Nifty’s, Who Previously Released Warner Bros. NFTs, Abruptly Shuts Down
Nifty’s, a NFT social platform backed by Mark Cuban and Joe Lubin, known for releasing Warner Bros. NFTs, is abruptly shutting down after failing to gain further capital for their transition to a platform for Web3 creators.
Nifty’s was a company who previously acted as a social marketplace releasing NFTs for famous franchises, including ones from Warner Bros., before deciding to make the switch to developing a platform for Web3 creators earlier this year, but it seems we won’t see that new face come to light, as the company has just abruptly shut down.
The Twitter/X announcement notes how the company attempted to make the switch with “limited resources in a difficult market” in mind, working on both building the new platform while looking for ways to raise capital in an effort to continue development. However, the “investment opportunities” didn’t come to fruition, resulting in the company’s closure.
Nifty’s is known for working with various brands to release a variety of different NFTs, including The Matrix Avatars and Game of Thrones: Build Your Realm, among others. The announcement states that the team has been working in the last few weeks on making sure “those projects could live on,” regardless of the state of the company. As such, they’ve managed to decentralize all NFT media as well as redistribute NFTs on the Polygon network, “unless they were already on Ethereum.” Holders of NFTs from Warner Bros. projects are encouraged to follow relevant Twitter profiles for updates, while owners who have NFTs in Nifty’s wallet, such as Space Jam: A New Legacy and Shark Week, are asked to follow instructions for exporting private keys using a link found in the announcement down below.
The NFT social platform received backing from Mark Cuban and Joe Lubin in 2021, which was followed by a $10 million raise in a seed round featuring investors such as Dapper Labs and Coinbase Ventures.