Odaily reported that NFT-backed lending platform NFTfi announced on X that it has decided to gradually shut down the project over the coming months. The team said the decision was made because the contraction of the NFT market has left potential revenue unable to cover operating costs.
Starting from the date of the announcement, NFTfi no longer supports the creation of new loans. Existing loans may be refinanced until July 31, and borrowers may repay their loans at any time before August 31. NFTfi said all existing loans will continue to be handled under their original terms.
The platform will end operations and take its front-end website offline on August 31, 2026. After that date, NFTfi’s smart contracts will continue to run autonomously on-chain, allowing users to repay loans and claim collateral directly through the contracts. Before the shutdown, the team said it will publish detailed instructions for interacting directly with the smart contracts, while Discord will remain open during the period to provide support.