Formfunction, an NFT marketplace platform on Solana, will shut down its website on March 29, about a year after the project raised $4.7 million in a seed funding round.
Creators on the platform have been advised to delist their items before March 29. Formfunction launched in February 2022 to support “one of one” NFT creators on Solana. One of one, stylized as 1/1, in the NFT space, refers to non-fungible tokens minted as single, unique editions. They resemble unique pieces in the traditional art world and are usually created by NFT artists.
Formfunction said it has supported more than 4,000 creators on its platform and that 60% of them had made at least one sale, with over 600 earning at least $1,000. The website added that 70 creators had earned more than $10,000 each during its run.
Despite these successes and the $4.7 million fundraising, Formfunction is shutting down. The March 15 announcement did not give reasons for ending the project, but called the decision “extremely difficult.” Formfunction CEO Katherine Liu thanked team members for their efforts in a statement issued on Wednesday.
Formfunction’s announcement comes amid a massive decline in Solana NFT trading volume. The Block’s Data Dashboard shows daily NFT marketplace volume on Solana down more than 70% year-to-date.
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