Foundation, one of the pioneering NFT platforms focused on digital art, has officially announced its permanent closure after a failed acquisition attempt. The platform, launched in 2021 and instrumental in defining the early NFT market boom, has taken its infrastructure offline. User NFTs remain secure as they are stored on the Ethereum blockchain: holders retain full ownership of their assets in their wallets. However, media files hosted via IPFS will no longer be managed by Foundation within one year, prompting collectors and artists to back up their data. NFTs currently listed for sale on the platform are temporarily locked in Foundation’s smart contract, with a solution to unlist them currently in development.
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