Ethereum-Based NFT Platform Halts Operations

Cover image via depositphotos.com Backing out The downfall of the NFT industry Advertisement The digital art community was jolted early this morning after the prominent Ethereum-based NFT platform Foundation halted its operation. This was due to the reversal of its recent acquisition by digital art gallery company Blackdove. Backing out 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. HOT Stories Hayes Questions If Bitcoin Bottom Is In Bitcoin's Failed $75,000 Entry: What's Next? XRP's Silent Uptrend Originates, Zcash (ZEC) 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. Advertisement 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. You Might Also Like Sat, 03/18/2023 - 09:00 How NFTs are Reinventing the Digital Economy By Guest Author 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. Advertisement The downfall of the NFT industry Approximately 96% of all NFT collections are now considered "dead," characterized by zero trading activity or meaningful community engagement. Total market capitalization for NFTs experienced a massive 72% collapse throughout 2025. It is worth noting that bad taking investor funds and abandoning projects has severely eroded public. #Ethereum News