On July 17, KnownOrigin.io announced a major decision to shut down its on-chain marketplace and mint. The move signals growing uncertainty in the NFT market, which has raised questions about the sustainability of these platforms as the industry faces mounting challenges. In the coming weeks, KnownOrigin will guide users into secondary markets, marking a key shift for the platform.
https://x.com/KnownOrigin_io/status/1813576642058698830
The impact of turning off on-chain operations
KnownOrigin’s decision to cease on-chain operations is a blow to the NFT community, which has relied on the platform to provide innovative and creative CryptoArt experiences. This unexpected development highlights deeper issues in the NFT market ecosystem, indicating that operational and sustainability challenges are becoming more apparent. While KnownOrigin has pledged continued support via its website, the news has undoubtedly shaken the confidence of artists and collectors.
Leading transformation
As KnownOrigin gradually retires its on-chain services, the platform emphasizes supporting users in the transition. However, the shift to secondary markets also brings its own set of uncertainties. Artists and collectors must adapt to a new environment, often with less direct support and more volatile market dynamics. This shift highlights the volatility and unpredictability currently plaguing the NFT space.
Changing community
The announcement highlights the unstable state of the NFT market. Once a beacon of stability and innovation, KnownOrigin is now retreating, which may reflect broader issues affecting the entire ecosystem. As more and more platforms face operational challenges, the community has begun to question the long-term viability of NFTs. While KnownOrigin is confident about CryptoArt’s future, the immediate future seems fraught with instability.
in conclusion
KnownOrigin’s decision to shut down its on-chain marketplace highlights growing concerns about the sustainability of NFT platforms. The move reflects broader operational challenges that cast a shadow over the future of NFTs. With the transformation of KnownOrigin, the CryptoArt community must deal with the uncertainty brought about by this change and question the long-term viability of the current NFT market structure.
Long story short: KnownOrigin.io is gradually shutting down its on-chain market, highlighting growing concerns about the sustainability of NFT platforms. The shift raises questions about the long-term viability of the NFT market as artists and collectors face increasing uncertainty and volatility.
