BlockBeats News, June 11th - NFT mortgage lending platform NFTfi officially announced on Platform X that due to the NFT market downturn, the potential revenue cannot cover operating costs. They have decided to gradually shut down the project in the coming months. Starting today, the platform will no longer support new loan originations. Existing loans can be refinanced until July 31st. Borrowers can repay their loans at any time before August 31st, and all existing loans will be executed according to the original terms.

NFTfi will end its operations and take down the frontend website on August 31, 2026. The smart contracts will continue to run autonomously on the blockchain, allowing users to repay loans and claim collateral directly through the contract. Prior to the shutdown, detailed instructions for interacting directly with the smart contracts will be released, and Discord will remain open during this period to provide support.