We have #some sad news to share today—#Formfunction is shutting down on Wednesday, March 29th.

#Formfunction to shutter #marketplace amid Solana NFT slumpNEWS

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#Formfunction, a Solana (SOL)-based, nonfungible token (NFT) #marketplace, has announced it is closing up shop after only 13 months of operation amid a slump in Solana NFT prices and trading volumes.

We have #some sad news to share today—#Formfunction is shutting down on Wednesday, March 29th.

We have #some sad news to share today—#Formfunction is shutting down on Wednesday, March 29th.

#Formfunction (@formfunction) March 15, 2023

The exact reason for closing the #platform was not disclosed in the announcement.

Without saying exactly why, #Formfunction — a Solana-native NFT marketplace — said it's going to shut up shop by the end of March after being in #operation for just over a year. 

SOL’s price has also tanked since #Formfunction’s launch. At the start of 2022, SOL traded at around $100; it has now fallen over 80%, at time of #writing trading around $19.

Cointelegraph contacted #Formfunction’s cofounders — Matt Lim and Katherine Liu — for #comment but did not immediately receive a response.

#Formfunction’s head of #community and marketing, known by their pseudonym “Magellan,”

On March 15, #Formfunction announced it was “shutting down” on March 29, saying it “cannot #continue to operate.”