Formfunction to Shut Down
• Formfunction, the one-on-one NFT marketplace based on the Solana blockchain, announced its plans to shut down the platform amid NFT’s trading volume and prices slump.
• The price of SOL token has also decreased significantly, currently hovering around $20 compared to January 2022 price of $100.
• Daily unique buyers for Solana NFTs have also reduced by 50%, currently standing at 5400.
What is Formfunction?
Formfunction is a one-on-one NFT marketplace based on the Solana Blockchain. It was launched in February 2022 and enabled creators to list or display their artwork on other NFT marketplaces. Unfortunately, due to low trading volume and declines in floor prices, Formfunction has decided to shut down its services from March 29th 2021 onwards.
Decline in SOL Token Price
The price of SOL token has decreased widely since January 2022, currently hovering around $20 compared to its original price of $100 which represents a fall of around 80% in SOL’s value. This could be attributed to low trading volumes and declining floor prices for NFTs which have forced Formfunction into shutting down its services.
Decline in Unique Buyers For Solana NFTs
Daily unique buyers for Solana NFTs have also been affected with CryptoSlam reporting that the figure has dropped by nearly half since early 2022 with it now standing at 5400 compared to the average of 10800 recorded at start of year. This shows that despite increased interest in digital assets like cryptocurrencies and non-fungible tokens (NFT), investors are still cautious when investing as they are not sure if these assets would retain their value over time or not.
Conclusion
As part of its disclosure, Formfunction is introducing a new tool for transferring NFTs from their platform so that creators can list their artwork on other markets before the closure date arrives. Despite this setback, Formfunction remains proud of what they achieved during their 13 months long tenure and would like to thank all those who supported them throughout this journey.
