Exchange Art, an NFT marketplace on Solana, will stop operating on August 1. According to Foresight News, the platform said all artworks and/or funds currently held in its sales and custody contracts will be released to their owners before the shutdown.

The company said all artworks have been minted on Solana and can be imported and used on other marketplaces.

In a statement, Exchange Art said it was unable to find a financially viable path forward amid a bear market for on-chain art.