Solana-based (SOL)protocol Cardinal, which pioneered “conditional ownership” in NFTs, has announced that it would end operations effective August 26.
The team cited the “incredibly difficult macroeconomic environment” as its reason, according to a June 28 Twitter thread.
“We’ve done our best to navigate this incredibly difficult macroeconomic environment since we began building 18 months ago, but like for many others, it has been challenging.”
Cardinal stated that the adoption of blockchain technology by the world’s industries was coming slowly despite some of its products having “some real usage.” It said:
“While we’ve seen some real usage of our staking, rentals, and identity products, we continue to feel like they’re stuck in the context of the crypto maximalist community.”
While conceding that blockchain adoption would continue to grow, its team further highlighted its struggles to find product market fit, adding that its team members “are feeling the
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