Immutable, a prominent layer-2 network renowned for its role in non-fungible tokens (NFTs) and blockchain gaming, has announced the closure of its NFT marketplace. The Immutable Marketplace will officially cease operations on August 13, with a full transition expected by September 27.
Initially designed to showcase features available through the Immutable SDK, the marketplace will be shut down as Immutable pivots to support broader ecosystem growth. The company stated, “Rather than competing, we prefer to support these marketplaces and foster the expansion of the Immutable ecosystem.”
Users’ NFT assets, secured on the blockchain, will remain accessible through various platforms, and the Immutable Global Orderbook will ensure continuity for existing listings.
This move follows GameStop’s decision to shut down its NFT marketplace in February, which was in partnership with Immutable. GameStop attributed its exit to “continuing regulatory uncertainty,” reflecting broader challenges in the NFT sector.
The NFT market has experienced significant turbulence in recent months. According to CryptoSlam, NFT sales volume plummeted to $429.93 million in July from $1.29 billion in February, marking a 66.65% decline. However, there was an 8% increase in Q2 2024 sales compared to the same period in the previous year.
Additionally, floor prices for top NFT collectibles have substantially decreased. For example, the Bored Ape Yacht Club (BAYC) floor price has dropped to 9.87 Ethereum (ETH), approximately $23,688, from a peak of 145 ETH ($536,500) in May 2022.
Immutable’s decision underscores the ongoing volatility and challenges within the NFT market, as the company shifts its strategy to better support its ecosystem and address these broader market dynamics.
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