- Solana-based NFT marketplace FormFunction has announced that it will be shutting down on March 29.
- Despite the closure, the team behind FormFunction expressed gratitude to the Solana community for their support and enthusiasm for the project.
Solana-based NFT marketplace FormFunction has announced that it will be shutting down on March 29. In a blog post, the team behind the project cited “technical limitations” as the primary reason for the decision to close down.
FormFunction was launched in December 2021 and quickly gained popularity within the Solana ecosystem. The platform was designed to make it easy for creators to mint and sell NFTs, with a focus on digital art and collectibles. However, the team soon ran into issues with the technical infrastructure that underpinned the platform.
According to the blog post, FormFunction relied heavily on a third-party service provider to handle key aspects of its functionality. However, the service proved to be unreliable and caused numerous problems for the platform’s users.
In addition, the team found that they were unable to implement certain features and improvements that they had planned due to the limitations of the platform’s architecture.
Despite these challenges, the team behind FormFunction expressed gratitude to the Solana community for their support and enthusiasm for the project. They also emphasized that the decision to shut down was not taken lightly and was made after careful consideration of all available options.
We have some sad news to share today—Formfunction is shutting down on Wednesday, March 29th.
This was an extremely difficult decision; however, after much discussion and careful consideration, we’ve come to the conclusion that we cannot continue to operate Formfunction.
— Formfunction (@formfunction) March 15, 2023
To facilitate easy listing on other platforms, Formfunction encouraged creators to download their hashlists and de-list their pieces before the deadline. The business stated that, while the end has arrived, the crew remains enthusiastic about the 1/1 art ecosystem and will continue to support creators in the sector.
SOL’s price has plummeted by more than 80% since the launch of Formfunctions, from over $100 at the start of 2022 to around $20 at press time. Because FTX creator Sam Bankman-Fried was one of the first investors in the Solana blockchain, the fall of FTX in November 2022 had a significant impact on SOL’s pricing.
The closure of FormFunction is a reminder that building decentralized applications (dApps) can be a complex and challenging process. While the Solana blockchain has gained a reputation for its speed and scalability, it is still a relatively new technology that is evolving rapidly. As a result, developers are likely to encounter technical hurdles and limitations as they build on top of the platform.
However, it should also serve as a reminder of the importance of experimentation and innovation in the blockchain space. As the Solana ecosystem continues to grow and evolve, we can expect to see many more exciting developments in the world of decentralized applications and NFTs.