FormFunction, which sells irreplaceable tokens (NFT) in Solana, a company's headquarters, has announced that FormFunction, which is only 13 months old, will close its stores because of plummeting prices and turnover in Solana's NFT.

On March 15th, FormFunction announced that it would be "closed" on March 29th, calling it "unable to continue to operate". The statement said the decision was made after "several exchanges and careful consideration".

The statement did not reveal the exact reason for shutting down the site.

FormFunction's director of community street marketing, under the pseudonym Columbus, tweeted on March 15 that the founder and team would "become a new goal, most likely outside the data encryption [and] Sol space," but could not provide further details.

Cointelegraph contacted FormFunction founders Seitlin and Catherine Liu for comment, but did not immediately receive a text message.

The market closed more than a year ago after its launch on February 3, 2022. According to Columbus, although it experienced a "brutal stock market bear market" during that period, it also launched a $5 million sales business.

Shortly after its launch, the site still raised $4.7 million in seed equity financing in March 2022, led by venture capital firm Variant Fund, and other venture capital firms Solana Ventures, Canonical Crypto, Pear VC, Palm Tree Crew Crypto and OpenSea Ventures also provided assets.

Since the launch of FormFunctions, a larger range of Solana NFT interior space has declined significantly in terms of sales volume and cost price, while the price of SOL has also dropped significantly.

The "blue chip stock" NFT index on the company's block chain has fallen 75 per cent in dollar terms since the beginning of February 2022, according to SolanaFloor, a Solana NFT data aggregator.

Solana NFT's daily customer count has also slowed in the past 12 months. According to CryptoSlam, the only customer per day at this stage is about 7000, which seems to be half the average number of customers at the beginning of 2022.

Since the launch of FormFunction, the price of SOL has also fallen sharply. At the beginning of 2022, Sol traded at about $100; it has fallen by more than 80% to about $19 after writing.

Sol's price was hit hard by the collapse of FTX in November 2022, and has not been seduced ever since. Rob Bankman-Fried, founder of FTX, was an early investor in Solana blockchain technology.

The first collectibles of the NFT series products produced by Solana seem to be leaving behind such a platform.

Last December, two of the best performing new Solana NFT projects, DeGods and y00ts, announced that they would build road bridges with Etherum and Polygon to "seek new opportunities" and allow the collection to grow steadily.