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Another NFT platform is closing permanently
This has been a painful week for anyone paying attention to crypto. Markets are crashing, Bitcoin is struggling to touch $90,000. Almost every day of this week has brought news of another platform winding down, another product going dark.
On Jan. 19, on-chain analytics firm Elliptic reported that Tudou Guarantee, a Telegram-based illicit crypto marketplace, had shut down operations. Tudou had emerged as a dominant hub in Southeast Asia’s scam economy after the earlier closure of Huione Guarantee.
Days later, Nifty Gateway, once one of the most recognizable names of the NFT boom, confirmed it would shut down its marketplace. The announcement was met with frustration and criticism from users concerned about withdrawals and access to assets.
Entropy followed. Founded in 2021, Entropy positioned itself as a decentralized self-custody solution built on advanced cryptography and multiparty computation.
And now, Rodeo
On Jan. 27, Web3 social collecting platform Rodeo announced it would shut down operations, joining a growing list of crypto-native products.
In a statement shared by Rodeo and its CEO Kayvon (@saturnial), the team said the decision followed months of internal deliberation after the platform failed to reach the scale needed to remain sustainable, despite strong engagement from its core community.
Rodeo positioned itself as a social-first NFT platform, focusing on short-form media, expressive collecting, and community interaction rather than speculative trading. The team said that while the product “resonated deeply with a committed community,” it ultimately “didn’t grow to the scale required for the platform to be sustainable long-term.”
“That reality doesn’t diminish what this community created,” Rodeo wrote. “This community showed up every day. You created work, supported one another, and collected and curated thoughtfully.”
Structural timeline
As part of the wind-down, Rodeo announced a structured shutdown timeline and tools designed to help users preserve their work and assets. According to the announcement:
Rodeo said users will be able to migrate media and metadata to Arweave for long-term preservation, as well as transfer assets held in Rodeo’s smart accounts using a dedicated migration assistant.
The company framed the shutdown as a reminder of the durability of onchain creation.
This article has been published in thestreet.com via Yahoo News.
Another NFT platform is closing permanently
This has been a painful week for anyone paying attention to crypto. Markets are crashing, Bitcoin is struggling to touch $90,000. Almost every day of this week has brought news of another platform winding down, another product going dark. On Jan. 19, on-chain analytics firm Elliptic reported ...
finance.yahoo.com
