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Gemini-owned NFT marketplace Nifty Gateway's closure highlights ongoing storage rent costs for NFT owners
The closure of Nifty Gateway, an NFT marketplace owned by crypto exchange Gemini, has brought to light the often-overlooked issue of ongoing storage rent for NFT owners. While NFT tokens record ownership on the blockchain, the associated digital artwork files are typically stored off-chain, requiring continuous hosting services. Nifty Gateway had planned to migrate metadata and media hosting to Arweave, but some older NFTs remain permanently linked to its servers, leaving owners potentially dependent on the platform or responsible for their own storage solutions.
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