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Shutting Down the Solana NFT Marketplace

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Gherardo Fiorenzo
Gherardo Fiorenzo is an Italian author with a unique perspective shaped by his experiences in Italy and the US. His thought-provoking articles, short stories, and reviews explore the intersections of language, identity, and culture.

Solana NFT Market, Formfunction, has it announced she will, it will shut down on March 29, saying she “couldn’t keep working.” market set to close after just 13 months of practical.

formfunction closes business

in blog post on March 15, Formfunction informed its users that decision to shut down The market came about after “much discussion and careful consideration”.

the post Offer to thank creators who She supported the platform, although she did not give reasons for closing it down.

However, the company confirmed creators They still fully own the NFTs in what they called itbeauty of web3 “. it added They make it easy to export the hash list of All NFTs so that creators can continue display and sell it work on other platforms.

The platform will run until March 29, after which users will no longer be able to access they website.

Urge the creators to specify-list NFTs

Call the form function on creators to download their hashlists and de-list Cut them off before the deadline ensure Easy list on other platforms.

The company said that although the end has come, the team Still excited about 1/1 art The ecosystem will continue to cheer creators in the space.

Formfunction head of community Marketing, as Magellan said. in Tweet on March 15 that the founders and team looking forward to it work outside encryption space.

Although it is part of The company since the launch, Magellan said he only learned of the news Almost a week ago. he added that it made friendships for life with creatorsIt was not easy to bid farewell to the product that the company worked with hard to build together.

Solana NFT prices are plummeting

since launch of form functions in February 2022 Solana NFTs prices and volumes plummet. Daily numbers of NFT buyers have it also dropped in the past year.

SOL’s price Projection over 80% since launch of Formfunctions from about $100 apiece start of 2022 to about $20 at the time of publication.

the fall of FTX in November 2022 also It greatly affected SOL pricegiven that FTX founder Sam Bankman-Fried was one of early investors in Solana Blockchain.

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