Odaily Planet Daily reports that the Ethereum NFT marketplace Foundation has announced its permanent closure and cessation of operations. Founder Kayvon Tehranian stated that the original plan was to sell the platform to a potential buyer to continue operations, but the deal could not be finalized. The company has decided not to pursue other acquisition candidates, and the related infrastructure has been shut down with no plans for revival.
It is reported that in January of this year, Foundation transferred ownership to the digital art company BlackDove, but the latter decided to develop its own platform after completing due diligence, leading to the termination of their collaboration. Foundation has facilitated approximately $230 million in primary sales, and its shutdown has once again sparked market concern about the sustainability of centralized NFT infrastructure.