Digital art platform to wind down services, reflecting broader challenges in the NFT market.
As a crypto investor, I received the news on January 17 that MakersPlace, a digital art platform established in 2018, has decided to close its operations. This NFT marketplace served as a hub for artists and collectors alike, enabling us to create, purchase, and trade digital artworks. Unfortunately, persistent issues within the NFT sector and struggles in acquiring further funding led to this tough decision.
1/6 MakersPlace Announces Shutdown after Six Remarkable Years of Art Promotion ❌
For the past six years, MakersPlace has been dedicated to championing digital art. Here’s what this move means for our artists, collectors, and patrons—and our plans for a seamless transition. 🧵↴
— MakersPlace 🔳 (@MakersPlace) January 16, 2025
In response to the shutdown, MakersPlace is temporarily halting the creation of new accounts, importing tokens, and minting items, all taking effect straight away. Although there will be no upcoming exhibitions or events, existing works of art will still be accessible for a brief period of time for potential buyers.
The organization has vowed to help artists and collectors move their possessions, guarantee that staff members receive settlements upon leaving, and give back any unneeded investments to the investors.
In light of MakersPlace deciding to shut down, they are urging users to move their assets from the platform’s custody wallets into their personal wallets. Starting in February 2025, a new and improved transfer method will become available, with the current transfer deadline being set for June 2025.
During a tumultuous time for the NFT industry, this shutdown takes place. As per DappRadar’s findings, the trading volume of NFTs in the year 2024 saw significant drops. The figure went from $5.3 billion in the initial three months to $1.5 billion in the third quarter, and then slightly rebounded to $2.6 billion in the final quarter.
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In a challenging phase for NFTs, this shutdown occurs. According to DappRadar’s data, the volume of NFT trades in 2024 plunged dramatically. It started at $5.3 billion in the first part of the year, but fell to $1.5 billion in the third quarter before rising again to $2.6 billion by the end of the year.
2024 saw a significant drop in NFT trading activity and sales, with trading volumes decreasing by 19% and sales falling by 18% compared to 2023. This decline made 2024 one of the least productive years for NFTs since 2020.
As a token analyst, I can affirm that non-fungible tokens (NFTs) are unique digital assets underpinned by blockchain technology. They serve as proof of ownership for distinct items like art, music, or collectibles. Last year, NFTs garnered significant attention and adoption. However, recent developments have underscored their volatility and the hurdles in maintaining market momentum on a consistent basis.
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2025-01-17 07:32