Rodeo has announced it will shut down operations, becoming the second NFT platform this week to close amid a prolonged downturn in the non-fungible token market.
The social NFT marketplace, which launched on Apple’s iOS store in March last year, was built around creator rewards and communal collecting rather than pure NFT trading.
Rodeo chief executive and co-founder Kayvon Tehranian said the platform failed to reach the scale needed to remain viable despite strong engagement from a core user base.
“Ultimately, Rodeo didn’t achieve its core objective,”
Tehranian said, adding that while the product resonated with a committed community, it could not grow enough to be sustainable long term.
The company said users will be able to migrate their NFTs, media and metadata to Arweave, with an asset migration assistant guiding transfers from Rodeo’s smart contracts.
Rodeo will operate normally until Feb. 10 before switching to read-only mode, with a full shutdown scheduled for March 10.
The closure follows a similar move by Nifty Gateway, highlighting ongoing pressure across the NFT sector after trading volumes collapsed from nearly $5 billion on Ethereum in early 2022 to about $159 million in January 2026.
At the time of reporting, Ethereum price was $2,994.10.