A company that managed to work with the biggest entertainment names, Nifty’s announced that they are shutting down on August 3. Nifty’s was the social network and turned into Web3 creators.
In 2021, the leading businessmen, Mark Cuban and Joe Lubin, invested $10 million in the Nifty’s including investors like Coinbase Ventures and Dapper Labs.
Nifty’s also made a deal with the huge entertainment company Warner Bros. Nifty’s continues to announce deals with popular franchises, including “The Matrix” and “Game of Thrones”. However, Nifty’s posted that with “limited resources in a difficult market,” Nifty’s “pivoted to developing a platform for Web3 creators”.
The company also added, “Since then, we’ve been heads down building our new product and working on opportunities to access the capital required to keep building”.
There was an announcement from the company that they would launch the new platform which would use decentralized storage. The platform will be compatible with OpenSea, the famous NFT marketplace, and also move their digital assets to the polygon blockchain.
However, to encounter the additional backer, this plan was not enough, and as a result, that platform never came online. “Unfortunately, despite our best efforts, the investment opportunities we were working on didn’t pan out, and we now find ourselves at the end of our runway.”
The company is shutting down and tried their best to continue independently by showing its strong sale of some of its projects, including “Shark Week,” “Bullet Train,” and “Build Your Realm”. But somehow it did not work out.
To follow the project updates, the company suggests following the other Twitter accounts of NiftysMatrixAvatars, LooneyTunesNFT, and BuildYourRealm. They also added, “We decentralized all the NFT media and redistributed the NFTs on the Polygon blockchain, unless they were already on Ethereum”.
