Solana marketplace specializing in state-of-the-art, single-edition NFTs, Formfunction, raised almost $5M in funding last year. Many would see this as an excellent start to success. Unfortunately, however, the company today announced its closure.
Quick Takes:
- Formfunction revealed its shutting down on March 29, despite raising almost $5M last year.
- The company revealed the news via a blog post and tweet. However, neither explain the exact reasons behind this decision. The announcements focus on the company’s achievements and offers current members support instead.
- Despite the closure, members of the marketplace will remain having full ownership of their NFTs.
Why Formfunction Bites the Dust
After launching in February 2022, Formfunction secured $4.7M in seed funding the following month. Variant Fund spearheaded the funding round, followed by Solana Ventures, OpenSea Ventures, Pear VC, Canonical Crypto, and Palm Tree Crew Crypto.
Since last spring, the NFT market has undergone some notable changes. Nevertheless, the broader market has seen billions of dollars worth of organic NFT trading volume each month. Some of the most significant NFT projects, like Bored Ape Yacht Club and Crypto Punks, generate hundreds of millions of dollars worth of sales, showing the potential of NFTs, therefore, marketplaces alike.
Nevertheless, Formfunction is not holding out hope of catching up with Ethereum-based NFTs any longer. Today, the company announced via a blog post and on Twitter that it’s calling it a day on March 29:
Neither the blog post nor the tweet explains the exact reasons for the company shutting down. Instead, Formfunction discusses its achievements and offers members support. Consequently, members still completely own their NFTs.
Formfunction is also making it easy for members to export a hashlist of NFTs created, so they can display and sell their digital assets on a platform of their choice.
Subscribe to the NFT Lately newsletter to receive news covering the latest NFT-related drops, releases, reviews, and more.
