The non-fungible token (NFT) market continues to face challenges in 2025, with two extra NFT marketplaces — Quidd and MakersPlace — saying closures.
Quidd NFT market shuts down
Quidd, an NFT market underneath Animoca Manufacturers, introduced its closure earlier this month. {The marketplace} stopped operations on January 3, 2025, with the shutdown set to be finalized by January 31, 2025.
A assertion on the web site learn: “It is with a heavy heart that we share the news of Quidd’s closure. Since our beginning, we have been honored to build a space where collectors, artists, and enthusiasts could come together to celebrate the vibrant world of digital collectibles.”
The announcement, nevertheless, didn’t specify the explanations for the closure.
Quidd had hosted a number of notable NFT drops over its lifespan. In March 2024, it signed a multi-year deal because the first digital collectible associate of Newcastle United Soccer Membership, launching the crew’s first NFT assortment. A month later, Manchester Metropolis collaborated with Quidd to launch NFT buying and selling playing cards that supplied unique perks to followers.
In Could 2024, Quidd launched “Fairy Tail” NFT playing cards, that includes 29 characters from the favored manga sequence.
MakersPlace NFT market winds down operations
MakersPlace, an NFT platform recognized for buying and selling uncommon digital artworks, additionally introduced its closure. The choice marks the top of six years of operations.
In a publish by Content material Supervisor Brady Evan Walker, the corporate acknowledged the difficulties in persevering with the platform, mentioning “current market conditions” and “challenges in securing further investment” as causes for the closure.
MakersPlace had beforehand secured $32 million in funding from main gamers within the business.
The platform has already disabled minting and new account registrations. Customers can nonetheless buy NFTs till the platform shuts down completely, which is anticipated round June 2025.
Over its historical past, MakersPlace facilitated many high-profile NFT drops. In 2022, the platform collaborated with The Holoverse to public sale a holographic NFT of Leonardo da Vinci’s “La Bella Principessa.”
That very same 12 months, it hosted an public sale celebrating 25 years of the music group The Crystal Technique. The public sale featured a music video, “Watch Me Now,” from the album “The Trip Out.”
Broader challenges within the NFT Market
The NFT market has struggled for 2 years, transferring removed from its peak in 2021 and 2022. Declining investor curiosity, regulatory uncertainties, and market saturation have contributed to the downturn.
Regulatory actions by the U.S. Securities and Trade Fee (SEC) have added to the business’s woes. The SEC issued Wells notices to a number of initiatives, together with CyberKongz, OpenSea, and Immutable, citing securities violations.
In 2023, Affect Idea, a Los Angeles-based media firm, was fined $6.1 million for providing unregistered NFT securities. The Stoner Cats NFT challenge additionally confronted a $1 million tremendous for related causes.
A number of high-profile platforms shut down operations amid these challenges. Corporations like Nike’s RTFKT, Lacoste, Starbucks, Immutable, Kraken NFT, and GameStop are amongst people who exited the market.
