Despite the fact that its recently-released second season has been considered by fans and critics alike to be a massive improvement on the first across the board, Marvel's Iron Fist has officially been cancelled by Netflix.

"Iron Fist will not return for a third season on Netflix," Marvel and Netflix told Deadline in a joint statement following a period of uncertainty regarding the show's future. "Everyone at Marvel Television and Netflix is proud of the series and grateful for all the hard work from our incredible cast, crew and showrunners. We're thankful to the fans who have watched these two seasons, and for the partnership we've shared on this series."

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While Iron Fist as a series has effectively ended, however, the statement also hinted that the character might not be done yet as far as the on-screen Marvel universe goes, stating. "While the series on Netflix has ended, the Immortal Iron Fist will live on."

Not counting The Defenders, which is currently in a state of limbo, Iron Fist is now the first Marvel Netflix original to be formally cancelled. Earlier this year, Jessica Jones was renewed for season 3 and The Punisher wrapped production on season 2. Meanwhile, we are a mere week away from the release of Daredevil Season 3 and Luke Cage is expected to be formally renewed for its own third season sometime soon.

As mentioned before, it was made clear that Danny Rand and his cohorts could return at some point in the future. However, in what form this will happen is not clear at the moment.

In addition to The Defenders, the character did make an appearance and Luke Cage Season 2 and the door is definitely open for some more Power Man & Iron Fist team-ups. Furthermore, those involved in both Iron Fist and Luke Cage have also expressed interest in putting together a proper Heroes for Hire series at some point (although nothing formal as been put in motion.)

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There is also Disney's upcoming streaming service, which is fixing to give various Marvel characters more to do. Given some time, Iron Fist and company could very well be involved. Although, it's currently too early to tell.

Ultimately, we'll simply have to wait and see what Marvel has in store for the Iron Fist mythos going forward. But if there's one thing we know for certain, is that the likes of Danny Rand, the Daughters of the Dragon and Typhoid Mary aren't exactly known for staying down long.

Out now on Netflix, Marvel’s Iron Fist Season 2 stars Finn Jones as Danny Rand, Jessica Henwick as Colleen Wing, Sacha Dhawan as Davos, Tom Pelphrey as Ward Meachum, Jessica Stroup as Joy Meachum, Simone Missick as Misty Knight, and Alice Eve as Mary Walker.