Recently there are many major changes in NFT space. While some platforms are announcing the closure of their services, on the other hand some rumors have also confused people. Recently went viral Rumor about Fund NFT In which it was said about its closure. Although there was no truth in this rumor, but now a big news has come out, which raises questions on the future of NFT Market. LG has decided to close its NFT Market, Artwork Lab. Let’s know what is the reason behind this decision and how it can affect the NFT market.
LG’s Artwork Lab NFT Market would stop
LG has announced the closure of its Artwork Lab NFT Market on 17 June 2025. The platform was launched during the NFT craze in 2022, in which users had the opportunity to buy, sell and watch digital arts on their TV screen. LG presented it as a “GroundBreaking” initiative, in which users could buy NFT using Wallypto, LG’s crypto wallet application. This platform was mainly worked on the Hedra Community, but later it was also expanded on the Ethereum.
NFT Market LG’s unsuccessful attempt
When LG launched the Artwork Lab, there was a tremendous bounce in the NFT market. The increasing popularity of digital arts and cryptocurrency inspired big companies to invest in this direction. The objective of LG was to provide users a new way to purchase high quality digital arts. However, there was no major success story for the platform after the beginning and LG stopped transactions at the Artwork Lab from 10 March. Subsequently, by April 30, users’ NFTs will be transferred to their individual wallets and the entire service will be closed by 17 June 2025.
Rumor of Fund NFT’s Close Ill
Meanwhile, the rumor of the closure of Fund NFT also went viral. It was being claimed on social media that the Fund NFT platform was closing, but its official website has denied any such news. This created a great confusion among investors and some people started thinking that the situation of many platforms in NFT space is now in danger. Although, Rumor of Fund NFT shutdown turns falseBut this is definitely a sign of a warning for the market.
NFT of X2y2 and bybit also Market Will be closed
After the closure of LG’s Artwork Lab, there are more changes in the NFT marketplace. On 30 April 2025, X2y2, which was the second largest NFT platform after Opensea, would shut down its services. Founder TP of X2y2 admitted that the platform is being closed due to network effects and declining demand. Similarly, bybit has also announced the closure of its NFT and inscription marketplace on 8 April 2025. These incidents show that the NFT market is fluctuating and many platforms have to change their strategies.
Conclusion
Amidst these changes in the NFT market, the closure of LG’s Artwork Lab is a big sign that the future of NFT is uncertain. This change has made it clear that some companies are deciding to put their resources in other areas. However, the closure of some platforms in the NFT market may be a matter of concern, but it is also a chance for companies that want to remain in this space. What will happen next in the world of NFT will be known in the future itself, but at this time it is being proved that there is a lack of stability in the market.
Also read:Bengal Police told Fund NFT Ponzi Scheme, be careful
