{"id":564284,"date":"2023-03-16T05:31:23","date_gmt":"2023-03-16T02:31:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/formfunction-to-shutter-marketplace-amid-solana-nft-slump\/"},"modified":"2023-03-16T05:31:23","modified_gmt":"2023-03-16T02:31:23","slug":"formfunction-to-shutter-marketplace-amid-solana-nft-slump","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/formfunction-to-shutter-marketplace-amid-solana-nft-slump\/","title":{"rendered":"# Formfunction to shutter marketplace amid Solana NFT slump"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2554d7af88a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2554d7af88a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/formfunction-to-shutter-marketplace-amid-solana-nft-slump\/#%E2%80%9D_Formfunction_to_shutter_marketplace_amid_Solana_NFT_slump_%E2%80%9C\" >&#8221; Formfunction to shutter marketplace amid Solana NFT slump &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Formfunction_to_shutter_marketplace_amid_Solana_NFT_slump_%E2%80%9C\"><\/span>&#8221; Formfunction to shutter marketplace amid Solana NFT slump &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>Formfunction, a Solana (SOL)-based nonfungible token (NFT) marketplace, has announced its closing up shop after only 13 months of operation amid a slump in Solana NFT prices and trading volumes.<\/p>\n<p>On March 15, Formfunction <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blog.formfunction.xyz\/blog\/message-from-formfunction\">announced<\/a> it is &#8220;shutting down&#8221; on March 29 saying it \u201ccannot continue to operate\u201d after \u201cmuch discussion and careful consideration.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We have some sad <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> to share today\u2014Formfunction is shutting down on Wednesday, March 29th.<\/p>\n<p>This was an extremely difficult decision; however, after much discussion and careful consideration, we\u2019ve come to the conclusion that we cannot continue to operate Formfunction.<\/p>\n<p>\u2014 Formfunction (@formfunction) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/formfunction\/status\/1636036949214470144?ref_src=twsrc%5Etfw\">March 15, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The exact reason for closing the platform was not disclosed in the announcement. <\/p>\n<p>Formfunction\u2019s head of community and marketing, known by their pseudonym \u201cMagellan,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMagellan\/status\/1636053440769179648\">tweeted<\/a> on March 15 that the cofounders and the team will \u201cpivot to a new direction, likely outside of the crypto [and the] SOL space\u201d but did not provide further details.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It is with deep sadness to say that <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/formfunction?ref_src=twsrc%5Etfw\">@formfunction<\/a> is being sunset and closed down as the cofounders and team pivot to a new direction, likely outside of the crypto &amp; SOL space. <\/p>\n<p>A thread with a personal statement &amp; reflections 1\/n<\/p>\n<p>\u2014 Magellan\u25ce\u2600\ufe0f (@CryptoMagellan) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMagellan\/status\/1636053440769179648?ref_src=twsrc%5Etfw\">March 15, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Cointelegraph contacted Formfunction\u2019s cofounders \u2014 Matt Lim and Katherine Liu \u2014 for comment but did not im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely receive a response.<\/p>\n<p>The marketplace\u2019s shutdown comes after its launch just over a year ago on Feb. 3, 2022, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMagellan\/status\/1636053447220027394\">according<\/a> to Magellan over that time it conducted $5 million in sales despite a \u201cbrutal bear market.\u201d<\/p>\n<p>Shortly after its launch the platform also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blog.formfunction.xyz\/blog\/formfunction-seed-round\">raised<\/a> a $4.7 million seed round in March 2022 led by venture capital (VC) firm Variant Fund and contributions from other VC firms Solana Ventures, Canonical Crypto, Pear VC, Palm Tree Crew Crypto and OpenSea Ventures.<\/p>\n<p>Since Formfunctions launch, the wider\u00a0Solana NFT space has plummeted in terms of volume and floor prices alongside a drawdown in the price of SOL.<\/p>\n<p>Figures from Solana NFT data aggregator SolanaFloor show its index of the \u201cblue chip\u201d NFTs on the blockchain saw a 75% price drawdown in dollar terms since early February 2022.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/e0ae0321-562a-48fd-821f-05215705198e.png\"><figcaption style=\"text-align: center;\"><em>The USD price of an index of blue-chip NFT prices on Solana since Jan. 1, 2022. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/solanafloor.com\/\"><em>SolanaFloor<\/em><\/a><\/figcaption><\/figure>\n<p>The daily number of buyers of Solana NFTs has also seen a slowdown over the past 12 months. According to data from CryptoSlam, daily unique buyers currently hover around 7,000, almost half the amount seen on average at the start of 2022.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/a8fd3b50-6428-4610-856d-352b9562d95e.png\"><figcaption style=\"text-align: center;\"><em>Solana has seen a slide in daily unique NFT buyers (blue) since March  2022 and daily sales volumes have also halved to under $4 million. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cryptoslam.io\/blockchains\/solana\"><em>CryptoSlam!<\/em><\/a><\/figcaption><\/figure>\n<p>SOL\u2019s price has also tanked since Formfunction\u2019s launch, at the start of 2022, SOL traded at around $100, it has now fallen over 80% currently trading around $19.<\/p>\n<p>The price of SOL took a significant hit in the November 2022 collapse of FTX and has struggled to regain traction since. FTX founder Sam Bankman-Fried was an early investor in the Solana blockchain.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Do \u2018Ethereum killers\u2019 have a future? Here\u2019s what the crypto community says<\/em><\/strong><\/p>\n<p>Notable NFT collections first native to Solana are seemingly abandoning the platform also.<\/p>\n<p>In December last year, DeGods and y00ts \u2014 two top-performing Solana NFT projects \u2014 announced they were bridging to Ethereum and Polygon to \u201cexplore new opportunities\u201d and to allow for the continued growth of the collections.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"nifty_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/formfunction-to-shutter-marketplace-amid-solana-nft-slump\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Formfunction to shutter marketplace amid Solana NFT slump &#8220; Formfunction, a Solana (SOL)-based nonfungible token (NFT) marketplace, has announced its closing up shop after only 13 months of operation amid a slump in Solana NFT prices and trading volumes. On March 15, Formfunction announced it is &#8220;shutting down&#8221; on March 29 saying it \u201ccannot&#8230;<\/p>\n","protected":false},"author":1,"featured_media":564285,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/4a6b068e-427d-4eaa-9b69-2379964edf77.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[95118,92498,117,86389],"class_list":["post-564284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-nft","tag-solana","tag-business","tag-marketplace"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/564284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=564284"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/564284\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/564285"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=564284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=564284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=564284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}