Home » Bitcoin » Solana NFT Marketplace Formfunction Will Shutdown – Here’s When

According to FormFunction, the one-to-one NFT sales market for Solana blockchain technology, it plans to shut down the platform because the price of NFT volume has plummeted. The digital company announced on March 15th that it would only operate until March 29, but did not emphasize accuracy. It added that the platform would make the decision after "several times of reflection and careful consideration".

Since its establishment, FormFunction has been harmed by the relatively low trading volume of NFT and falling floor prices. The price of SOL dynamic passwords has also fallen sharply, struggling around 20 yuan at this stage, compared with $100 in January 2022. This means that Sol's value has fallen by about 80%. The NFT industry will be shut down 13 months after its launch in February 2022.

On the premise of announcing the determination of the preferential price, FormFunction wrote in an official website blog

We are proud of the important task of helping creators to make money, and everyone is grateful for the strong support and love we are looking for in such a community. This is an extremely difficult choice; however, after a long period of thinking and careful consideration, people have come to the conclusion that people cannot continue to run FormFunction. To all the creators and collectors who have used FormFunction in the past year-everyone is the one who makes our platform shine.

As part of the announcement, the platform is introducing a tool for NFT founders to help him migrate NFT from the platform. This will enable NFT creators to list or display their art treasures in other NFT markets. Although the data platform has banned the use of its services, it still guarantees "complete ownership of your NFT (that's the wonderful thing about Web3!)" .

Solana NFT's daily individual customers decreased by 50%

According to statistics provided by NFT data aggregator CryptoSlam, the number of individual customers per day for Solana NFT has also declined significantly in the past 12 months. At this stage, the figure is 5400, which appears to be half the average recorded at the beginning of 2022.

The blue chip stock NFT, an irreplaceable dynamic password known for its stable use value, has fallen more than 75 per cent in dollar terms since February 2022, according to SolanaFloor, an aggregator of Solana NFT data.

On March 15, FormFunction Community Street Marketing Director Columbus ◎ commented on the announcement on Twitter. He stressed that the founders and teams have moved to a "new trend" that is likely to withdraw from the SOL and data encryption industries.

Recently, the company raised $4.7 million in a round of financing immediately after its launch. Variant Fund took the lead in this round of seed equity financing, with other participating venture capital firms including Canonical Crypto, Solana Ventures, OpenSea Ventures, Palm Tree Crew Crypto and Pear VC.

Although FormFunction decided to withdraw, on the other hand, participants in the new industry operated overtime NFT industry. Amazon is one of the latest examples of the launch of NFT next month to support the launch of its Web3 mobile game plan.

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