Key Takeaway:
- Marketplace Hyperspace shutting down its platform on Solana
- Hyperspace plans to sunset Solana offering by September 17, 2024
- Platform removing website support and API for Solana NFTs
- Hyperspace also shutting down NFT marketplace on Sui
- NFT market facing challenges amid broader crypto market slump and regulatory issues
Hyperspace Shuts Down Solana NFT Marketplace
Hyperspace, a multi-chain non-fungible token marketplace and launchpad, announced the closure of its platform on Solana, citing a difficult decision. The project will fully sunset its Solana offering by September 17, 2024, advising users to delist their NFTs before the deadline. In addition to discontinuing support for Solana NFTs on its website, Hyperspace will sunset its API starting on the same date.
Hyperspace Growth and Expansion
Launching in 2021 amidst the NFT boom following the Covid pandemic, Hyperspace quickly gained traction with backing from major crypto venture capital firms such as Dragonfly, Pantera, and Coinbase Ventures. Despite the slowdown in the NFT market in late 2021 and 2022, Hyperspace expanded rapidly. Apart from Solana, the platform is also shutting down its NFT marketplace on Sui.
The State of the NFT Market
While projects like CryptoPunks and Bored Ape Yacht Club continue to dominate the digital collectibles market, the overall NFT market has struggled to recover since the 2022 bear market. A recent report indicates that a significant portion of NFT projects are inactive, with a considerable number of holders facing losses. Regulatory concerns, including the SEC issuing a Wells Notice to OpenSea, have added to the challenges faced by NFT marketplaces and aggregators.
