PANews reported on January 28th that, according to Cointelegraph, social NFT platform Rodeo has announced its phased shutdown, becoming the second NFT platform to announce its closure this week. Launched in March of last year through Apple's iOS App Store, the platform focused on a social-centric NFT collecting experience.

The platform's co-founder and CEO stated that despite the product's popularity within the core community, it failed to achieve the scale required for sustainable operation and therefore could not continue operating. The platform will remain operational from January 27th to February 10th, after which it will switch to read-only mode and shut down completely on March 10th. Rodeo has developed a user asset and data migration plan, including support for transferring media and metadata to the storage platform Arweave, and providing an asset migration assistant to guide users in transferring assets out of the platform's smart contracts.