The NFT collateral lending platform NFTfi will cease operations on August 31

The NFT collateral lending platform NFTfi officially announced on the X platform that due to the shrinking NFT market leading to potential revenue not covering operational costs, it has decided to gradually shut down the project over the next few months.

Starting today, the platform will no longer support the initiation of new loans, and existing loans can be refinanced before July 31. Borrowers can repay loans at any time before August 31, and all existing loans will be executed under the original terms.

NFTfi will cease operations on August 31, 2026, and the front-end website will be taken offline. The smart contracts will continue to operate autonomously on-chain, and users can thereafter repay loans and claim collateral directly through the contracts. Before the shutdown, the official will release detailed instructions for direct interaction with the smart contracts, and Discord will remain open during this period to provide support.