Ethereum NFT platform Foundation shuts down after failed Blackdove sale
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Foundation, a well-known Ethereum-based NFT marketplace launched in early 2021, is shutting down following a failed acquisition by digital art platform Blackdove. Kayvon Tehranian, Foundation’s founder and CEO, announced the closure on X after the original plan to maintain operations under new ownership fell through. The site will briefly reopen to allow users to delist NFTs before fully shutting down.
Why it matters
The shutdown highlights the continued decline in NFT trading activity and liquidity since the 2021 boom, causing several independent marketplaces to close or pivot away from NFT trading. The source suggests this reflects broader market consolidation and shrinking transaction flows within the NFT sector.
Key context
Foundation gained prominence during the 2021 NFT boom by facilitating over $230 million in primary sales and hosting works by notable artists including Edward Snowden, whose NFT sold for about 2,200 ETH. After peaking in 2022, NFT activity waned significantly, leading to reduced sustainability for platforms like Foundation. Blackdove initially announced Foundation’s acquisition in early 2025 with plans to transition ownership by 2026, but the deal ultimately failed.
Key numbers and entities
Foundation facilitated more than $230 million in primary NFT sales. Edward Snowden’s NFT “Stay Free” sold for roughly 2,200 ETH (about $5 million at the time). Major entities mentioned include Foundation, Blackdove, Mint Blockchain, Nifty Gateway, Rodeo, MakersPlace, X2Y2, Bybit, OpenSea, and Blur. OpenSea accounted for over 73% of NFT marketplace activity at the time of reporting.
What remains unclear
Details on why the acquisition by Blackdove failed are not provided. The exact timeline for Foundation’s final shutdown and the long-term plans for its user base or assets remain unspecified. The source does not comment on potential regulatory or strategic reasons behind the platform closures.