Making Waves, an online art hub focusing on non-interchangeable digital assets (NFTs), is ceasing operations due to a significant decline in the NFT market. The platform, established back in 2018, revealed its closure on January 15th, marking the end of six years in business.
According to MakersPlace’s content manager, Brady Evan Walker, due to persistent hurdles in the market and financial constraints, we have found it unfeasible to continue running the business while staying true to our purpose.
The closure of MakersPlace signals a persistent downturn within the NFT sector, as it experienced its poorest market performance since 2020, in the year 2024.
Users can offload NFTs from MakersPlace until June 2025
Although creating new accounts on Mintable and MakersPlace is currently halted, users are still able to buy NFTs from the platform up until its full closure.
As per the statement, MakersPlace is set to debut a transfer tool in February, enabling users to move their NFTs from the platform up until June.
“All NFTs minted on Ethereum remain accessible via secondary marketplaces,” the firm said.
MakersPlace raised funds from Pantera, Coinbase Ventures and more in 2021
In the realm of digital art marketplaces, I found myself at the forefront with MakersPlace, a platform that saw its inception in 2018. Over the years, we’ve been fortunate to secure substantial investment from influential industry players such as Bessemer Venture Partners, Pantera Capital, Coinbase Ventures, Sony Music Entertainment, and Dragon Digital Assets, among others, totaling an impressive $30 million by 2021.
As stated by the co-founder and CEO, Dannie Chu, MakersPlace intends to be at the forefront of igniting worldwide discussions regarding Non-Fungible Tokens (NFTs).
As a crypto investor, I was reassured by MakersPlace’s announcement that any unused funds would be refunded to us, the investors. Additionally, they pledged to offer fair severance packages to their employees during this transition period. This level of transparency and commitment to their stakeholders is truly commendable.
Other NFT marketplaces that shut down amid market decline
2021 saw MakersPlace secure a $30 million investment, coinciding with the burgeoning Non-Fungible Token (NFT) market. This surge in popularity was further fueled by the rise of notable NFT collections like Bored Ape Yacht Club and the increasing acclaim for digital artists such as Mike Winkelmann, also known as Beeple.
As a researcher, I’ve noticed a fascinating trend in the NFT market: The staggering trading volumes we witnessed in April 2022 have since begun to dwindle, as suggested by NFT trade data from DefiLlama. This gradual fading of the NFT hype is intriguing and warrants further investigation.
The NFT market downturn triggered numerous marketplaces to shut down operations in recent years.
In August 2023, NFT company Recur revealed their decision to close down their Web3 platform, attributing this move to the difficulties faced during the “crypto winter.
In simple terms, another NFT platform named Voice announced its intention to halt operations in September 2023, attributing the decision to uncertainties regarding the regulation of NFTs.
2024 saw several key competitors in the NFT market, such as GameStop, step away due to lingering uncertainties regarding cryptocurrencies. Consequently, as the popularity of NFTs waned, numerous platforms, including Kraken’s NFT marketplace, ceased operations last year, from my perspective as an analyst monitoring these trends.
Even though the market is experiencing a dip, certain experts remain optimistic that Non-Fungible Tokens (NFTs) could experience a significant resurgence in popularity.
As per the remarks from Animoca Brands’ chairman, Yat Siu, Non-Fungible Tokens (NFTs) are expected to experience a resurgence, potentially surpassing their past performance which was observed during 2021 and 2022.
Read More
- TNSR PREDICTION. TNSR cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- RLC PREDICTION. RLC cryptocurrency
- POL PREDICTION. POL cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- GBP EUR PREDICTION
- HOOK PREDICTION. HOOK cryptocurrency
- HBAR PREDICTION. HBAR cryptocurrency
2025-01-17 13:51