Bonk-owned Exchange Art to shut down on Aug. 1

Solana (SOL)-based digital art marketplace Exchange Art announced on X that it will be shutting down its service on August 1. The project stated that a prolonged downturn in the on-chain art market has made it difficult to sustain the business. Before the shutdown, all artworks and funds held in sales and escrow contracts will be returned to their rightful owners. It also noted that all artworks are minted on the Solana blockchain and can be transferred to other marketplaces. Users are advised to access their accounts and secure any necessary information before the service terminates. Exchange Art was acquired by the Solana-based memecoin Bonk (BONK) in May of last year.