Last Updated on March 17, 2023 by Bitfinsider
On March 29, Formfunction, a Solana-based NFT marketplace platform, will close down its website, about a year after the project received $4.7 million in seed financing.
The platform has recommended creators to remove their products from the marketplace before March 29. In February 2022, Formfunction was established to assist “one of one” NFT makers on Solana. In the NFT space, one of one, stylized as 1/1, refers to non-fungible tokens that are produced in singular, one-of-a-kind editions. They are typically produced by NFT artists and mimic one-of-a-kind works in the traditional art world.
According to Formfunction, its platform has supported over 4,000 creators, of whom 60% have made at least one transaction and over 600 have earned at least $1,000. The website also stated that during its existence, 70 authors had received more than $10,000 each.
In spite of these accomplishments and the $4.7 million in donations, Formfunction is closing. The decision to terminate the project was described as “extremely difficult” in the March 15 announcement, which did not provide any justification. In a statement released on Wednesday, Formfunction CEO Katherine Liu praised team members for their work.
The announcement from Formfunction coincides with a sharp drop in Solana NFT trading activity. The daily NFT marketplace traffic on Solana is down more than 70% year to date.
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