Phoenix Labs has announced that Fae Farm updates will be coming to an end in September, and that the game's online servers will be shutting down at the same time.
In an update on the game's Steam page, the studio says the game "will be going offline" on September 10th at 11:59pm Pacific (or around 2am the following day by Eastern time), and that there won't be any further updates for the game after that.
While Fae Farm's updates and online services will be coming to a close, Phoenix Labs has assured fans that the single-player offline version of the game will remain playable, so if you do own Fae Farm and you're yet to get around to checking it out, you haven't missed your chance.

It doesn't seem as though the game is being delisted, either, so you should still be able to buy Fae Farm if you don't already own it.
The end of Fae Farm updates comes after Phoenix Labs laid off "the majority" of its staff earlier this year, a move the studio referred to as "unfortunate but necessary changes to our operations" at the time.
That decision followed the release of an update for monster-hunting RPG Dauntless by the name of Awakening, which proved hugely unpopular with players and caused the game's player base to dwindle. The failure of Awakening also led Phoenix Labs to shut down Dauntless in May.
Given that Dauntless has closed down and that updates for Fae Farm are ending, it's not too difficult to extrapolate that Phoenix Labs itself might be about to close down. It certainly wouldn't be the only studio to do so this year, unfortunately.
If you've yet to check out Fae Farm, you can pick it up right now on PC, PlayStation, Xbox, and Nintendo Switch, and you can read our review right here.