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Announcement: Suspension of Flowty Services 📢 [Part 1 of 2]
Flowty Community,
The Flowty team has spent much of the last few months evaluating the best path forward for the platform. We have been building Flowty for over five years, and the platform has been live for over four years. We have a truly incredible community and feel fortunate to have the unwavering support and loyalty of so many of you. You took a chance on a grassroots platform built by Flow community members, and we are forever grateful.
Unfortunately, the reality for Flowty is that the addressable market for NFT services platforms is significantly smaller than it once was and what we imagined it could become. Without structural changes or external support, there is simply not enough volume for Flowty to sustainably operate, let alone thrive.
Next Steps
As a result, we will be pausing most Flowty services while we evaluate strategic alternatives. The following are the steps we are taking for each of Flowty’s core services. Please continue reading to the next section if you would like to support our efforts to resume operations.
Sales Marketplace
Effective in 24 hours
👉 Flowty users will no longer be able to add new sales listings to the marketplace
👉 Existing sales listings will be removed from the marketplace
Loan Marketplace
Effective today
👉 The max loan duration has been reduced from 180 days to 90 days
Going forward
👉 Over the next few weeks, we will reduce the max loan duration to 60 days, then 30 days and ultimately remove the ability to post new loan listings
👉 Borrowers will still be able to repay loans at any time throughout this process
Rationale
👉 We understand that many borrowers utilize a refinancing strategy in which existing loans are repaid with new loans
👉 We want to give those borrowers time to manage and unwind their loan portfolios before loan operations are formally suspended
Rentals
Effective in 24 hours
👉 Flowty users will no longer be able to add new rental listings to the marketplace
👉 Existing rental listings will be removed from the marketplace
Launchpad
Effective in 24 hours
👉 The launchpad feature will be suspended
We understand that this will come as a surprise to some and may be disappointing to those who rely on Flowty. We did not take this decision lightly and wish things had turned out differently. We also believe that, with your help (see below), there may still be a path to restoring services in the future.
Flowty Community,
The Flowty team has spent much of the last few months evaluating the best path forward for the platform. We have been building Flowty for over five years, and the platform has been live for over four years. We have a truly incredible community and feel fortunate to have the unwavering support and loyalty of so many of you. You took a chance on a grassroots platform built by Flow community members, and we are forever grateful.
Unfortunately, the reality for Flowty is that the addressable market for NFT services platforms is significantly smaller than it once was and what we imagined it could become. Without structural changes or external support, there is simply not enough volume for Flowty to sustainably operate, let alone thrive.
Next Steps
As a result, we will be pausing most Flowty services while we evaluate strategic alternatives. The following are the steps we are taking for each of Flowty’s core services. Please continue reading to the next section if you would like to support our efforts to resume operations.
Sales Marketplace
Effective in 24 hours
👉 Flowty users will no longer be able to add new sales listings to the marketplace
👉 Existing sales listings will be removed from the marketplace
Loan Marketplace
Effective today
👉 The max loan duration has been reduced from 180 days to 90 days
Going forward
👉 Over the next few weeks, we will reduce the max loan duration to 60 days, then 30 days and ultimately remove the ability to post new loan listings
👉 Borrowers will still be able to repay loans at any time throughout this process
Rationale
👉 We understand that many borrowers utilize a refinancing strategy in which existing loans are repaid with new loans
👉 We want to give those borrowers time to manage and unwind their loan portfolios before loan operations are formally suspended
Rentals
Effective in 24 hours
👉 Flowty users will no longer be able to add new rental listings to the marketplace
👉 Existing rental listings will be removed from the marketplace
Launchpad
Effective in 24 hours
👉 The launchpad feature will be suspended
We understand that this will come as a surprise to some and may be disappointing to those who rely on Flowty. We did not take this decision lightly and wish things had turned out differently. We also believe that, with your help (see below), there may still be a path to restoring services in the future.
