Cardinal, Solana's NFT Protocol, To Cease Operations In Coming Months | Bitcoinist.com

Bitcoinist
Bitcoinist

29 Jun 2023 11:00 PM

Solana's Cardinal protocol, known for its innovative introduction of "conditional ownership" has made the decision to cease its operations....

  • Solana's Cardinal protocol, known for introducing "conditional ownership" in NFTs, is ceasing its operations due to poor economic conditions.
  • The protocol secured $4.4 million in funding, co-led by Protagonist and Solana Ventures, with participation from other industry entities.
  • Cardinal Labs played a crucial role in fostering the growth of NFTs on the Solana network by offering diverse protocols and SDKs.
  • Despite funding efforts and some real usage of their products, Cardinal faced challenges in achieving product-market fit.
  • Users have been advised to withdraw their assets from the platform within a two-month notice period.

The sentiment of the article is negative, as it discusses the closure of Solana's Cardinal protocol due to poor economic conditions and the challenges faced in achieving product-market fit.

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You May Ask

Why is Solana's Cardinal protocol ceasing its operations?How much funding did Cardinal secure for enhancing the utility of NFTs?What role did Cardinal Labs play in fostering the growth of NFTs on the Solana network?What challenges did Cardinal face in achieving product-market fit?What is the timeline for users to withdraw their assets from the platform?

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