NFT Marketplace Raises $4.7M, Shuts Down in Just One Year

GM Guys and Gals,

It’s always sad to see a member of the NFT family go, but today we bid farewell to Formfunction, a Solana marketplace that raised $4.7 million in funding last year from some big names like OpenSea Ventures and Solana Ventures.

In a blog post announcing the shutdown, the Formfunction team kept things pretty vague, saying only that they “cannot continue to operate Formfunction” and thanking the community for their support. We can only assume they’ve all decided to become professional goat herders instead.

It’s been a tough year for the NFT market, with falling trading volumes and declining prices, so it’s not entirely surprising that a marketplace has decided to throw in the towel. Apparently, there’s just not enough demand for one-of-one, single-edition artwork anymore.

But let’s not get too down. After all, NFT sales did surge again last month, with over $2 billion worth of sales reported. Sure, some of that was just traders on Ethereum flipping assets to yield token rewards, but who’s counting?

Maybe they realized that selling virtual artwork just wasn’t for them, and they’d rather spend their days painting with real paint. Or maybe they just got tired of all the Solana Lambos.

Whatever the reason, we’ll miss you, Formfunction. May your team find success in their future endeavours, whether that be goat herding, real painting, or something else entirely?

As the crypto world continues to evolve, we will keep you updated on all the latest developments. Stay tuned for more updates from Web3shala.

We will be sweet of you if you recommend web3shala to your friends :D

That’s it for the day, Web3Shala 👋

To the Moon 🚀