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Hey everyone, the Foundation marketplace, which was one of the most popular NFT platforms on Ethereum, has officially shut down 😅
The story is a bit long — Kayvon Tehranian, the platform's founder, tried to sell it to someone else to keep it running, but the deal didn't go through. Then ownership was transferred to BlackDove in January, but they discovered after taking over operations that building their own NFT marketplace was better than developing the existing one, so they decided to shut it down permanently.
The platform was really valuable — nearly $230 million in primary sales, and it hosted famous auctions for artists like Edward Snowden and James Jean. But now the server and infrastructure are offline, and there are no plans to relaunch.
This raises serious questions about the future of NFTs stored on centralized platforms — if the company decides to shut down, what happens to the assets? This is similar to the issues that happened with x2y2 and other NFT marketplaces that closed. Should the focus on blockchain be stronger?