Ethereum NFT marketplace Foundation has announced its permanent closure. According to ChainCatcher, founder Kayvon Tehranian revealed on X that the platform was initially intended to be sold to a buyer interested in continuing its operations, but the deal fell through, leading the company to decide against seeking other buyers. The platform's infrastructure has been shut down with no plans to relaunch.

In January, Tehranian transferred ownership of Foundation to digital art display company BlackDove, citing the move as beneficial for the platform's long-term development. However, after completing the operational handover, BlackDove conducted a thorough due diligence and concluded that building its proprietary marketplace was more feasible, leading to the termination of their collaboration.

Since its launch, Foundation facilitated approximately $230 million in primary sales and hosted notable auctions featuring artists like Jen Stark, James Jean, and Edward Snowden. The closure has reignited concerns about the durability of NFTs hosted on centralized infrastructures.