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NFT collateral lending platform NFTfi will close its frontend and cease operations before August 31.
BlockBeats News, June 11th, the NFT collateral lending platform NFTfi announced on X platform that due to the shrinking NFT market leading to potential income being unable to cover operating costs, they have decided to gradually shut down the project over the next few months. Starting today, the platform will no longer support new loan initiations, and existing loans can be refinanced before July 31st. Borrowers can repay loans at any time before August 31st, and all existing loans will be executed according to the original terms.
NFTfi will cease operations and shut down the front-end website on August 31, 2026, while the smart contracts will continue to operate autonomously on-chain. Users can then directly repay loans and claim collateral through the contracts. Before shutdown, the official will release detailed instructions for direct interaction with the smart contracts, and Discord will remain open during this period to provide support.