The Solana NFT platform closes its doors after 1 year

The Solana NFT platform closes its doors after 1 year

Solana NFT marketplace Formfunction has decided to wind down operations without specifying the reason for the closure.

The platform announced via Twitter that it will shut down on March 29 because it cannot continue to run Formfunction.

The firm called it an “extremely difficult decision”, but it was made after much consideration and consideration.

Even if Formfunction is discontinued, you still have complete ownership of your NFTs (that’s the beauty of web3!) We also make it easy to export a hash list of all the NFTs you’ve created so you can continue to view and sell them on the platform(s) of your choice.

Users are advised to remove their existing pieces before the deadline to easily re-list elsewhere, it added.

Formfunction was launched on February 3, 2022 and is proud to be a creator-focused platform on Solana.

The marketplace’s abrupt closing announcement surprised many because it generated $5 million in sales despite a “brutal bear market,” as Formfunction’s anonymous community manager “Magellan” tweeted.

This is also indicative of the underwhelming performance of Solana’s NFT network.

Over the past 30 days, SOL has witnessed a decline in NFT sales and number of transactions, but has maintained its second ranking after Ethereum in blockchain NFT sales volumes.

NFT sales on Ethereum, the chain leading this effort, are down about 11% over the past 30 days to $734 million as of this writing.

According to data from CryptoSlam, Solana is down 38% over the same time frame and is currently in second place with $75 million.

A few well-known NFT pools that originally resided in Solana have apparently chosen to use other blockchains instead. Read here for more details.

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That said, the recent failure of three major crypto-focused banks, the latest being Silicon Valley Bank [SVB] has sent a ripple effect across the market.

Solana has no exposure to SVB

Anatoly Yakovenko, the co-founder of the Sol blockchain, claimed that neither Solana Labs nor the Solana Foundation had any exposure to SVB.

Most recently, Solana revealed its intentions to launch Code Canvas, a new platform for generative art NFTs that is expected to appeal to both art and cryptocurrency lovers.

The team behind Exchange. Art, a Sol-based digital art marketplace, said in a statement that the new platform will allow creators and collectors to create and trade generative art NFTs on the Solana blockchain.

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