Mintshot, which offered people prizes for watching ads online, was launched in November, 2007, amid a blaze of publicity when Ellis staged a controversial stunt that involved smoke coming from the summit of Auckland's Mt Rangitoto.
In the ensuing months, Mintshot struggled with technical glitches and declining numbers of users.
It has now become a victim of the economic recession and will be officially "parked" at the end of the month.
Tim Cook, managing director of private equity investment company Collins Asset Management, which is Mintshot's largest shareholder, said advertising revenue had dried up due to the recession and the company was now looking at several options to "reinvigorate" the site - a process which may take several months.