Rodeo to Shut Down Operations as NFT Market Remains Under Pressure

Social NFT marketplace Rodeo will shut down after failing to grow enough to support long term operations. The platform becomes the second NFT service this week to announce a closure as trading activity across the sector remains weak.

Rodeo launched on Apple’s iOS store in March last year. The app focused on social collecting rather than pure trading. Creators were rewarded for posting and engagement, while complex blockchain features were hidden to keep the product simple for new users.

CEO and co founder Kayvon Tehranian said in an X post on Tuesday that the platform could not reach the size needed to survive. He said Rodeo was built around the idea that collecting should feel shared and playful, not just about buying and selling. While a small group of users stayed active, overall growth stalled, making continued operation impossible.

Timeline for Shutdown and Asset Transfers

Rodeo will remain fully active between Jan. 27 and Feb. 10. After that date, the platform will move to read only mode. Full shutdown is scheduled for March 10.

The company said users will be able to move their assets and data before closure. Media and metadata can be transferred to Arweave, a blockchain data storage network. Rodeo will also release an asset migration assistant to help users move NFTs from its smart contracts to other platforms.

Foundation Ownership Changes Hands

Tehranian also announced a separate change involving Foundation, an NFT artist platform and gallery he helped launch. Ownership of Foundation is being transferred to digital art platform Blackdove.

Foundation has processed about $230 million in primary sales since launch. Tehranian said the platform will continue operating as usual, but under new leadership focused on long term stability. The project began as a test to see if artists could earn fair income online.

NFT Market Remains in Decline

The closures come as NFT trading activity remains far below its 2022 peak. At the height of the market in January 2022, Ethereum based NFTs recorded nearly $5 billion in monthly trading volume, according to CryptoSlam data. In January 2026, that figure dropped to $159.2 million.

Nifty Gateway, another major NFT marketplace from the 2021 boom, also shared an update this week. The platform said it will allow users to move media and metadata to Arweave and extended its withdrawal deadline to April 23

A bulk withdrawal tool is also in development. Nifty Gateway first announced its shutdown plans last Friday without giving specific reasons.

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