Foundation, an Ethereum-based NFT marketplace, has announced its permanent shutdown following the collapse of an acquisition deal with Blackdove. Founder Kayvon Tehranian said the platform’s infrastructure has already been taken offline and that there are no plans to relaunch the service.
Failed acquisition ended the platform’s path forward
According to the announcement, Blackdove chose not to proceed with the acquisition after completing its due diligence process. Instead, the company decided to build its own platform. That decision effectively ended Foundation’s remaining strategic option and led directly to the marketplace’s closure.
A notable player in Ethereum’s NFT market
During its time in operation, Foundation facilitated around $230 million in primary sales. The platform was one of the better-known names in Ethereum’s NFT ecosystem and played a visible role during the sector’s expansion phase. Its shutdown underscores how competition and consolidation continue to reshape the NFT marketplace landscape.
IPFS support will continue temporarily
Although the marketplace itself is no longer operating, Foundation said it will continue supporting IPFS-hosted data for one year. This provides a limited transition window for creators and collectors whose content remains tied to the platform’s decentralized storage setup.
So far, the company has not released additional details about user migration, asset handling, or alternative arrangements. For the NFT sector, Foundation’s exit marks the end of a once-prominent Ethereum marketplace.