Immutable Shuts Down NFT Marketplace, Cites Broader Ecosystem Focus
08/08/2024 13:00
Immutable retires its NFT marketplace, citing the need to strengthen ecosystem partnerships and adapt to market changes.
Immutable, a layer-2 network known for its contributions to non-fungible tokens (NFT) and blockchain gaming, has announced the closure of its NFT marketplace.
The Immutable Marketplace will officially retire on August 13, with a complete redirection by September 27.
Immutable Shifts Strategy Amid NFT Market Slump
Initially, the Immutable Marketplace served as a showcase for features available through the Immutable SDK. However, with the ecosystem’s projects flourishing, Immutable now plans to support these external platforms more effectively.
“As a company, rather than compete, we would prefer to support these marketplaces and see the Immutable ecosystem grow,” the team said.
Read more: 7 Best NFT Marketplaces You Should Know in 2024
Users’ blockchain-secured assets will remain accessible via any marketplace. The Immutable Global Orderbook ensures continuity for existing listings.
This move follows GameStop’s closure of its NFT marketplace in February, which had partnered with Immutable. BeInCrypto reported that GameStop cited “continuing regulatory uncertainty” as the reason for its exit.
Such withdrawals highlight the significant challenges and volatility in the NFT market. Since early 2024, the NFT market has faced a notable downturn.
According to CryptoSlam, NFT’s monthly sales volume dropped to $429.93 million in July from $1.29 billion in February. This represents a 66.65% decrease. Despite this, there was an 8% increase in Q2 2024 sales volume compared to the same period last year.
Read more: How To Start NFT Trading: A Step-by-Step Guide
Additionally, the floor prices of leading NFT collectibles have significantly declined. For instance, the Bored Ape Yacht Club (BAYC) floor price fell to 9.87 Ethereum (ETH), which is approximately $23,688. This is a significant drop compared to its peak of 145 ETH ($536,500) in May 2022.
Trusted
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Lynn Wang is a seasoned journalist at BeInCrypto, covering a wide range of topics, including tokenized real-world assets (RWA), tokenization, artificial intelligence (AI), regulatory enforcement, and investments in the crypto industry. Previously, she led a team of content creators and journalists for BeInCrypto Indonesia, focusing on the adoption of cryptocurrencies and blockchain technology in the region, as well as regulatory developments. Prior to that, at Value Magazine, she covered...
Lynn Wang is a seasoned journalist at BeInCrypto, covering a wide range of topics, including tokenized real-world assets (RWA), tokenization, artificial intelligence (AI), regulatory enforcement, and investments in the crypto industry. Previously, she led a team of content creators and journalists for BeInCrypto Indonesia, focusing on the adoption of cryptocurrencies and blockchain technology in the region, as well as regulatory developments. Prior to that, at Value Magazine, she covered...
READ FULL BIO