Tezos NFT Marketplace Versum Closes Its Doors Amidst Challenging NFT Market Trends
In Brief
Versum, the NFT platform anchored on the Tezos blockchain, has officially announced its impending closure.
While the specific reasons for this decision were not explicitly outlined, the team at Versum took a moment to express their sincere appreciation to the community for their immense support, creativity, and enthusiasm.
A comprehensive plan for the shutdown has been laid out, designed to ensure that users' assets remain tradable in a decentralized format.
Versum , the NFT hub and metaverse associated with the Tezos blockchain , is set to shut down. This decision follows a thorough evaluation, leaving the Versum community with a poignant farewell.
After much reflection and consideration, the Versum team has made the tough decision to end their platform's operations. Although the reasons for this closure weren't detailed in their announcement, the team conveyed their heartfelt gratitude for the enduring support, creativity, and enthusiasm from the community that turned Versum into a vibrant venue for artists, collectors, and NFT fans on the Tezos blockchain.
As per DappRadar’s data , Versum has recently experienced a substantial drop in trading activity. In the last week, trading volume has decreased by nearly half, and both transaction counts and unique active wallets have consistently remained below 100 over recent months.
The team emphasized that this careful decision was made thoughtfully, expressing hope that the spirit of the community will continue through other channels.
To ensure a seamless transition, Versum has detailed a phased shutdown strategy:
- Starting on October 20, the minting capability on ITEMs contracts will be disabled.
- From November 1 onward, the option to create new market listings will be discontinued.
- On November 14, the marketplace contract will be frozen, allowing only listing cancellations to occur.
- Finally, on December 1, the site will go offline, marking the conclusion of Versum’s journey.
The team also reassured their users that Versum ITEMs would remain secure and tradable in a decentralized manner even post-closure, suggesting that any forthcoming marketplaces could potentially list them.
Moreover, control over Materia (the utility token of Versum) will be transitioned to a DAO, which will utilize Materia as its governance token, promoting decentralization and community involvement in decisions.
CryptoSlam data shows Currently, Tezos ranks 13th in terms of blockchain NFT sales volume.
Evaluating the NFT Market After Versum's Closure
The NFT landscape is still facing significant challenges, marked by a drop in interest and sluggish trading figures. Recent statistics indicate that NFT sales have seen a considerable decline, falling 8.7% from $4.2 billion in September 2021 to $3.8 billion in October 2023. A persistent drop in monthly NFT trading was observed from February to August 2023, with August experiencing a dramatic reduction to $500 million—down from February's figures. nft now Additionally, September 2023 marked the lowest sales for NFTs since January 2021, with total sales clocking in at $294 million.
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Disclaimer
In line with the Trust Project guidelines Agne is a journalist who covers emerging trends and developments in the metaverse, AI, and Web3 for the Metaverse Post. With a passion for storytelling, she's conducted numerous interviews with industry experts, always in pursuit of captivating narratives. Agne holds a Bachelor's degree in literature and possesses a broad background in writing across various subjects such as travel, art, and culture. She has also volunteered as an editor for an organization advocating for animal rights, working to raise awareness on pressing welfare issues. Reach out to her at
