• Formfunction, an NFT Marketplace built on Solana (SOL), announced they will be closing up shop on March 29th, 2023.
• The platform had raised $5 million in NFT sales during its brief lifespan and the closure has saddened the majority of community members.
• The Solana NFT ecosystem has seen a steady decline over the past 30 days, with USD Sales Volume dipping 31.94% and Transaction Volumes decreasing 18.45%.

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

Background

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.

Closure Announcement

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.

Community Reaction

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 despondency exhibited by Formfunction team; some members are suspicious of reasons behind closure as well as Lavish lifestyles require more millions 💀 — Bullish 📈 (@Bullishhh) March 15th 2023

Solana NFT Landscape

According to data from Cryptoslam;the Solana NFT ecosystem has been in a steady decline over past 30 days with USD sales volume dipping 31.94%, transaction volumes seeing similar decrease & buyer volumes also decreased 18.45% from February 2023 nevertheless;Solana remains #3 ranked blockchain by NFT Sales Volume accumulating upward of $77million over last month at time of writing; SOL is trading at $20 .14 USD recording 92 . 23 % nosedive from all time high of $259 .29 on November 6th 2021 .

Conclusion

Considering current state of solan’s NFt Ecosystem had played an undeniable role in closure for form function ; yet future remains uncertain for solan’s NFt ecosystem & hence investors should practice caution & conduct due diligence before investing