Hyperspace, a cross-chain NFT and launch marketplace, is shutting down its platform on Solana.
The project It was announced Hyperspace announced the closure of its NFT marketplace on Solana (SOL) on September 3, stating that the decision to close its NFT marketplace on Solana (SOL) was a difficult one. Hyperspace plans to fully terminate its Solana offering by September 17, 2024, and advised users to delist their NFTs before that date.
In addition to removing Solana NFTs website support, the platform will also discontinue its API. This will begin on September 17, the Hyperspace team posted on X.
“While this was a difficult decision to make, we are proud to have been part of this vibrant ecosystem since the beginning of Solana Summer, and we are excited for everything to come.”
Hyperspace Avalanche and Sui NFT Marketplaces
Launched in 2021, Hyperspace entered the market as the NFT boom followed the Covid pandemic. The platform has been backed by some of the biggest crypto venture capital firms in the industry, including Dragonfly, Pantera, and Coinbase Ventures.
Despite the slowdown in NFT growth in late 2021 and 2022, Hyperspace has grown rapidly. Aside from Solana, the NFT market is closing We are together (SUI).
Are NFTs dead?
In the broader digital collectibles market, projects like CryptoPunks, Bored Ape Yacht Club, Pudgy Penguins, and Art Blocks remain the top NFTs in terms of sales and volume.
However, the NFT market has failed to see any meaningful recovery since the broader crypto market stagnated during the bear market in 2022.
newly a report It is estimated that nearly 96% of NFT projects are dead, with 43% of holders currently at a loss. The drop in volume amid this collapse has impacted NFT marketplaces and aggregators, including market leaders OpenSea, Magic Eden, LooksRare, and Blur.
Beyond the bear market, regulatory issues are also likely to be a major factor. Most recently, the U.S. Securities and Exchange Commission issued a notice to OpenSea on allegations of offering unregistered securities.