Overview
- Foundation, which disclosed Wednesday that Blackdove paused its acquisition and returned control to founder Kayvon Tehranian, has halted operations and begun winding down.
- The platform will keep core systems online for roughly one year so creators and collectors can migrate assets, and it will briefly restore the site only to let users delist their NFTs.
- Blackdove said a post-handover due‑diligence review changed its strategy and it will build its own proprietary marketplace rather than integrate Foundation.
- The company said the decision was not about demand for digital art installations, yet sector data show most NFT collections see no trading and that 2025 market value fell 72%.
- Launched in 2021 as an invite‑only Ethereum art market, Foundation hosted notable sales such as Nyan Cat and Snowden’s Stay Free and says it facilitated about $230 million in sales.