Former art-focused nft marketplace MakersPlace has abruptly announced its immediate closure, ending its 6-year history.
In a statement, Brady Evan Walker, chief content officer at MakersPlace, revealed that; “Despite our current runway, with these market conditions, we anticipate significant challenges in securing further investments that would make it difficult, if not impossible, to carry out our mission of championing digital art, sustaining operations and delivering significant returns to our shareholders. “.
Announced late on January 16, MakersPlace will “cease operations” immediately, with nft minting, token imports, and new account creation now disabled. Existing nft art drops will continue, but MakersPlace will not hold new exhibits, either online or in-person. All unused funds will be returned to investors, and MakersPlace reveals that all employees will receive “fair compensation.”
Source: MakersPlaceWhat is Makers Place?
MakersPlace is an ethereum-based, art-focused nft marketplace that debuted in 2018.
Throughout its history, MakersPlace has established itself as one of the go-to platforms for premium nft artwork. The biggest names in traditional art, digital art and entertainment showcased work on the platform, including Banksy, Hackatao and Vakseen, among many others. The nft market also attracted numerous big-name investors, including Pantera Capital, Coinbase, Sony, and rap legend Eminem.
The announcement of its immediate closure comes as a surprise, as MakersPlace has been very active and seemingly operating normally in recent months. In recent months, they announced a wave of updates to their MakersPlace Concierge service, hosted an exhibition at the inaugural Miami Digital Art Fair, and had a substantial presence at Art Blocks Marfa Weekend 2024.
What do I need to do?
For collectors, there are no active requirements. As all MakersPlace nfts are minted on ethereum, they will remain fully available to access and interact on secondary nft marketplaces like OpenSea.
Artists will need to transfer any nft art held in MakersPlace escrow wallets to their own wallets. This can be done manually through the “Submit Artwork” feature on MakersPlace, although an update scheduled for February appears to make this process easier. Art purchases will cease as of that update, and nft transfers are currently scheduled to cease in June 2025.
MakersPlace has stated that its curators will “personally contact artists scheduled for exhibitions” to answer questions and provide support, and that its private sales team will “help key collectors with any inquiries.”
Although this news brings with it pain, there is a glimmer of hope for the future of MakersPlace. In its statement, MakersPlace expresses its willingness to “(seek) opportunities for the sale of company assets” and has invited interested parties to get in touch.
