Prominent Ethereum-based NFT platform Foundation has suddenly halted operations after digital art gallery Blackdove unexpectedly reversed its recent acquisition.
Blackdove executive Marc Billings announced the difficult decision to'pause our ongoing support of the Foundation platform' and return management to Foundation's original founder, Kayvon Tehranian, for an orderly transition.Bitcoin's Failed $75,000 Entry: What's Next? XRP's Silent Uptrend Originates, Zcash Adds 166% in Key Flow Metric: Crypto Market Review
According to Billings, Blackdove initially intended to acquire Foundation to integrate asset tokenization into its existing software infrastructure. This would make it possible for clients to browse, purchase, and display digital art. However, full due diligence was only completed after the operational handover since the nature of the deal was rather fast-paced. During this phase, Blackdove ultimately concluded that building its own proprietary marketplace was the more viable path forward.
Billings stressed that the decision had'no correlation to the demand for digital art,' noting that Blackdove's physical digital art installations are actually up 40% year-over-year.
Approximately 96% of all NFT collections are now considered'dead,' characterized by zero trading activity or meaningful community engagement.
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