Key Takeaways:
- MakersPlace Shuts Down: MakersPlace, a digital art NFT platform, announced its closure after six years, citing market challenges and funding difficulties.
- NFT Transition Support: Users can still buy NFTs until the platform fully closes, with a transfer tool launching in February 2025 to facilitate NFT migrations by June 2025.
- NFT Market Decline: Despite raising $30M in 2021, MakersPlace’s closure highlights the broader downturn in the NFT market, with trading volumes at their lowest since 2020.
MakersPlace, a digital art platform specializing in non-fungible tokens (NFTs), has announced its closure after six years of operation, citing challenges in the declining NFT market.
Launched in 2018, MakersPlace became a significant player during the NFT boom, raising $30 million in 2021 with support from major investors like Pantera Capital, Coinbase Ventures, and Sony Music Entertainment.
6/6 Thank You 💜
— MakersPlace 🔳 (@MakersPlace) January 16, 2025
To every artist, collector, and supporter: thank you for being part of our journey. We believe in the future of digital art and are proud to have contributed to its evolution. Follow this account for updates. 🙏
For more details, visit: https://t.co/fP6P7fJM3F
However, the NFT market’s peak in 2021-2022 was followed by a steady decline, reaching its lowest performance levels since 2020 by 2024.
The platform stopped new account registrations and minting immediately after its January 15, 2025, announcement but will allow NFT purchases until its full shutdown.
A transfer tool will be introduced in February 2025 to help users migrate NFTs, with a deadline set for June 2025.
NFTs minted on Ethereum will remain accessible on secondary marketplaces.
MakersPlace pledged to return unused funds to investors and provide severance packages for employees.
Its closure highlights ongoing struggles in the NFT industry, where several platforms have faced similar challenges.