Versum NFT Platform Announces Shutdown

BY Andrew Rossow

October 06, 2023

Versum, the NFT platform used by many artists, collectors, and Tezos NFT enthusiasts, has announced its decision to discontinue services and shut down its platform over the next few months. 

While the company didn’t cite a specific reason, the founders of Versum took to their official social media channels to express deep gratitude for the unwavering support and sheer enthusiasm that its community has provided over the years. 

Known as a pulsating hub for creativity, Versum witnessed numerous artists and collectors create, engage, and thrive. The bond, as they put it, has been nothing short of heartwarming.

“Your creativity and engagement have been the lifeblood of this marketplace, and for that, we are eternally grateful,” the X announcement read.

While the decision comes as a blow to many, the founders remain optimistic about the enduring spirit of the Versum community, hopeful that its essence will reincarnate in other innovative platforms and ventures.

To ensure a seamless transition and allow users ample time to wrap up their affairs on the platform, Versum has delineated a phased shutdown process: Starting October 20th, minting on the ITEMs contract will be discontinued. By November 1st, the creation of new market listings will come to a halt. This will be followed by the freezing of the marketplace contract on November 14th, where users will only have the ability to cancel their listings. Finally, on December 1st, the Versum website will officially cease all operations.

For those concerned about the afterlife of their Versum ITEMs, the company ensures their safety with these ITEMs will remain tradeable. Additionally, Versum has pledged to unlock these items for trade across platforms, offering adaptability for potential future marketplaces.

Finally, Versum will transfer the administration of Materia to a Decentralized Autonomous Organization (DAO), with Materia serving as the DAO’s governance token. 

By locking themselves out of other administrative privileges and lifting certain token restrictions, Versum aims to entrust the community’s future to decentralized governance.

Editor’s note: This article was written by an nft now staff member in collaboration with OpenAI’s GPT-4.

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