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Ethereum NFT Marketplace Foundation Permanently Shuts Down After Failed BlackDove Acquisition

GateNews
ethereum news
ETH-1.98%
FIL-1.93%

Gate News message, April 17 — Ethereum NFT marketplace Foundation has permanently shut down following the failure of its proposed acquisition by digital art platform BlackDove. The platform’s infrastructure has been taken offline with no plans for restoration, according to The Defiant.

Foundation founder Kayvon Tehranian stated that the company had hoped to continue operations through the sale, but the transaction did not materialize. The team determined there was no business case for pursuing alternative buyers. Foundation had facilitated approximately $230 million in primary sales during its operation.

BlackDove decided to pivot to building a proprietary marketplace after completing comprehensive due diligence following the operational handover. Foundation will maintain one year of fixed service for media and metadata hosted on IPFS, though users must independently cancel listings and withdraw their NFT assets.

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