According to The Defiant, the Ethereum-based NFT marketplace Foundation has announced its closure following the failed acquisition by BlackDove. Founder Kayvon Tehranian stated on X that the sale deal fell through, and the company has decided not to seek new buyers; the platform’s infrastructure has been shut down and cannot be restored.
NFT Market Foundation to Permanently Shut Down After Failed Acquisition
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Summary
NFT news broke on Tuesday as Foundation, the Ethereum-based NFT marketplace, announced it will permanently shut down. Founder Kayvon Tehranian confirmed on X that the failed acquisition by BlackDove led to this decision. The company will not seek new buyers, and its platform infrastructure has been shut down. Market news indicates the NFT sector remains volatile, with major projects exiting following failed deals. The platform cannot be relaunched.
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