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Ethereum NFT marketplace Foundation fails to sell, announces permanent closure and ceases all operations
ChainCatcher reports that the Ethereum NFT marketplace Foundation has officially announced its permanent closure. Founder Kayvon Tehranian posted on X stating that the platform was originally planned to be sold to a buyer interested in continuing operations, but the deal ultimately fell through, and the company decided it was not worth seeking other buyers. The platform infrastructure has been shut down, with no plans to relaunch.
In January of this year, Tehranian transferred ownership of Foundation to digital art exhibition company BlackDove, claiming the move was for the platform’s long-term development. However, BlackDove conducted a full due diligence only after completing the operational handover, ultimately determining that building a proprietary marketplace was more feasible, and the partnership was immediately terminated.
Since its launch, Foundation has facilitated approximately $230 million in primary sales and has hosted iconic auctions featuring artists such as Jen Stark, James Jean, and Edward Snowden. The closure has also reignited public doubts about the permanence of NFTs hosted on centralized infrastructure.