Nikolas Sargeant
MakersPlace, a digital art platform specializing in non-fungible tokens (NFTs), is shutting down after six years of operation, citing ongoing market challenges and funding difficulties. The platform, which launched in 2018, will disable new accounts and minting immediately, although users can still purchase NFTs until the closure is complete.
A transfer tool will be launched in February, allowing users to move their NFTs until June 2025, after which the platform will shut down entirely. MakersPlace raised $30 million in funding from high-profile investors like Pantera Capital and Coinbase Ventures in 2021, but the recent market slump has made continued operations unsustainable.
NFT Market Decline and Kraken’s Marketplace Shutdown
MakersPlace’s closure is part of a broader trend of declining interest in NFTs, which have faced a significant downturn since their peak in 2021. The NFT market reached record highs in 2022, fueled by collections like Bored Ape Yacht Club and digital artists like Beeple, but trading volumes have since plummeted.
Other platforms have also shut down in response to the downturn, with NFT startup Recur, Web3 platform Voice, and Kraken’s NFT marketplace ceasing operations in 2023 and 2024. The ongoing market challenges, combined with regulatory uncertainty, have led many NFT-related businesses to scale back or close entirely, highlighting the volatile nature of the digital collectible market.
