One of the earliest digital art platforms, MakersPlace, founded in 2018, has announced its closure. The company stated that it is shutting down due to funding difficulties and waning interest in NFTs.
Changes for Users
MakersPlace has already disabled account creation, token minting, and NFT imports. The option to purchase artwork remains temporarily available, but no new exhibitions will be launched. The company has promised to return any unused investor funds and provide compensation to employees.
Guidance for Artists and Collectors
Platform creators have urged users to move NFTs from MakersPlace’s custodial wallets to their own:
- Manual transfer is available now.
- An automatic transfer tool will be introduced in February.
- Transfers must be completed by June, although extensions may be possible.
It’s worth noting that NFTs minted on Ethereum will remain tradable on secondary marketplaces.
The MakersPlace team plans to support artists and collectors during the transition period. Curators will contact creators, and support services will assist in transferring tokens and handling private sales.
Kraken NFT Marketplace Closure
MakersPlace is not the only platform exiting the NFT market. In November 2024, the crypto exchange Kraken announced the closure of its NFT marketplace, with the service fully ending by February 27, 2025. Until then, users can withdraw their assets.
Kraken’s platform shutdown is attributed to resource reallocation as the exchange focuses on new products and services. However, declining NFT interest is likely another factor in its departure. According to The Block, since April 2024, weekly NFT trading volume has not exceeded $200 million.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.