Hyperspace, a non-fungible token marketplace and multi-chain launch pad, is shutting down its platform on Solana.
The project announced this on September 3, noting that the decision to close the NFT marketplace on Solana (SOL) was difficult. Hyperspace plans to completely discontinue the Solana offering by September 17, 2024 and has advised users to delete their NFTs before this date.
In addition to removing website support for Solana NFTs, the platform will also deprecate its application programming interface. This starts on September 17, as the Hyperspace team posted on X.
“While it is a difficult decision to make, we are proud to have been a part of this vibrant ecosystem since Solana Summer first began, and we are excited about all that is to come.”
Hyperspace Avalanche and Sui NFT marketplaces
Hyperspace launched in 2021 and hit the market just as the NFT boom followed the Covid pandemic. The platform boasted the backing of some of the largest crypto venture capital firms in the industry, including Dragonfly, Pantera and Coinbase Ventures.
Despite a slowdown in NFTs in late 2021 and 2022, Hyperspace grew rapidly. Aside from Solana, the NFT marketplace is shutting down for Sui (SUI).
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Are NFTs dead?
In the broader digital collectibles market, projects like CryptoPunks, Bored Ape Yacht Club, Pudgy Penguins, and Art Blocks remain top NFTs in terms of sales and volume.
However, the NFT market has not seen a meaningful recovery since the broader crypto market’s slump during the 2022 bear market.
A recent report shows that nearly 96% of NFT projects are dead, while 43% of holders are currently at a loss. Drops in volume due to this collapse have impacted NFT marketplaces and aggregators, including market leaders OpenSea, Magic Eden, LooksRare, and Blur.
Aside from the bear market, regulatory issues are also likely to be a major factor. Recently, the U.S. Securities and Exchange Commission issued a Wells Notice to OpenSea over allegations of offering unregistered securities.
Read more: NFT bubble burst: monthly sales and transactions crash
