Social NFT platform Rodeo has announced its closure, becoming the second NFT platform to do so this week. Rodeo CEO and co-founder Kayvon Tehranian stated that despite positive feedback from its core community, the platform failed to achieve the scale required for sustainability, making continued operation unfeasible. Launched on iOS in March 2025, Rodeo focused on a social NFT collecting experience, emphasizing rewards for content creation rather than simple trading. The platform will maintain normal functionality from January 27th to February 10th, then enter read-only mode, and will completely shut down on March 10th. The platform will assist users in migrating their assets and data to Arweave and provide guidance on contract asset migration. Additionally, Tehranian announced that ownership of his NFT art platform, Foundation, will be transferred to Blackdove. At the market level, the NFT industry has been sluggish since its peak in 2022, with monthly Ethereum NFT transaction volume falling from nearly $5 billion at the beginning of 2022 to approximately $159 million in January 2026. Meanwhile, Nifty Gateway has updated its shutdown plan, extending the user asset migration deadline to April 23.