a useful, an NFT platform that received investment from major companies such as Coinbase and billionaire Mark Cuban, is closing its doors. Since the beginning of 2023, the company has been trying to change the course of its business by moving to a Web3 model.
But even the search for new airs failed to support Nifty’s plans. It is worth remembering that despite the similarity in name, the company has no relation to Nifty Gateway, maintained by cryptocurrency brokerage Gemini.
In 2021, Nifty’s hit $10 million in the market, with major investors believing in the project in its seed round. Two years of a bear market have not helped the NFT sales business, which has been heavily criticized in the community for launching ugly digital assets.
What does the NFT platform say coming to an end even with contributions from Coinbase and Mark Cuban?
Before announcing the end of its business, Nifty’s had created and listed NFT options for clients. Many of them ended up being the target of criticism because the look of the digital avatars was very ugly, like an avatar that is supposed to look like Game of Thrones for example.
bruh… 🤣 pic.twitter.com/W6vxcMg5f0
—Bryan Brinkman (@bryanbrinkman) January 10, 2023
Moreover, the platform claims that it tried to raise new funds from investors, but all attempts were in vain. Now clients who have traded assets with the platform should look for other NFT marketplaces.
“Earlier this year, mindful of our limited resources in a difficult market, we focused on building a platform for Web3 content creators. Since then, we’ve been focused on building our new product and working on opportunities to access the capital we need to continue building. Unfortunately, despite our best efforts, the investment opportunities we were working on failed and we are now at the end of our road. As a result, and with a heavy heart, we are terminating our operations effective today.”
“We still believe in the future of Web3,” said the bankrupt platform
Despite the failure of its Web3 initiative with NFTs, a trend that had more momentum in the market in 2021, Nifty’s still believes in the future of the industry.
Bee farewell letter for customers, those responsible for the platform believe the community can still move forward.
“We are very grateful to our partners, investors and community members for giving us the opportunity to be a part of Web3’s history. We believe this story is about the world waking up to the power of digital ownership, and while we are deeply saddened to see Nifty’s role come to an end, we can’t wait to see how the Web3 community takes the next step. take a step.”
Customers and investors who still have money in the company’s wallets are advised to withdraw it all as soon as possible.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
