• Formfunction, a Solana-based NFT marketplace, announced it will be shutting down on March 29th.
• The platform raised $5 million USD in NFT sales during its brief lifespan.
• Data reflects that the USD sales volume has dipped 31.94%, and the transaction volumes have seen a similar decrease.
Solana (SOL) NFT Marketplace Takes a Hit by Monique Brelage March 17, 2023 │ 11:00 AM GMT Formfunction is closing up shop only 13 months after it opened. The news saddens the majority of community members, while others are suspicious. Solana remains the #3 ranked blockchain by NFT Sales Volume, accumulating upward of $77 million over the last month.
Formfunction Community Reacts
Formfuntion’s Head of Community and Marketing, Crypto Magellan, has shared an extended message in response to the platform’s closure. According to Magellan, the co-founders and team will pivot in a new direction, „likely outside of the crypto and SOL space.“ The official announcement does not disclose the specifics of why it’s closing up, only that the team „cannot continue to operate Formfunction.“ Despite the majority of community feedback reciprocating the despondency exhibited by the Formfunction team, some members are skeptical. Some commenters are suspicious of the reasons why Formfunction is closing up shop.
Solana NFT Landscape
According to data from Cryptoslam, the Solana NFT ecosystem has been in a steady decline over the past 30 days. Data reflects that the USD sales volume has dipped 31.94%, and the transaction volumes have seen a similar decrease. Buyer volumes have also decreased 18.45% from February 2023 . Nevertheless, Solana remains