PANews reported on June 11 that NFTfi, an NFT-backed lending platform, announced it will gradually shut down its operations over the next few months and plans to close its front-end website app.nftfi.com on August 31, 2026. Effective immediately, the platform will cease issuing new loans. Existing loans can be refinanced for up to 30 days per cycle until July 31, and borrowers can repay at any time before August 31, 2026. The official statement indicated that the shrinking NFT market has resulted in insufficient potential revenue to cover operating costs. However, deployed smart contracts will continue to operate independently on-chain, allowing users to still repay loans and withdraw staked NFTs through contracts. Related operational guidelines will be released before the shutdown.