Project Openbazaar was an idea presented at the Bitcoin Hackathon held in Canada back in 2014 and was to operate as a decentralized open-source marketplace for the crypto-users. The very first version of the Openbazaar was launched back on 4th of April 2016. Before the launch, it was among one of the most anticipated open-source marketplaces where products were launched by the cryptocurrency industry. The news of Openbazaar’s launch was all over the internet in the form of public as well as analyst discussions, and commentators talking about its potential and future. The very first crypto source that shared its review on the Openbazaar project was news.Bitcoin.com.
Since its launch, Openbazaar was operating and providing users the opportunity to buy stuff with their cryptocurrencies for the past five years. Openbazaar was programmed to run on the peer-to-peer solution in order to facilitate the cryptocurrency exchanges to allow their users to make transactions through the exchanges.
However, it was shocking news for the supporters and users of the Openbazaar as well as the cryptocurrency market. The OB1’s CEO Brian Hoffman and the development team at the Project Openbazaar recently made an announcement that what they started back in 2014 now had seemed to come to a temporary stop. To give the backdrop, it was something that brought a revolution to the world economy by launching a platform that ran solely on the cryptocurrency payment methods instead of the traditional government-issued currencies.
Hoffman also added to the announcement by stating that Openbazaar will remain closed until the supporting community of the cryptocurrency and Openbazaar does not come together and help OB1 to raise enough funds, which would help them in keeping the project alive and keep growing to the level they were supposed to be achieving in the first place.
The development and marketing team of the Openbazaar project also stated that the main reason behind the temporary closure of the project is that they were not able to achieve the required user benchmark and level of adoption that they had speculated at the start of the project. This is the reason why Openbazaar tried its best to keep operating even with really low funds and now that the funds are running on fumes, they have no other choice but to put a temporary closure to the project until they are able to achieve the required number of funds to re-open Openbazaar.
After the announcement was made, the entire cryptocurrency community was left in a state of awe. Many followers praised the amount of efforts that the Openbazaar and OB1 teams had put in to keep the ball rolling for such a long time.
However, there are still chances of Openbazaar coming back online as the Openbazaar and OB1 teams left donation addresses that could help the project make a comeback. These addresses go to the currencies such as ETH, BCH, LTC, ZEC, and BTC.