn.niftygateway.com — the points where Nifty Gateway NFTs depend on a private corporate server.

Terms of Use, verbatim.

Section by section, with section numbers preserved. § 2 (definition of NFT), § 4 (account suspension and confiscation), § 11 (custody scope, file availability), § 23 (liability cap), § 26 (arbitration), § 28 (termination). 2022 vs 2024 revisions side by side where the wording changed.

Atomic, source-citable claims.

35 claims with stable IDs, typed evidence (observed, inferred, legal, editorial), method notes, and mandatory limitations. Published as both an HTML index and a CC0 JSON dataset.

Full methodology.

Sources, sampling, calculation rules, the off-chain auction caveat, and an explicit list of things the dossier deliberately does NOT claim to know.

Nifty Gateway financial dossier

Source: /nifty-gateway. Subsidiary of Gemini Trust Company, LLC.

Important: these figures are an estimate, not an audit. Only Nifty Gateway and its parent Gemini Trust Co. LLC hold the complete sales ledger. The numbers below are reconstructed from data the platform itself publishes through its own product index and are explicit lower bounds — the true totals are very likely higher than what is shown. None of these figures should be read as audited revenue, profit, or any other accounting measure.

Closure: Nifty Gateway shut down on 23 April 2026. Withdrawals-only mode was in effect from 24 January 2026 until the shutdown. Source: niftygateway.com.

Subject to the caveats above, Nifty Gateway sold at least $1,118,592,439 worth of NFTs across 10,090 distinct on-chain BuilderInstance contracts between 2020 and 2026 according to the platform's own publicly served product index. This dossier reconstructs that figure drop by drop, with every number sourced and every method reproducible.

Corporate structure

The platform operates as Nifty Gateway LLC, a Delaware limited liability company, founded in 2018 and acquired by Gemini Trust Company, LLC in November 2019. As a Delaware LLC it pays a flat $300/year franchise tax to the State of Delaware, regardless of revenue, and is not required to file an annual report or publish any financial information. Nothing about Nifty Gateway LLC's revenue, profit, members, or income tax liability is required by Delaware law to ever be made public. No claim is made on this page about what Nifty Gateway has or has not paid in income tax — those filings are private. Source: Delaware Division of Corporations.

Headline figures (estimate, lower bound)

• Aggregate primary revenue (lower bound): $1,118,592,439 across 6,716 priced contracts (66.6% USD coverage). 5,367 of those are explicit lower-bound estimates.
• Total editions minted: 1,824,043,034. Units sold via primary: 693,232.
• Annual primary sales by drop cohort: 2020 $86.3M (245 drops) · 2021 $613.0M (1,314 drops) · 2022 $307.0M (4,180 drops) · 2023 $87.7M (4,173 drops) · 2024 $6.9M (134 drops) · 2025 $4.4M (9 drops) · 2026 $0 (1 drop). ~98.9% year-over-peak decline from 2021 to 2024.

Secondary-market state, by drop

• 4,239 drops with no recorded sale in over 1 year.
• 3,240 drops with no recorded sale in over 2 years.
• 645 drops with a current floor below $10.
• 3,964 drops grossed under $1,000 in primary.

Top drops by primary revenue

• Pak — Merge: $99.6M (28,983 editions).
• Doc Hollidays: $31.1M.
• MAX PAIN AND FRENS OPEN EDITION: $25.3M (7,394 editions).

Top artists by lifetime primary revenue

• Pak — $120.9M across 12 drops.

Methodology, full top-25 drop and top-20 artist tables, year-by-year breakdown, and source citations are at /nifty-gateway.

Frequently asked

What is this site?

An independent investigative dossier on Nifty Gateway, the Gemini Trust Company LLC NFT marketplace that shut down on 23 April 2026. The dossier reconstructs primary-sale revenue from public data, quotes the Terms of Use verbatim, and explains in plain English what does and does not survive the shutdown.

Are the numbers verified by Nifty Gateway or Gemini?

No. Every figure in the dossier is an independent reconstruction from the platform's own publicly served product index plus on-chain data. Only Nifty Gateway and Gemini Trust Co. LLC hold the complete ledger; true totals are very likely higher than what is shown.

How do I cite a specific claim?

Every assertion in the dossier has a stable ID under /claims (six namespaces: NG-FIN financial, NG-TECH on-chain, NG-CORP corporate, NG-TOS Terms of Use, NG-EVENT dated events, NG-EDIT editorial). The complete dataset is also published as CC0-licensed JSON at /data/claims.json.

Is the dossier financial or legal advice?

No. Informational only. Not financial, legal, tax, or custodial advice. Not an audit. Not an allegation about Nifty Gateway's, Gemini's, or any individual's conduct, intent, or tax position.