Cardinal is winding down operations nearly a year after raising $4.4 million to improve NFT use cases on Solana.
Solana's Cardinal protocol is winding down operations due to economic conditions, nearly a year after raising $4.4 million to improve nonfungible tokens utility. According to an announcement on Twitter, withdrawals should be made by August 26.
Cardinal Labs was an infrastructure provider dedicated to supporting NFT use cases on the Solana network by offering protocols and software development kits for staking, rentals, subscriptions, royalties and trading.After a lot of reflection, we’ve decided to begin the process of winding down our protocols.
"We’ve done our best to navigate this incredibly difficult macroeconomic environment since we began building 18 months ago, but like for many others, it has been challenging," said the Cardinal's team on Twitter, adding that while NFT-based products have seen some real traction, they remain"stuck in the context of the crypto maximalist community."$4.
Another $750,000 was raised from Neo Ventures in pre-seed funding in 2021. In total, Cardinal's secured $5.2 million in funding over the course of 18 months, with over 65,000 NFTs staked on the protocol as of July 2022.to a recent report from DappsRadar, the NFT market had a good start to the year, with Q1 2023 being the best quarter since Q2 2022. Although March saw a decrease in trade volume, the overall performance remained strong due to intense competition between NFT marketplaces.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
New deBridge Feature Lets Solana Users Easily Access Any Ethereum-Based BlockchaindeBridge said the feature was the first time a Solana user could access Ethereum Virtual Machine-based blockchains, such as Arbitrum, without relying on derivative tokens or wrapped tokens, which present a security risk.
Leer más »
Azuki 'Elementals' NFT Mint Sells Out in 15 Minutes, Raking in $38M.Azuki's latest NFT collection “Elementals” sold out in 15 minutes, bringing in $38 million from the presale mint. camgthompson reports
Leer más »
Web3 Payment Firm Crossmint Launches Wallet-as-a-Service to Expand NFT Use Cases.crossmint is launching its NFT wallet-as-a-service, allowing brands to send NFTs via email and generate backend wallets for collectors. camgthompson reports
Leer más »
Azuki NFT collections ends Elemental mint with $37.5 millionThe mint, which for the first 20 minutes was only open to Azuki or BEANZ holders, minted all 10,000 NFTs before it opened to the public.
Leer más »
Azuki NFT Prices Slide 44% After Creator Releases 'Basically Identical' ElementalsFloor prices of the popular Azuki NFT collection slid 44% in the past 24 hours amid community complaints that some Elementals NFTs are too similar to the original collection. By shauryamalwa
Leer más »