Just when the market was recovering and everyone seem to be excited about what goodness awaits us in the coming months, the news of Form Function shutting down all its operations hits. Form fynction is regarded as the biggest NFT marketplace on Solana blockchain and had been the most interesting marketplace on the blockchain with regards to sales, user activities and UI of the platform. Why this came as a shock was also because they didn't publicly declare any struggles prior to shutting down and still didn't give the main reaon for them shutting down. Some oeople speculate they were in debt, others think they weren't making as much money as before and some others believe it is because of how they've lost faith in the Solana blockchain itself especially because of the decline lately.. Last year, about $3 million was donated by the solana community to Form Function and so people expected they were doing just fine .
I personally have some artworks minted on Solana via Form Function but I'll be burning them and then minting on Objt for the Tezos blockchain as I already have quite a reputation there as an artist and more potential collectors. Objt is also my most prefered option right now because of the new developments that now allows users to buy collectibles with Ethereum.
Every single user of Form Function has been affected by this news in one way or another. But most users are moving their activities to Exchange art which is the second biggest NFT marketplace on the Solana blockchain. The issue with Exhange art however is that it wasn't a great place for 1/1s NFTs as there weren't many big time collectors there. But it has a reputation for edition pieces and projects. Perhaps this event would make more big collectors focus on exhange Art.
The news of Form Function shutting down came as a shock to everyone and I hope everyone affected recovers from this quickly.
FormFunction was not even close to being the biggest NFT marketplace on Solana... though they did raise $7Million not even a year before they shut down