Solana NFT marketplace Formfunction has announced that it will close on March 29, saying it “cannot continue to operate.” The market is set to close after only 13 months of operation.

Formfunction closes the action

In a March 15 blog post, Formfunction informed its users that the decision to close the marketplace came after “much discussion and careful consideration.”

The post went ahead to thank the creators who supported the platform, though it didn’t give reasons for shutting it down.

However, the company assured creators that they still fully own the NFTs in what they called “the beauty of Web 3.” It added that it makes it easy to export a hash list of all NFTs so creators can continue to showcase and sell their work on other platforms.

The platform will run until March 29, after which users will not be able to access their website.

Urge creators to cross NFTs off the list

Formfunction called on creators to download their hash listings and cancel their lot listings before the deadline to ensure ease of listing on other platforms.

The company said that although the end has come, the team is still excited about the Art 1/1 ecosystem and will continue to encourage creators in the space.

Formfunction’s head of community and marketing, “Magellan” as he’s known, said in a March 15 tweet that the founders and team are looking forward to working outside of the crypto space.

Despite being part of the company since the launch, Magellan said he only learned of the news about a week ago. He added that he made lifelong friendships with the creators, and it wasn’t easy saying goodbye to the product the company had worked so hard to build together.

Solana NFT prices are plummeting

Since the launch of Formfunctions in February 2022, the price and volume of Solana NFTs have decreased. The daily numbers of NFT buyers have also fallen in the past year.

The price of SOL is down over 80% since Formfunctions launched from around $100 at the start of 2022 to around $20 at press time.

The fall of FTX in November 2022 greatly affected the price of SOL, given that FTX founder Sam Bankman-Fried was one of the first investors in the Solana blockchain.