- NFT marketplace Nifty’s has halted operations without prior notice of such a move
- The platform boasted of digital collectibles associated with popular names such as Game of Thrones and was backed by Joe Lubin and Dapper Labs among others
- NFTs previously hosted on the platform can be moved to other NFT exchanges like OpenSea
NFT marketplace Nifty’s has halted operations without prior notice of such a major move. The platform boasted digital collectibles associated with popular names such as Game of Thrones and was backed by Ethereum co-founder Joe Lubin, Dapper Labs and Coinbase Ventures among others. Users holding NFTs previously hosted on the marketplace are free to move them to other exchanges supporting Ethereum and Polygon-based collectibles.
A Difficult market with Limited Resources
According to Nifty’s, the decision was influenced by “limited resources in a difficult market.” In a tweet, the platform revealed that its efforts to expand its products to include a go-to platform for web3 creators failed to materialize, adding that it was also unable to attract more funding to keep building.
Nifty’s Update
Earlier this year, mindful of our limited resources in a difficult market, we pivoted to developing a platform for Web3 creators. Since then, we’ve been heads down building our new product and working on opportunities to access the capital required to keep…— Nifty’s (@Niftys) August 3, 2023
The project’s website is inactive with a message that Nifty’s will phase out its current website for a new platform on May 22. The marketplace migrated some of its artworks to the Polygon blockchain making it easier for collectors to move them to other marketplaces, an indication that the decision to windup wasn’t an abrupt one for the team.
NFT Projects Live On
NFT projects hosted on Nifty’s like Game of Thrones, Looney Tunes and The Matrix will live on as independent projects. Some of these projects have appreciated the NFT exchange’s role in shaping them while disclosing that they are “excited about the future and the flexibility of web3,” adding that they’re ready to explore the web3 world.
We have enjoyed building communities with fans, and continue to be excited about the future, and the flexibility, of web3. We’re dedicated to exploring the next evolution of our programs. Stay tuned for updates, we’ll be sure to keep you posted. https://t.co/fhj5fodLrj
— LooneyTunesNFT (@LooneytunesNFT) August 3, 2023
Nifty’s decision to shut down comes at a time when other web3 platforms are heavily slashing their workforce to survive the prolonged bear market.
As crypto winter continues to bite, it’s likely more web3 projects will either reach the end of their runway or reduce their workforce.
