Rodeo becomes 2nd NFT platform to announce closure this week
Social NFT market Rodeo has develop into the second NFT platform this week to announce its closure amid a troublesome market local weather for nonfungible tokens.
Rodeo launched through Apple’s iOS retailer in March final yr and was designed to be a social-media-focused NFT accumulating platform, with an emphasis on creators getting rewarded for posting over purely shopping for and promoting NFTs.
It utilized advanced crypto and blockchain options to make it easy for mainstream customers.
Nonetheless, Rodeo CEO and co-founder Kayvon Tehranian stated in an X submit on Tuesday that the platform had struggled to scale sufficient to develop into sustainable.
“We believed accumulating might be playful and communal—not simply transactional. That perception guided each product determination we made,” including:
“In the end, Rodeo didn’t obtain its core goal. Whereas the product resonated deeply with a dedicated group, it didn’t develop to the size required for the platform to be sustainable long-term. Due to that, persevering with to function Rodeo isn’t doable.”
Supply: Kayvon Tehranian
Transferring ahead, Rodeo has outlined a plan for customers to maneuver their property and knowledge to different platforms. Firstly, customers will be capable to switch media and metadata to the blockchain knowledge storage platform Arweave.
Rodeo may even present an asset migration assistant, guiding customers on tips on how to switch property from the platform’s sensible contract.
Between Jan. 27 and Feb. 10, Rodeo will proceed to operate as traditional, however from Feb. 10, the platform will change to read-only mode. By March 10, Rodeo will likely be switched off fully.
This isn’t the one organizational shift Tehranian has made this week, revealing on Tuesday that possession of the NFT artist platform and gallery Basis is being transferred to digital artwork platform Blackdove.
Tehranian stated the venture began as an experiment to see if artists might be pretty compensated for his or her work on-line, and oversaw $230 million price of major gross sales since launch.
The founder stated the platform will proceed as regular, however underneath a management dedicated to the long-term future.
The NFT market has been in a free fall because the main crash in 2022, with solely quick value spikes and no sustained market resurgence. On the market peak round January 2022, Ethereum hosted nearly $5 billion price of NFT buying and selling quantity, in response to CryptoSlam knowledge.
In January 2026, nevertheless, Ethereum had seen simply $159.2 million price of NFT buying and selling quantity.
Nifty Gateway updates wind-down plan
In the meantime, Nifty Gateway, one of many largest marketplaces to emerge as a part of the early NFT market growth in early 2021, has offered an replace on its winding-down course of after current group suggestions.
In a submit on X on Tuesday, Nifty Gateway additionally stated it should make the most of Arweave for customers to switch media and metadata. Moreover, the platform is extending its deadline for transferring property to a 90-day window, ending on April 23 as an alternative of Feb. 23.
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“We’re engaged on a bulk withdrawal software for our prospects who’ve a number of NFTs on our platform and will likely be rolling it out shortly with loads of time to make use of the software earlier than the April 23 deadline,” Nifty Gateway stated.
The platform initially introduced plans to shut down on Friday, however didn’t explicitly define the explanation why.
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