Digital art venue MakersPlace shuts down amid NFT market decline
MakersPlace, a digital art platform for non-fungible tokens (NFTs), is shutting down due to significant declines in the NFT market. The closure, announced on January 15, follows six years of operation and is attributed to ongoing market challenges and funding difficulties. Users can offload NFTs until June 2025, with minting and new account creation disabled immediately. A transfer tool will be launched in February to assist users. MakersPlace raised $30 million in funding from notable investors in 2021 during the NFT boom. The NFT market has seen a downturn since its peak in April 2022, leading to the closure of several other platforms, including Recur and Voice. Despite the decline, some industry leaders believe NFTs will rebound in the future.
