Digital art platform MakersPlace, launched in 2018, is shutting down due to falling demand for its non-fungible tokens.
Current market challenges and funding difficulties have made it impossible for us to continue to fulfill our mission,» MakersPlace Content Manager Brady Evan Walker said in an announcement.
Starting January 18, it will no longer be possible to create new accounts on MakersPlace. However, existing users will be able to make trades with NFT until the platform is completely closed, which is scheduled for June 2025.
All NFT, created in the blockchain Ethereum, remain available on secondary trading platforms, the company said.
Makersplace is currently ranked 11th in the largest marketplaces NFT by trading volume, according to DefiLlama.
Closing of a site that specializes in sales NFT, expected amid a decline in interest in non-fungible tokens. Last year, due to a decline in demand from transactions with NFT Major platforms such as GameStop and Creak. In 2024, demand for this asset class fell to its lowest level since 2020, but experts expect the market to be ready for a major comeback.