Formfunction’s Demise: Solana (SOL) NFT Marketplace Takes a Hit

  • 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.

The Solana (SOL) ecosystem is struggling to keep its head above water following the collapse of FTX. Amidst SOL fluctuations, decreased non-fungible token (NFT) sales, and declining interest, another Solana-based platform is closing up shop.

The latest one to bite the dust is Solana-based NFT marketplace Formfunction. On March 15th, 2023, the platform announced it will be “shutting down on Wednesday, March 29th.”

Formfunction’s closure will occur only 13 months after the marketplace launched and one year after it got seed funding. The platform raised $5 million USD in NFT sales during its brief lifespan.

Nevertheless, launching and building in a bear market took its toll on the Formfunction team, according to Crypto Magellan.

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.

However, the current state of the Solana NFT ecosystem has played an undeniable role in the closure of Formfunction.

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 the #3 ranked blockchain by NFT Sales Volume, accumulating upward of $77 million over the last month. 

At the time of writing, SOL is trading at $20.14 USD, recording a 92.23% nosedive from its all-time high of $259.29 on November 6th, 2021.

Considering the platform’s prosperous past, it appears that the demise of Formfunction is a product of circumstance, as the platform has failed to outlast the bearish trend of the market.

On the Flipside

  • Ethereum (ETH), the first-ranked blockchain platform by NFT sales volume, has seen a decline of 12.69% over the past 30 days.
  • High-volume Solana projects like Magic Eden, DeGods, and y00ts have all announced plans to expand their horizons beyond the Solana network.

Why You Should Care

Solana (SOL) is the third-ranked blockchain platform by NFT sales volume. The network’s struggle to bounce back after FTX proves to be a domino effect still in motion after the FTX disaster.

Read more about Solana’s founder:
Anatoly Yakovenko: The Founder of Solana

Read about the latest developments on Cardano (ADA):
Will Voltaire Catalyze Cardano’s (ADA) Long-Awaited Breakout?

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Written by on 2023-03-17 11:00:00.

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