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ToggleLootex, a well-known multi-chain NFT trading market in Taiwan , released a farewell announcement today (23rd) to the community entitled "An Unforgettable Adventure: A Last Letter to the Lootex Community", officially announcing that it will end its NFT market operations on April 4, 2026.
This Web3 startup, founded in 2018 and inspired by the movie "Ready Player One," ultimately succumbed to the challenges of the environment after accompanying players and collectors for eight years.
Unable to withstand the market downturn, Lootex announced a phased shutdown.
In its official announcement, Lootex acknowledged that this was a difficult decision. The global NFT market landscape has undergone dramatic changes over the past two years, and after careful consideration, the team believes that ceasing operations is the most appropriate decision given their inability to continue providing the high-quality experience the community deserves.
To give users ample time to prepare, Lootex has released a detailed exit schedule (all times are UTC+8 Taiwan time):
- March 27: The functions of listing and minting new assets were disabled.
- March 31: Market trading functions (including buying, selling, and bidding) will be completely suspended. All active listing orders will be automatically cancelled, but ongoing on-chain transactions will not be affected.
- April 4: The Lootex official website was officially taken offline, with only a static FAQ page remaining for reference.
Asset Decentralization: NFTs are secure; revoking authorization is recommended.
Regarding the asset security issue that users are most concerned about, the Lootex team reassured them: "You don't need to take any emergency action; your NFTs are absolutely safe."
The official statement emphasizes that Lootex has always adopted a non-custodial model and has never held or held any user assets. All NFTs are securely stored in the user's personal wallet and exist on eight blockchains, including Ethereum, Polygon, BNB Chain, Arbitrum, Base, Mantle, and Soneium, and are entirely under the user's control.
For future trading needs, Lootex recommends that users switch to compatible platforms such as OpenSea, Magic Eden, Blur, or Element Market to continue trading. Meanwhile, as a Web3 security practice, Lootex strongly encourages users to use tools such as Revoke.cash to check and revoke any token approvals previously granted to Lootex smart contracts as a precaution.
The platform token (_2024111120232_) can still be traded on exchanges.
For holders of the platform's native token $LOOT, the announcement states that the token essentially exists on the blockchain and is therefore unaffected by the platform's shutdown. It can still be deposited, withdrawn, and traded normally on the Gate exchange.
Looking back on its eight-year entrepreneurial journey, Lootex has achieved many remarkable records, including partnerships with more than 50 blockchain games, support for up to 29,000 NFT series, connection of more than 140,000 unique wallet addresses, and in-depth collaborations with well-known IPs such as the Palace Museum, the movie "The Great Thief" and Memeland.
"This has been an unforgettable adventure," the Lootex team wrote at the end of their letter, expressing their deepest gratitude to all the community members who minted, listed, collected, and believed in their vision: "The mission that digital ownership should be real, portable, and permanent remains important. Your NFT will always belong to you."
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