Formfunction Demise: Solana (SOL) NFT Marketplace Takes a Blow

  • Formfunction closes shop after only 13 months of opening.
  • This news saddens the majority of the community, while some are suspicious.
  • Solana still ranks #3 in the blockchain by NFT sales volume.

the Solana The ecosystem is struggling to keep its head above water yet Collapses from FTX. Amidst the fluctuations of SOL, it fell Non-Fungible Token (NFT) Sales, interest decline, another Solana-based platform is closing its doors.

The latest to bite the dust is the Solana-based NFT Market function. On March 15, 2023, platform announced They will be closed on Wednesday, March 29.

Formfunction closing will occur only 13 months after market launch and one year after launch Seed financing. The platform has raised $5 million in NFT sales during its short lifetime.

However, the launch and construction in a bear market took its toll on the Formfunction team, according to Magellan cipher.

Formfuntion’s Head of Community and Marketing, Crypto Magellan, partner Expanded message in response to the platform shutdown. According to Magellan, the co-founders and team will be moving into a new direction, “most likely beyond cryptography and SOL.”

the Official announcement It doesn’t reveal the details of why it’s closed, just that the team “cannot continue to run the Formfunction.”

Although the majority of community comments reciprocate Despair Shown by the Formfunction team, some members are skeptical.

some commenters suspecious One of the reasons why Formfunction closed the shop.

However, the current state of the Solana NFT ecosystem has undeniably played a role in closing Formfunction.

Solana NFT Landscape

According to data from cryptoslamSolana NFT ecosystem was in range steady decline during the past 30 days.

The data reflects that the US dollar sales volume has reached decreased 31.94%Transaction volumes saw a similar decline. Buyer volumes are also down 18.45% from February 2023.

However, Solana remains #3 Rank blockchain by NFT sales volume, which has accumulated over $77 million over the past month.

At the time of this writing, SOL is traded at $20.14, down 92.23% from the all-time high of $259.29 on November 6, 2021.

Consider the platform prosperous pastFormfunction’s demise appears to be the product of circumstance, as the platform failed to withstand the downward trend of the market.

on the flip side

  • Ethereum (ETH)the blockchain platform ranked first by NFT Sales Volume, has seen a decrease of 12.69% over the past 30 days.
  • loud voice Solana projects Like Magic Eden, DeGods and y00ts have all announced plans to expand their horizons beyond the Solana network.

Why should you bother

Solana (SOL) is the third-ranked blockchain platform by NFT Sales Volume. the network struggle To bounce back after FTX proved to be a domino effect still in motion after the FTX debacle.

Read more about Solana’s founder:
Anatoly Yakovenko: Founder of Solana

Read about the latest developments on Cardano (ADA):
Will Voltaire Trigger Long Overdue Cardano (ADA) Breakout?

Source link

Related Posts