PANews reported on January 17 that according to MakersPlace official news, due to continued market challenges and financing difficulties, the digital art platform announced that it would cease operations after six years of operation. From now on, the platform will disable the minting, token import and new account creation functions, but art purchases will continue for the time being. Artists and collectors need to transfer their works from the MakersPlace escrow wallet to their personal wallets by June 2025, and related tools will be launched in February.

MakersPlace said it will return unused funds to investors and provide fair severance packages to employees. All Ethereum NFTs on the platform will still be accessible through the secondary market.

In response to the news that MakersPlace has ceased operations, digital artist Beeple expressed regret and thanked the platform for promoting the digital art field and having a huge impact on his career.