Tezos NFT Marketplace Versum Shuts Down Due to Declining NFT Market Conditions
In Brief
Versum, the NFT platform built on the Tezos blockchain, has announced its closure.
While the exact reasons weren’t disclosed, the Versum team expressed deep gratitude to its community for their support, creativity, and enthusiasm.
A phased shutdown plan has been outlined, ensuring users’ assets remain tradable in a decentralized manner.
Versum, the NFT platform and metaverse built on the Tezos blockchain, is shutting down. The announcement comes after careful consideration and evaluation, leaving the Versum community with a bittersweet farewell.
After a period of contemplation and reflection, the Versum team reluctantly decided to cease platform operations. While the exact reasons for this closure were not disclosed in the announcement, the team expressed their deep gratitude to the community for their unwavering support, creativity, and enthusiasm that made Versum a thriving space for artists, collectors, and Tezos NFT enthusiasts.
As per DappRadar’s data, Versum has witnessed a notable decline in trading activity. Over the past week, trading volume plummeted by nearly 50%, while in the past months, both transaction numbers and unique active wallets remain well below the 100 mark.
The team underscored that they made this decision thoughtfully, expressing optimism that the community spirit would persist through alternative means.
To facilitate a smooth transition, Versum has outlined a phased shutdown plan:
- On October 20, the ability to mint on ITEMs contract will be disabled.
- Starting from November 1, creating new market listings will no longer be possible.
- On November 14, the marketplace contract will be frozen, allowing only the cancellation of listings.
- Finally, on December 1, the site will be taken offline, marking the end of Versum’s journey.
The team also reassured users that users’ Versum ITEMs would remain safe and tradable in a decentralized way even after the platform’s closure, indicating that any future marketplace could list them.
In addition, administrative control over Materia (Versum’s utility token) will be handed over to a DAO that uses Materia as its governance token, ensuring decentralization and community governance.
CryptoSlam data shows that Tezos currently ranks 13th in blockchain NFT sales volume.
Assessing the NFT Market in the Wake of Versum’s Shutdown
The NFT market continues to grapple with a crisis characterized by dwindling interest and sluggish trading volumes. According to data shared by nft now, NFT sales have seen a significant decline, dropping 8.7% from $4.2 billion in September 2021 to $3.8 billion in October 2023. There has been a consistent six-month decline in monthly NFT trading from February to August 2023, with August 2023 being the most challenging month, seeing a fourfold decrease to $500 million compared to February 2023.
Furthermore, September 2023 recorded the lowest NFT sales since January 2021, with total sales of $294 million.
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
