Ethereum NFT Marketplace Foundation Fully Shuts Down After Blackdove Deal Collapse

Ethereum-based NFT marketplace Foundation has fully shut down after digital art firm Blackdove abandoned its acquisition and returned control to founder Kayvon Tehranian. Operations halted on April 16 amid due diligence revealing NFT sector fragility, including a 72% market cap drop in 2025 and 96% of collections with zero activity; Foundation processed $230 million in primary sales since 2021, highlighted by Edward Snowden's 'Stay Free' NFT at ~2,200 ETH. The closure reinforces OpenSea's 73% dominance and signals ongoing consolidation, pressuring ETH-linked NFT demand and liquidity.