Oh no, Fotopedia is shutting down. First, the mandatory "Who the hell is Fotopedia?"
But then the translation: Hype-speak "We truly believe in the concept of storytelling but don't think there is a suitable business in it yet." translates to "Apple or Google or anyone else with more money than sense failed to offer us billions of $$$ for our little toy, so anyone who backed us with their IP can't play with us any more."
As to the quickness of a ten day window, I don't think that is a real issue. Anyone foolish enough to not have retained copies of their images that they store with Fotopedia may lose them, but they gain an important life lesson in return.