MakersPlace сloses amid 19% NFT market decline and funding shortfalls
The platform will close completely in June 2025
The digital art trading platform MakersPlace has announced its closure.
According to the announcement, as of January 17, MakersPlace has disabled new account creation, token imports, and minting. The platform will not host any new events in the near future, and artworks listed on the marketplace will remain available for purchase only for a limited time.
The company has pledged to assist artists and collectors in transferring their assets, ensure employees receive severance packages, and return unused funds to investors.
MakersPlace also advised users to transfer their assets from the platform's custodial wallets to their own. An updated transfer function will be launched in February 2025, with the current deadline for transfers set for June 2025.
Decline in sales and lack of investments
Operating since 2018, the platform faced challenges within the NFT sector and difficulties securing additional funding, which led to the decision to close.
In 2024, NFT trading volumes fell by 19%, and sales dropped by 18% compared to 2023, making it one of the weakest years for NFTs since 2020.
Although the total cryptocurrency market capitalization shrank by approximately $200 billion to $3.3 trillion this week, the NFT market demonstrated positive momentum.
