Backed core team NFF will cease operations at the end of August, and the project code will be open source

Backed, an NFT lending protocol created by former Coinbase employees, announced that its team, Non Fungible Finance (NFF), has decided to cease operations. The Backed protocol, community NFT, and paprMEME will continue to exist, and the interfaces (withbacked.xyz, papr.wtf) operated by NFF will Ends at the end of August 2023. The team said that after running for 5 months, the project concluded that there was not enough demand to maintain the interface or continue development work. The code is open source and free to use.