The current NFT market is under multiple pressures, including vulnerability caused by excessive platform centralization, rising security and compliance risks, and an overall decline in liquidity. In the short term, NFT prices fluctuate in the 3.34×10⁻⁷ to 3.36×10⁻⁷ USDT range, lacking incremental funding to drive growth. Notably, certain niches such as real-world asset tokenization are growing against the trend, demonstrating anti-cyclical potential that differs sharply from traditional NFTs. It is recommended to strictly manage risks associated with centralized platforms, prioritize NFT niche products with real demand and asset backing, and closely monitor the ETH/BTC ratio and macro market sentiment to capture potential structural rebound opportunities.

Recently, major centralized NFT platforms, represented by Foundation, have experienced several aborted acquisition plans, operational interruptions, and eventual shutdowns. Negotiations between platform operators and third parties repeatedly stalled, resulting in frequent limitations on users’ asset utilization. Although assets remain accessible on-chain in a non-custodial model, repeated infrastructure outages expose the fragility of centralized operations, heightening market urgency for user-managed wallets and asset migration, and leading to sustained erosion of trust in platform operators.

Digital art platform Blackdove has abandoned its acquisition of NFT platform Foundation, returning ownership to founder Kayvon Tehranian and the Foundation team. The acquisition aimed to improve Blackdove's software infrastructure but was reconsidered after due diligence revealed that developing its own platform was a better approach. Foundation, founded in 2021, is known for its curatorial model and focus on high-quality digital art.

Digital art platform Blackdove abandons acquisition of NFT platform Foundation, ownership has been returned.

The Ethereum-based NFT platform Foundation halted operations after its recent acquisition by digital art gallery Blackdove was reversed. Blackdove decided to pause support and return management to Foundation's founder, citing a shift to building its own marketplace after due diligence. Despite strong demand for digital art, the NFT market faces decline, with 96% of collections inactive and a 72% market cap drop in 2025.

Ethereum-Based NFT Platform Halts Operations

Foundation, a leading Ethereum-based NFT marketplace, is shutting down after a failed sale to Blackdove. Cofounder Tehranian advised users to migrate their assets off the platform amid challenging market conditions.

Ethereum NFT Art Platform Foundation Shuts Down After Sale Falls Through

NFT platform Foundation will gradually cease operations due to an incomplete sale agreement and current market conditions. The platform's infrastructure is being shut down and cannot be restored online. As a non-custodial platform, users retain on-chain control of their assets. Foundation will maintain the media and metadata of issued assets for a year and encourages the community to secure their assets. Users can delist and retrieve NFTs stored in the market's smart contract.

The NFT platform Foundation will gradually cease operations due to unsuccessful sales.

Ethereum NFT marketplace Foundation has announced its permanent closure after a planned sale to a buyer interested in continuing operations fell through. Founder Kayvon Tehranian stated the company will not seek other buyers and has shut down the platform infrastructure with no plans to relaunch. Foundation facilitated around $230 million in primary sales and hosted notable auctions but faced challenges after a failed transfer to BlackDove, raising concerns about NFT longevity on centralized platforms.

Ethereum NFT marketplace Foundation fails to sell, announces permanent closure and cessation of all operations.

In a recent attack targeting a public address, the attacker exploited a vulnerability to mint a controversial-themed NFT to the address of a well-known crypto asset company CEO, directly linking harassing content to on-chain identity. This technical tactic expands NFT exploits from pure token theft to politicized information dissemination, showing that when public chain address visibility is combined with the visualized nature of NFTs, they can be misused for targeted harassment or spreading inappropriate content. This has further sparked dual concerns over NFT security and industry regulation.

A recent Drift Protocol hack led to a North Korean propaganda-themed NFT being minted directly to Circle CEO Jeremy Allaire’s public wallet on the Arc blockchain, marking a novel form of blockchain-based harassment. Linked to an $80 million USDC theft, this incident highlights vulnerabilities in public address systems and signals an escalation from financial theft to targeted political messaging. The event raises urgent security and regulatory challenges for the cryptocurrency industry in 2025.

Drift Protocol Hack: Shocking North Korean Propaganda NFT Targets Circle CEO in Blockchain Security Breach

In the current bear market, NFT projects previously reliant on airdrops, testnets, and interactive mechanics are fading out of view, and the overall platform is experiencing a sharp drop in activity. Statistics show that most series have become dormant, and the total market value has shrunk significantly. Market participants are shifting their focus from speculation to real value creation and community ecosystem building, with NFT project success now hinging more on long-term community engagement and content quality.

In the bear market, activities like Axie, StepN, NFT, testnets, and airdrop interactions have faded. The new trend for making money is earning through genuine contributions.

Don't say there's nothing to do in a bear market; these four types of smart people are already quietly making money.

According to SoSoValue data reported by ChainCatcher, most of the cryptocurrency market saw gains, with AI and Meme sectors showing relative strength, rising 1.08% and 1.03% respectively in 24 hours. Notable increases include 0G up 14.95%, Worldcoin up 6.58%, and MemeCore up 4.45%. Bitcoin and Ethereum experienced slight declines, falling 0.37% and 0.43%, respectively. Other sectors showed mixed performance with minor gains and losses.

Data: Most of the crypto market is up, with AI and Meme sectors relatively strong, while BTC and ETH have slightly pulled back.

In stark contrast to pure digital NFTs, the tokenization model for physical trading cards is showing steady growth. For example, with well-known collectible card games, third-party custodians hold the actual cards and issue redeemable NFTs. Weekly market sales have approached historical highs, and cumulative multi-week increases suggest that this model better meets collectors’ dual demands for liquidity and real asset security, identifying a new growth direction for the NFT market.

NFT/USDT daily candles have been consolidating within the 3.34×10⁻⁷ to 3.36×10⁻⁷ range since mid-April, recently dipping toward 3.34×10⁻⁷, with overall trading volume shrinking. This reflects strong market hesitancy. Meanwhile, the ETH/BTC ratio has rebounded to 0.0313 and shows signs of further breaking key levels. If risk-on assets continue to attract capital, the NFT sector may see a short-term sentiment uplift.

In Q1 2026, the Ethereum to Bitcoin price ratio (ETH/BTC) rebounded to 0.0313, a three-month high, indicating a recovery in the crypto market. Ethereum network users grew 82% year-on-year to 284,000, with transaction volume reaching 200.4 million. Stablecoin supply exceeded $180 billion, about 60% of the global market. Analysts suggest that if ETH/BTC closes above 0.035 weekly, it signals continued inflows into Ethereum and high-risk assets. Bitcoin remains above $74,000, supported by over $56 billion inflows into US spot Bitcoin ETFs.

Analysis: Ethereum-Bitcoin price ratio rebounds, overall crypto market recovers

NFT Protocol

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