TechFlow News, April 17: According to The Defiant, the NFT marketplace Foundation has permanently shut down following the collapse of its planned sale to digital art display company BlackDove. Its platform infrastructure has been taken offline, with no current plans for relaunch.
Kayvon Tehranian, Founder of Foundation, stated that the company had originally hoped to extend operations through the sale, but the transaction failed to close, and the team concluded there was no further need to seek alternative buyers. Foundation previously facilitated approximately $230 million in primary sales.
The report notes that after completing operational handover and conducting comprehensive due diligence, BlackDove decided instead to build its own proprietary marketplace. Foundation also announced it will continue providing a fixed one-year service for media and metadata hosted on IPFS; users must manually cancel their listings and withdraw their NFT assets.
