The Formfunction non-fungible token marketplace, based on the Solana protocol, has decided to close its operations by March 29th, 2023. Until then everything will remain functioning as usual, and users will be able to maintain and relist their digital collectibles after the closure.
We have some sad news to share today—Formfunction is shutting down on Wednesday, March 29th.
This was an extremely difficult decision; however, after much discussion and careful consideration, we’ve come to the conclusion that we cannot continue to operate Formfunction.
— Formfunction (@formfunction) March 15, 2023
Formfunction to Shut Down
On March 15th, Formfunction announced its decision to shut down on March 29th. Since its opening in early 2022, Formfunction has been proud of the work they have achieved through the Solana NFT marketplace. Furthermore, Formfunction has launched a tool to assist creators in exporting their creations more efficiently. While the marketplace is closing, users will still be able to retain their non-fungible tokens and also relist them on some other different platforms.
Having said that, it is suggested for the users be done with their delisting before March 29th for the most convenient experience. Formfunction expressed its appreciation to the community in the blog post accompanying the announcement. Despite the decision to close, they remain optimistic about the future of the ecosystem.
A Sudden Dip in Popular NFT Projects
Just a few days prior to Formfunction’s announcement, Meta also revealed it was discontinuing its digital collectibles initiative. Earlier, in May-June of 2022, the social media giant had made its entrance into the NFT space by launching projects on both Instagram and Facebook respectively. However, Meta didn’t offer any official explanation for this abrupt end to the project.
As the social media giant and Formfunction have chosen to act, non-fungible tokens have seen a resurgence from what seemed like their demise during the “crypto winter” of the last year. This resurgence has been, in part, spurred by Blur, an aggregator that has even eclipsed OpenSea shortly after the launch of its token.
But, despite some platforms exiting the digital collectibles space, some others are just beginning their journey into the realm. It is anticipated that Amazon will unveil its non-fungible token (NFT) and web3 gaming initiatives in the coming months. Moreover, Walmart registered their digital asset-related trademarks in late January, signaling an upcoming foray into the sector.