Blackdove Reverses Foundation Acquisition, Returns Nft Platform To Kayvon Tehranian

Digital art company @Blackdoveart has reversed its January acquisition of Ethereum NFT marketplace @foundation, returning control to founder @saturnial after less than three months.

Blackdove executive Marc Billings said the company decided to build its own proprietary marketplace rather than continue supporting Foundation. He cited a fast-moving deal that only allowed for full due diligence after operational handover, at which point it became clear that developing in-house infrastructure was the more viable path forward.

Foundation is one of the longest-standing platforms in the $ETH NFT space, having generated more than $230 million in lifetime primary sales since its 2021 launch. The platform built its reputation through high-profile auctions including Edward Snowden's Stay Free, as well as works by artists Jen Stark, James Jean, and Reuben Wu.

The reversal arrives during a sustained contraction across the NFT marketplace sector. Nifty Gateway announced it was shutting down in February, and Rodeo wound down in March. Ethereum NFT trading volume stood at $159 million in January 2026, a steep decline from the near $5 billion recorded at the market's peak in January 2022.