The Solana-based non-fungible token (NFT) marketplace, Solsniper, announced on Friday that it will be closing after 3.5 years of service, which includes stopping NFT listings and ceasing bids.
The platform is set to officially close on June 13, 2025, at 12 PM PST, according to a post on X.
“We will automatically remove all NFTs from the Sniper Marketplace, cancel existing bids, and refund any bid/order balances to your wallets,” the announcement stated.
The NFT team mentioned that they would keep the rewards leaderboard data for future incentive programs, stating, “We don’t intend to stop innovating anytime soon.”
Solsniper initially launched as an analytics tool for NFT traders and subsequently expanded to include a mobile app, NFT aggregator, and marketplace.
Only NFT Offerings Are Ending: Solsniper Clarifies
The founder and CEO of the platform further clarified that the entire company is not shutting down, just its NFT-related services.
“To clear up any confusion, we are NOT closing as a business; we are only ceasing all NFT-related products,” he explained.
Solsniper acknowledged the struggle to run the NFT marketplace sustainably and reassured users that refunds would be credited back to their wallets.
Additionally, the CEO highlighted that Solsniper has already introduced a Telegram trading bot, web trading terminal, and AI trading assistant for memecoins.
While the shutdown may not significantly impact Solana as a whole, it could lead to a temporary decline in NFT trading volume as users look for alternative platforms.
NFT Trading Volumes Decrease
In April, two prominent NFT marketplaces, Bybit and X2Y2, announced their closures due to decreasing interest and trading volume in NFTs. Bybit explained that it is shutting down to simplify its offerings.
Just before closing, Bybit experienced a major security breach, resulting in a loss of nearly $1.5 billion to North Korean hackers. Previous marketplace exits led to brief dips; however, they did not significantly affect overall growth.
According to DappRadar data, NFT trading volumes have decreased by 63% since December 2024.
“Although NFTs showed signs of recovery in recent months, their momentum has slowed since the beginning of the year,” remarked DappRadar analyst Sara Gherghelas.
This post, titled SOL-Based NFT Marketplace ‘Solsniper’ Clarifies Shutting Down Only NFT Products, first appeared on Cryptonews.
