Structure, among the better-known Ethereum-based non-fungible token (NFT) markets of the 2021 boom, is closing down after the sale that was expected to keep it running broke down.
Kayvon Tehranian, Structure’s creator and CEO, required to X on Wednesday to reveal the market’s closure following an unsuccessful acquisition by the digital art circulation platform Blackdove.
Although Tehranian did not straight point out Blackdove, he stated the initial objective of the sale was to make sure the platform would continue running under brand-new ownership. “That’s no longer possible,” he stated, including that Structure is not in a position to bring the market back online.
Structure later on stated the website would quickly return so users might delist NFTs, in a message signed by the Blackdove group.
The shutdown highlights the continuous decrease in NFT trading activity considering that the 2021 boom, as lower liquidity has actually left less independent markets able to endure.
Structure increased in the 2021 boom
Structure was released in early 2021, recording an enormous year for tokenized digital art, when some NFTs cost as much as $69 million each.
According to Blackdove, the platform helped with more than $230 million in main sales for artists worldwide, hosting NFT sales for artists like Jen Stark, James Jean and Reuben Wu.
Structure likewise ended up being a location for digital art by United States whistleblower Edward Snowden, whose NFT piece “Stay Free” cost about 2,200 Ether (ETH) in 2021, worth approximately $5 million at the time.
As wider NFT activity cooled after peaking in 2022, platforms like Structure dealt with diminishing liquidity and less sustainable deal circulations. Blackdove at first revealed Structure’s acquisition in early 2025, with the platform revealing transitioning ownership a year later on.
NFT market debt consolidation deepens
Structure’s closure contributes to a growing list of NFT platforms that have actually closed down or rotated far from trading digital art just recently, with the sector’s market cap falling back to pre-hype levels seen in 2021 since February 2026.
Mint Blockchain, an NFT-linked facilities network constructed on Ethereum, likewise revealed Friday that it has actually stopped operations and advised users to withdraw possessions.
This year alone, a minimum of 2 other NFT platforms revealed they were unwinding operations, consisting of Gemini exchange-backed Nifty Entrance and the social NFT platform Rodeo.
MakersPlace closed down amidst decreasing NFT activity in 2015, while X2Y2 injury down and rotated far from NFTs. Crypto exchange Bybit has actually likewise closed its NFT market as trading volumes fell.
Related: Yuga Labs settles claim versus artists implicated of copying its NFTs
OpenSea has actually stayed the dominant NFT market regardless of the wider decline, representing more than 73% of all activity throughout the sector at publishing time, with competitors from competitors such as Blur, according to DefiLlama.
In spite of the sharp decrease in NFTs, some market figures, consisting of Animoca Brands chairman Yat Siu, forecasted that the sector might recuperate and reach brand-new all-time highs.
Publication: Your guide to enduring this mini-crypto winter season