Formfunction, the popular Solana NFT marketplace, has announced its imminent shutdown. The platform will officially close its doors on September 1, 2021. This decision comes as a surprise to the blockchain community, as Formfunction was known for its vibrant community, user-friendly interface, and wide variety of high-quality NFTs. The closure of Formfunction will leave a significant void in the Solana ecosystem, which has recently gained popularity due to its fast transaction speed and low fees. Despite the sadness surrounding Formfunction’s shutdown, the team behind the platform has reassured their loyal users that they will support the migration of their NFTs to other Solana-based marketplaces. Stay tuned for more updates on this developing story.
Formfunction, a one-on-one NFT marketplace on the Solana blockchain, has announced that it will be shutting down due to the low trading volume and decline in floor prices for NFTs. The platform will be functional until March 29, after which it will shut down. Since its launch in February 2022, Formfunction has struggled with the effects of the slump in NFT trading volume, as well as the drop in the SOL token price, which has fallen around 80% from its January 2022 price of $100. The platform will introduce a new tool to help NFT creators transfer their work, allowing them to list or display their artwork on other NFT marketplaces. The platform’s co-founders and team pivoted to a “new direction” that will likely be out of the SOL and crypto industry. Meanwhile, new players are entering the NFT space, with Amazon reportedly planning to launch its NFTs next month to support its web3 gaming initiative.