Foundation, a Prominent NFT Platform of the 2021 Boom, Shuts Down After Failed Sale
Foundation, a curated Ethereum-based NFT marketplace launched in February 2021 by Kayvon Tehranian and Matthew Vernon, is shutting down after a planned sale to digital art display company Blackdove collapsed. Tehranian announced on X that Foundation has begun a wind-down process, keeping the infrastructure supporting its NFTs active for a one-year window while urging users to migrate off the platform. Foundation reported facilitating $230 million in sales since launch and hosted high-profile auctions including Chris Torres’s Nyan Cat (about $600,000) and Edward Snowden’s Stay Free, which sold for 2,224 ETH. Blackdove said it paused the acquisition after completing due diligence post-handover and returned management to Tehranian, who cited the weak market and lack of viable buyers as reasons the platform cannot continue.
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This story was covered in Museum Power Plays, Digital Dreams Collapse