Decentralized online marketplace, Open Bazaar will be shutting down on 1st of October 2020.
They will be closing down all of their supporting services, including the Haven app that is available on Android and iOS.
Open Bazaar was a great idea but their business model was flawed. Their only selling factor was that it was a decentralized ecommerce website which is great for non-regulated market and of course, no taxes. A good ecommerce portal requires network effect.
No one would buy from a website if they do not offer a product user needs and no seller would want to sell their product on a site if there are no customers to buy their goods. Facebook marketplace is a good example of this.
In other words, had Open Bazaar marketed their product to non-regulated markets, they would have been able to find a niche for themselves. There is a reason why Silk Road was king of non-regulated market and Amazon is king of regulated market. Unfortunately, Silk Road was a decentralized marketplace like Open Bazaar, which ultimately led to its demise.
Hopefully, someone can transform Open Bazaar into a community-run open source project. Here are github links of Open Bazaar v3.0 and multiwallet.
Their official announcement asks users to make donations to keep Open Bazaar’s operations afloat. Here are their crypto addresses.
Unless they raise $100,000 through donations, they will have no choice but to close their doors forever.
We suggest Open Bazaar users to get their funds out of Open Bazaar’s wallet as-soon-as-possible until things return to normal.
Update – They have hinted about a good news. Stay tuned.