Tech · The Defiant
Foundation NFT Marketplace Shuts Down Permanently After faltered Sale
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The curated art platform says its infrastructure has already been spun down with no plans to come back online.
Key facts
- MakersPlace, KnownOrigin, RTFKT, Nifty Gateway, and X2Y2 have all wound down operations as monthly NFT trading volumes collapsed from $2.9 billion at the 2021 peak to just $23.8 million by early 2025
- Foundation's closure adds to a growing list of NFT platform shutdowns that have accelerated since 2024
- The shutdown also raises familiar questions about the permanence of NFT media hosted on centralized infrastructure, an issue The Defiant raised as early as 2021
- Foundation, the Ethereum-based NFT marketplace, is shutting down for good after a failed acquisition by digital art display company BlackDove
Summary
Foundation, the Ethereum-based NFT marketplace, is shutting down for good after a failed acquisition by digital art display company BlackDove. As part of their wind-down process, their infrastructure has already been spun down, and they're not in a position to bring the platform back online. " The announcement marks the final chapter in a drawn-out unraveling that began in January, when Tehranian transferred ownership of Foundation to BlackDove. At the time, he framed the move as a transition to a leadership committed to the platform's long-term future, noting that Foundation had facilitated roughly $230 million in primary sales since its launch and had hosted landmark auctions for artists like Jen Stark, James Jean, and Edward Snowden. But BlackDove's involvement was short-lived.
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