ME News reports that on April 17 (UTC+8), the Ethereum NFT marketplace Foundation 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 offers, and its infrastructure has been shut down with no plans for revival. It is understood that in January, Foundation transferred ownership to the digital art company BlackDove; however, after completing due diligence, BlackDove opted to develop its own platform, leading to the termination of their collaboration. Foundation facilitated approximately $230 million in primary sales, and its closure has reignited market concerns regarding the sustainability of centralized NFT infrastructure. (Source: ODAILY)
NFT Platform Foundation Announces Permanent Closure After Failed Sale
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Summary
NFT news: The Ethereum-based platform Foundation has announced a permanent shutdown effective April 17 (UTC+8). Founder Kayvon Tehranian cited failed sale attempts as the reason for the decision. The platform, which facilitated $230 million in primary sales, had previously transferred ownership to BlackDove, but the partnership ended. Ethereum news: The closure raises questions about the long-term viability of centralized NFT infrastructure.
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