Social NFT marketplace Rodeo has announced its closure, becoming the second NFT platform to do so this week. CEO Kayvon Tehranian cited the platform's failure to achieve the scale necessary for long-term sustainability, despite resonating with its core community. Rodeo will enter read-only mode on February 10 and fully shut down by March 10. Users are advised to migrate their assets and metadata via Arweave. The NFT market continues to struggle, with Ethereum NFT trading volume in January 2026 at just $159 million, a stark contrast to the $5 billion peak in early 2022.