Solana’s Cardinal to Shut Down its Operation this July

[MOProgress]

Solana’s Cardinal protocol is winding down operations due to economic conditions, nearly a year after raising $4.4 million to improve nonfungible tokens (NFT) utility. According to an announcement on Twitter, withdrawals should be made by Aug. 26.

Cardinal Labs was an infrastructure provider dedicated to supporting NFT use cases on the Solana network by offering protocols and software development kits (SDKs) for staking, rentals, subscriptions, royalties and trading.

Based on the closing schedule, part of the operations will be halted on July 19, including staking pool creations, token management, NFT rentals and rental extensions, social media handles and new deposits. Withdrawals must be completed by Aug. 26... FULL DETAILS HERE

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[Ojima-ojo]

It's not surprising to see such a closer of service since the NFT market is becoming more competitive and with the recent increase in the price of most assets in the year 2023 with bitcoin taking the lead.


But then for a yield farming platform like Solana Cardinal to close business despite raising 5 million dollars plus in different fund raisins shows that the trust on centralized platforms should be reduced anyways I don't know what the impact of these actions will be on investors but in general it bad news.

[hd49728]

It's not surprising to see such a closer of service since the NFT market is becoming more competitive and with the recent increase in the price of most assets in the year 2023 with bitcoin taking the lead.

Even Coinbase seriously failed with their NFT marketplace after spending millions of dollar for development.

Coinbase's NFT Marketplace Gains Fewer Than 150 Users in First Day Open to Public
Coinbase NFT Pauses New Collection Drops, Denies Shuttering Marketplace

With such low trading volume in last 7 days on Coinbase NFT Marketplace (only $8,388), what do you think Solana NFT marketplace will survive?

[Natalim]

This is possibly going to happen from supporting NFT projects, they are not sustainable long term and they'll be losing more and more until it drains their finances.

As Solana's Cardinal announces it Shut down, we can expect more NFT projects will turn down and vanish. I feel bad about these projects during their time and I was been anticipating such situation. This seems will lead to more panic and I wasn't sure if NFT holders still have the chance to sell their coins when most exchanges are not listing them anymore.

[20kevin20]

Even Coinbase seriously failed with their NFT marketplace after spending millions of dollar for development.

It’s the result of doing it all for the hype and to roll with the waves. NFTs were only temporarily successful for this reason: people thought they’d earn a ton of money off them. If there were no NFT apes and pepes and all of that, nobody would’ve really cared. Tell everyone you can make a lot of money off Lightning and it’ll be the next hype and trend - that’s pretty much what people only care about. Especially when euphoria’s at ATH.

[dbshck]

Welp that's bad news but not unexpected, considering the current state of the NFT ecosystem in Solana. Moreover, the recent launch of Creator Studios by Metaplex seems to be the final blow. It's going to be extremely challenging (without any incentives) to keep pace with the advancements happening on Metaplex.

[mich]

Yes this is not good news for us that still hodl Solana tokens. I still can remember price of each token was $200 and I was going to sell my Eth for SOL. There was so much hype with this project and the influencers was all for it .
But just so many problems have now taken place. I do not think this token is going to be dead like other projects. But I will still hodl my SOL because it is possible we make some of our lost profits back on this project with $7.5 Billion marketcap.