Social NFT Platform Rodeo Announces Shutdown, Becoming the Second NFT Platform to Close Within a Week

Odaily News: Social NFT platform Rodeo has announced it will cease operations, becoming the second NFT platform to announce a shutdown this week. Rodeo CEO and co-founder Kayvon Tehranian stated that although the product received positive feedback from its core community, the platform failed to achieve the scale necessary for sustainability, making continued operation unfeasible.

Rodeo launched via iOS in March 2025, focusing on a social NFT collection experience that emphasized rewarding creators for content publishing rather than mere trading. The platform will maintain normal functionality from January 27th to February 10th, after which it will enter a read-only mode, and will be completely shut down on March 10th. The official team will assist users in migrating their assets and data to Arweave and will provide guidance for migrating on-chain contract assets.

Furthermore, Tehranian announced that ownership of his affiliated NFT art platform, Foundation, will be transferred to Blackdove. On the market front, the NFT industry has remained sluggish since its 2022 peak. Monthly trading volume for Ethereum NFTs has dropped from nearly $5 billion in early 2022 to approximately $159 million in January 2026. Meanwhile, Nifty Gateway has also updated its shutdown plan, extending the deadline for user asset migration to April 23rd.