As a seasoned researcher who has witnessed the rise and fall of several digital projects, I find myself contemplating the fate of Hyperspace, a once-promising multi-chain NFT marketplace that has decided to part ways with Solana. The crypto landscape is a rollercoaster ride where success stories can quickly turn into memories, and this seems to be one such instance.
In simpler terms, the Hyperspace marketplace for unique digital assets built across various blockchain networks, specifically on Solana, will be closing down its operations.
On September 3, the project made an announcement, acknowledging that the choice to close its Non-Fungible Token (NFT) marketplace on the Solana network was a challenging decision they had to make. By September 17, 2024, Hyperspace intends to completely phase out their Solana service, and they recommend users to remove their NFTs from the platform before this date.
Beyond ceasing to host Solana NFTs on our site, we’re also planning to retire our Application Programming Interface (API). This change will start on September 17th, as announced by our Hyperspace team.
Though it’s tough to part ways, we take pride in our involvement in the lively community from the very start of Solana Summer. We eagerly anticipate what lies ahead!
Hyperspace Avalanche and Sui NFT marketplaces
2021 marked the debut of Hyperspace, coinciding with the surge of the NFT market post-Covid pandemic. This innovative platform garnered support from prominent cryptocurrency venture capital firms like Dragonfly, Pantera, and Coinbase Ventures.
As a researcher, I’ve observed an interesting trend in the NFT sphere: despite a general slowdown in the NFT market towards the end of 2021 and into 2022, my focus, Hyperspace, has seen remarkable growth. In contrast to Solana, the NFT marketplace on Sui (SUI) is closing down.
Are NFTs dead?
In the vast expanse of the digital collectible sector, it’s the projects like CryptoPunks, Bored Ape Yacht Club, Pudgy Penguins, and Art Blocks that continue to lead in terms of sales and volume, standing out as the most popular NFTs.
Despite efforts, the NFT market hasn’t shown significant signs of a rebound following the decline in the overall cryptocurrency market during the 2022 bear phase.
According to a recent analysis, it’s indicated that an overwhelming 96% of NFT (Non-Fungible Token) initiatives are no longer active, with approximately 43% of investors currently experiencing losses. This widespread failure has caused a significant drop in trading activity, which has negatively affected popular NFT marketplaces and aggregators such as OpenSea, Magic Eden, LooksRare, and Blur.
Despite the current downturn in the market, regulatory problems may still pose significant challenges. For instance, the U.S. Securities and Exchange Commission has recently sent an “Wells Notice” to OpenSea due to accusations that they were selling unregistered securities.
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2024-09-03 22:22