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Hyperspace, a multi-chain non-fungible token marketplace and launchpad, is shutting down its platform on Solana.
The project x.com/hyperspacexyz/status/1830983003138318758″ target=”_blank” rel=””>announced This on September 3, noting that the decision to close its nft marketplace on Solana (SOL) was a difficult one. Hyperspace plans to completely shut down the Solana offering by September 17, 2024, and has recommended users delist their nfts before this date.
In addition to removing website support for Solana nfts, the platform will also be removing its application programming interface. This will begin on September 17, as the Hyperspace team posted on x.
“While this is a difficult decision to make, we are proud to have been part of this vibrant ecosystem since the summer began on Solana and are excited for everything to come.”
Hyperspace Avalanche and Sui nft Marketplaces
Hyperspace launched in 2021, entering the market just as the nft boom followed the Covid pandemic. The platform was backed by some of the biggest crypto venture capital firms in the sector, including Dragonfly, Pantera, and Coinbase Ventures.
Despite a slowdown in nfts in late 2021 and 2022, Hyperspace grew rapidly. In addition to Solana, the nft market is x.com/HyperspaceSui/status/1830983231342289146″ target=”_blank” rel=””>turning off we Sui (SUI).
Are nfts dead?
In the broader digital collectibles market, projects like CryptoPunks, Bored Ape Yacht Club, Pudgy Penguins, and Art Blocks remain the top nfts by sales and volume.
However, the nft market has failed to experience a significant recovery since the broader cryptocurrency market crashed during the 2022 bear market.
A recent nfts-dead-2024/” target=”_blank” rel=””>report suggests that nearly 96% of nft projects are dead, with 43% of holders currently in the red. Declines in volume amid this crash have hit nft marketplaces and aggregators including market leaders OpenSea, Magic Eden, LooksRare, and Blur.
Bear market aside, regulatory issues are also likely to be a major factor. Recently, the U.S. Securities and Exchange Commission issued a Wells Notice to OpenSea over allegations of offering unregistered securities.
