Foundation 🌐@foundation
Dear Foundation Community,
We are in the midst of a transformational shift in digital art adoption. Installations are up 40% year-over-year at Blackdove as the medium becomes an everyday part of life across homes, offices, and hospitality properties in an increasingly elevated way. The unfortunate news we must share has no correlation to the demand for digital art.
For a combination of reasons, we have made the difficult decision to pause our ongoing support of the Foundation platform and return management to Kayvon and his team for an orderly transition.
Our intent in acquiring Foundation was to complete the Blackdove software infrastructure with asset tokenization. Blackdove requires a fully integrated infrastructure that allows clients to browse, purchase, and display digital art seamlessly to deliver the level of service our clients demand. The acquisition of Foundation was intended to solve the purchasing layer of that experience. Due to the fast-moving nature of the acquisition, full due diligence was only able to be completed post-operational handover. During this phase, it became evident that building our own marketplace is the path that makes the most sense for where we are taking the company.
Kayvon and the Foundation team have been handed back the keys to the platform and have already begun making accommodations to serve you as a community. We want to be clear: their team did an incredible job working alongside us throughout this process, and we wish them — and all of you — the very best.
Stay tuned to @blackdoveart for updates on our continued journey.
Warm regards,
Marc Billings
Blackdove
