Rodeo Shuts Down Amid Weak NFT Demand
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 1h ago- Market Pressure Intensifies: Rodeo's announcement to shut down operations highlights the ongoing low trading activity in the NFT sector since the 2022 market crash, prompting several platforms to exit to protect user assets.
- User Migration Plan: Rodeo has outlined an asset migration plan utilizing the Arweave blockchain to support users in safely transferring their NFTs after February 10, ensuring that users can retain their digital assets before the closure.
- Operational Mode Shift: The platform will switch to read-only mode after February 10 and plans to fully shut down by March 10, aiming to minimize disruption for users during the transition period while providing clear guidance.
- Industry Consolidation Trend: The closures of Rodeo and Nifty Gateway illustrate the accelerating consolidation in the NFT market, as both platforms, which thrived during the NFT boom, now face the same market realities that hinder their long-term sustainability.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
