NFT Paris, Europe’s biggest annual conference for the Web3, NFT, and digital ownership community, has been cancelled just a month before it was set to open at the Grande Halle de la Villette. The organizers said that current market conditions made the event financially impossible.

“The [crypto and NFT] market collapse hit us hard,” NFT Paris’ founder, Alexandre Tsydenkov, wrote on LinkedIn on Tuesday. “Despite drastic cost cuts and months of trying to make it work, we couldn’t pull it off this year.”