Rodeo becomes 2nd NFT platform to announce closure this week

Social NFT marketplace Rodeo has go the 2nd NFT level this week to denote its closure amid a pugnacious marketplace clime for nonfungible tokens.

Rodeo launched via Apple’s iOS store successful March past twelvemonth and was designed to beryllium a social-media-focused NFT collecting platform, with an accent connected creators getting rewarded for posting implicit purely buying and selling NFTs. 

It utilized analyzable crypto and blockchain features to marque it elemental for mainstream users. 

However, Rodeo CEO and co-founder Kayvon Tehranian said successful an X station connected Tuesday that the level had struggled to standard capable to go sustainable. 

“We believed collecting could beryllium playful and communal — not conscionable transactional. That content guided each merchandise determination we made,” helium wrote, adding: 

“Ultimately, Rodeo didn’t execute its halfway objective. While the merchandise resonated profoundly with a committed community, it didn’t turn to the standard required for the level to beryllium sustainable long-term. Because of that, continuing to run Rodeo is not possible.”

Source: Kayvon Tehranian

Moving forward, Rodeo has outlined a program for users to determination their assets and information to different platforms. Firstly, users volition beryllium capable to transportation media and metadata to the blockchain information retention level Arweave.

Rodeo volition besides supply an plus migration assistant, guiding users connected however to transportation assets from the platform’s astute contract. 

Between Jan. 27 and Feb. 10, Rodeo volition proceed to relation arsenic usual, but from Feb. 10, the level volition power to read-only mode. By March 10, Rodeo volition beryllium switched disconnected completely. 

This isn’t the lone organizational displacement Tehranian has made this week, revealing connected Tuesday that ownership of the NFT creator level and assemblage Foundation is being transferred to integer creation level Blackdove. 

Tehranian said the task started arsenic an experimentation to spot if artists could beryllium reasonably compensated for their enactment online, and oversaw $230 cardinal worthy of superior income since launch. 

The laminitis said the level volition proceed arsenic normal, but nether a enactment committed to the semipermanent future.

The NFT marketplace has been successful a escaped autumn since the large clang successful 2022, with lone abbreviated terms spikes and nary sustained marketplace resurgence. At the marketplace highest astir January 2022, Ethereum hosted astir $5 cardinal worthy of NFT trading volume, according to CryptoSlam data. 

In January 2026, however, Ethereum had seen conscionable $159.2 cardinal worthy of NFT trading volume. 

Nifty Gateway updates wind-down plan

Meanwhile, Nifty Gateway, 1 of the biggest marketplaces to look arsenic portion of the aboriginal NFT marketplace roar successful aboriginal 2021, has provided an update connected its winding-down process aft caller assemblage feedback. 

In a station connected X connected Tuesday, Nifty Gateway besides said it volition utilize Arweave for users to transportation media and metadata. Additionally, the level is extending its deadline for moving assets to a 90-day window, ending connected April 23 alternatively of Feb. 23. 

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“We are moving connected a bulk withdrawal instrumentality for our customers who person aggregate NFTs connected our level and volition beryllium rolling it retired soon with plentifulness of clip to usage the instrumentality earlier the April 23 deadline,” Nifty Gateway said. 

The level initially announced plans to adjacent down connected Friday, but did not explicitly outline the reasons why. 

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