Based on the latest search results, here are the key developments in the NFT market:
Market Consolidation and Platform Closures
Gemini has announced it is closing Nifty Gateway, the 2018 NFT marketplace it acquired in 2019, with users having until February 23, 2026 to move USD, ETH or NFTs. Gemini will keep NFTs via Gemini Wallet as the sector shrinks.
Legal Developments
Federal prosecutors dropped their case against former OpenSea manager Nathaniel Chastain after an appeals court overturned his NFT insider trading conviction, citing flawed jury instructions that conflated unethical behavior with actual property theft.
Market Performance
NFT sales volume is down nearly 13% over the past day to $42,137,944, with buyers, sellers, and transactions all down by just above 30%. However, total NFT market capitalization dropped significantly in 2025, from about $9 billion in January 2025 to just over $2.7 billion in 2026.
Industry Acquisitions
Animoca Brands has moved to strengthen its position in digital collectibles after acquiring gaming and collectibles studio Somo. Additionally, Coinbase CEO Brian Armstrong confirmed the purchase of a $25 million UpOnly NFT from well-known crypto trader Cobie.
Market Outlook for 2026
As we move through early 2026, the global NFT market size is hovering around $86.23 billion, growing at a compound annual rate of nearly 41.8%. Utility NFTs focus on access, permissions, and benefits, representing a shift from speculative trading toward practical applications.