CryptoWorld News reports that Wu said he learned that the NFT lending protocol nftfi announced that, due to the ongoing contraction of the NFT market to a scale that can no longer support its operating costs, the platform will gradually shut down over the next few months. Since its launch in May 2020, nftfi has processed a total loan amount of more than $737 million, and the smart contracts have never experienced any NFT losses. The official announcement states that, effective immediately, the issuance of new loans will stop; existing loans can still be redistributed/refinanced within 731 days (up to 30 days per cycle). Borrowers may make repayments at any time before August 31, 2026 as usual. The platform plans to officially end operations on August 31, 2026 and take down the front-end official website.