PANews reported on April 17th that Kayvon, co-founder of the NFT platform Foundation, announced on the X platform that it will be gradually ceasing operations due to a failed sale. Foundation reached a sale agreement with a buyer earlier this year, but the transaction failed to complete as expected, and given the current market conditions, the team believes there are no other worthwhile buyers. The platform's infrastructure has been gradually shut down and it cannot be restored online.

Foundation emphasizes that it is a non-custodial platform; even if the front-end service stops operating, users' assets remain under their own on-chain control. Foundation plans to continue anchoring the underlying media and metadata of Foundation-issued assets over the next year and encourages the community to anchor their preferred assets during this period. For users who have already listed NFTs on the Foundation marketplace, their NFTs are stored in the marketplace smart contract, and the team is providing a convenient way for users to cancel listings and retrieve their NFTs.