socializing $NFT Marketplace Rodeo is now #2 $NFT The platform is expected to announce its closure this week amid challenging market conditions for non-fungible tokens.
Rodeo was released via Apple’s iOS Store last March and was designed to be social media-focused. $NFT It is a collection platform that focuses on earning rewards for creators posting rather than purely buying and selling NFTs.
We have taken the power of complex cryptography and blockchain to make it simple for mainstream users.
However, Rodeo CEO and co-founder Kayvon Tehranian said in an X post on Tuesday that the platform is struggling to scale enough to become sustainable.
“We believed that collections could be more than transactional; they could be playful and collaborative. That belief guided every product decision we made,” he added.
“Ultimately, Rodeo failed to achieve its core purpose. While the product resonated with a passionate community, it did not grow to the scale necessary for the platform to be sustainable in the long term. As a result, it is impossible for Rodeo to continue operating.”
sauce: Kayvon Teheranian
Going forward, Rodeo has outlined plans for users to move their assets and data to other platforms. First, users will be able to transfer media and metadata to blockchain data storage platform Arweave.
Rodeo also offers an asset migration assistant that guides users on how to migrate assets from the platform’s smart contracts.
From January 27th to February 10th, Rodeo will continue to function normally, but starting February 10th, the platform will switch to read-only mode. By March 10th, Rodeo will be completely turned off.
This is not the only organizational shift Tehran has made this week, with Iranian ownership revealed on Tuesday. $NFT The artist platform and gallery Foundation will be transferred to the digital art platform Blackdove.
Teheranian said the project began as an experiment to see if artists could be fairly compensated for their work online, and has generated $230 million worth of primary sales since its launch.
The founders said the platform will continue as usual, but under leadership with a long-term future in mind.
of $NFT Since the crash in 2022, the market has been in free fall, with only short-term price spikes and no sustained market recovery. At the market peak around January 2022, Ethereum was worth around $5 billion. $NFT Trading volume, according to CryptoSlam data.
However, as of January 2026, there were only $159.2 million worth of assets in Ethereum. $NFT Trading volume.
Nifty Gateway updates exit plan
Nifty Gateway, on the other hand, is one of the largest marketplaces that came up as part of the initial offering. $NFT As we prepare for the market boom in early 2021, we have provided an update on the process of ending it following recent community feedback.
In a post to X on Tuesday, Nifty Gateway also said that users will utilize Arweave to transfer media and metadata. Additionally, the platform has extended the asset transfer deadline by 90 days, ending on April 23rd instead of February 23rd.
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Nifty Gateway said in a statement: “We are working on developing a bulk withdrawal tool for customers who hold multiple NFTs on our platform and will roll it out soon with sufficient time to use the tool before the April 23 deadline.”
The platform initially announced plans to shut down on Friday, without giving a clear reason why.
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