Solana’s NFT marketplace, Formfunction, has announced that it will close on March 29, saying it “cannot continue to operate.” The market will close after just 13 months of operation.
in a blog post On March 15, Formfunction informed its users that the decision to close the marketplace came after “much discussion and careful consideration.”
The post went on to thank the creators who supported the platform, though it did not state the reasons why it is being shut down.
The company, however, assured creators that they still own their NFTs in what they called the “beauty of web3.” He added that they are making it easier to export a hash list of all NFTs so that creators can continue to display and sell their work on other platforms.
The platform will continue to work until March 29, after which users will no longer be able to access your website.
Creators urged to delist NFTs
shape function asked creators to download their hashlists and remove their pieces from the list before the deadline to ensure easy listing on other platforms.
The company said that even though the end has come, the team is still excited about the 1/1 art ecosystem and will continue to encourage creators in the space.
Formfunction’s head of community and marketing, “Magellan,” as he is known, said in a tweet on March 15 that the founders and team are looking to work outside of the crypto space.
Despite being a part of the company since launch, Magellan said he only found out about the news about a week ago. He added that he made lifelong friendships with the creators and that it wasn’t easy saying goodbye to the product the company worked so hard to build together.
Solana NFT prices fall
Since the launch of Formfunctions in February 2022, Solana NFT prices and volume have plummeted. The daily number of NFT buyers has also decreased in the past year.
The price of SOL has fallen more than 80% since the release of Formfunctions, from around $100 in early 2022 to around $20 at press time.
The FTX crash in November 2022 also heavily affected the price of SOL, given that FTX founder Sam Bankman-Fried was one of the early investors in the Solana blockchain.
