Formfunction, a (SOL)-based, nonfungible token (NFT) marketplace, has announced it is 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 was “shutting down” on March 29, saying it “cannot continue to operate.” The decision was reached after “much discussion and careful consideration, it said.
The USD price of an index of blue-chip NFT prices on Solana since Jan. 1, 2022. Source: SolanaFloorSolana 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: CryptoSlam
