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The sandbox building title, Landmark, which was slated to serve as the building blocks (almost literally) for the now cancelled EverQuest Next, will itself close next month. If you followed and understood that verbal diarrhea of a sentence, you're a better person than I.

Yes, Landmark will close down on February 21, roughly six months after it was "launched." The voxel building sandbox title has been in development limbo for numerous months now after the fate of EverQuest Next was decided last March.

The idea to give the rights to the game to someone else was considered but it seems as though Daybreak Games has already scrapped that idea.
What happens to all the code/data from Landmark? Can someone open an emulator server for Landmark?

Daybreak Game Company will retain all of the code and data from Landmark. Daybreak Game Company will not license or authorize the operation of a Landmark emulator or a fan-operated Landmark server.

If you happen to still have Daybreak Cash on your account, the studio says that you can use that to purchase items in other Daybreak games. If you don't play those, you might just be SOL.