The non-fungible token (NFT) market continues to face challenges in 2025, with two more NFT marketplaces — Quidd and MakersPlace — announcing closures.
Quidd NFT marketplace shuts down
Quidd, an NFT marketplace under Animoca Brands, announced 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 statement on the website read: “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, however, did not specify the reasons for the closure.
Quidd had hosted several notable NFT drops over its lifespan. In March 2024, it signed a multi-year deal as the first digital collectible partner of Newcastle United Football Club, launching the team’s first NFT collection. A month later, Manchester City collaborated with Quidd to release NFT trading cards that offered exclusive perks to fans.
In May 2024, Quidd introduced “Fairy Tail” NFT cards, featuring 29 characters from the popular manga series.
MakersPlace NFT marketplace winds down operations
MakersPlace, an NFT platform known for trading rare digital artworks, also announced its closure. The decision marks the end of six years of operations.
In a post by Content Manager Brady Evan Walker, the company acknowledged the difficulties in continuing the platform, mentioning “current market conditions” and “challenges in securing further investment” as reasons for the closure.
MakersPlace had previously secured $32 million in funding from major players in the industry.
The platform has already disabled minting and new account registrations. Users can still purchase NFTs until the platform shuts down entirely, which is expected around June 2025.
Over its history, MakersPlace facilitated many high-profile NFT drops. In 2022, the platform collaborated with The Holoverse to auction a holographic NFT of Leonardo da Vinci’s “La Bella Principessa.”
That same year, it hosted an auction celebrating 25 years of the music group The Crystal Method. The auction featured a music video, “Watch Me Now,” from the album “The Trip Out.”
Broader challenges in the NFT Market
The NFT market has struggled for two years, moving far from its peak in 2021 and 2022. Declining investor interest, regulatory uncertainties, and market saturation have contributed to the downturn.
Regulatory actions by the U.S. Securities and Exchange Commission (SEC) have added to the industry’s woes. The SEC issued Wells notices to several projects, including CyberKongz, OpenSea, and Immutable, citing securities violations.
In 2023, Impact Theory, a Los Angeles-based media company, was fined $6.1 million for offering unregistered NFT securities. The Stoner Cats NFT project also faced a $1 million fine for similar reasons.
Several high-profile platforms shut down operations amid these challenges. Companies like Nike’s RTFKT, Lacoste, Starbucks, Immutable, Kraken NFT, and GameStop are among those that exited the market.
