In a gloomy announcement, Useful, a platform dedicated to Web3 creators, has announced the termination of its activities. The decision comes after the company faced significant financial challenges, despite “their best efforts” to secure necessary investments.
Earlier this year, Nifty’s recognized the limitations of operating in a challenging market with limited resources and had strategically shifted its focus to developing a platform tailored for Web3 makers. The team had worked diligently on this new product while exploring ways to secure the capital essential for its continuation.
However, the investment opportunities they pursued did not pan out, pushing the company to the brink of its financial standing. As a result, Nifty’s has taken the difficult decision to wind down its business with immediate effect.
The announcement also addressed the concerns of the platform’s users, many of whom have accumulated a collection of NFTs, particularly the more popular projects such as The Matrix Avatars, Looney Tunes: How’s it going, block?, Game of Thrones: Build Your Empireand bullet train.
To ensure the sustainability of these projects, Nifty’s has taken proactive measures in recent weeks. The company has decentralized all NFT media and redistributed the NFTs on the Polygon blockchain, except those already on Ethereum.
For users with NFTs stored in Nifty wallets, including those from Space Jam: A New Legacy and Shark Week, the company has provided instructions to export private keys so that their collections are preserved.
In their farewell message, Nifty’s expressed deep gratitude to its partners, investors and community members. The company emphasized the privilege of being part of the Web3 story, one they believe revolves around the global realization of the potential of digital property. While Nifty’s chapter in this story has come to an end, the team remains optimistic about the future trajectory of the Web3 community.
Nifty’s made an encouraging post in early May teasing a “new platform,” with the then-current Nifty’s website phasing out on May 22.
The closing of Nifty’s serves as a poignant reminder of the unpredictable nature of the tech world, where even promising companies can face unforeseen challenges. Nifty’s legacy, especially its dedication to the user community, will undoubtedly be remembered in Web3’s history.