Immutable Shuts Down NFT Marketplace to Focus on Ecosystem Growth
Immutable, the blockchain company known for its gaming and NFT platforms, is shutting down its NFT marketplace to focus on broader ecosystem growth through strategic partnerships. The marketplace will cease operations on August 13.
Immutable announced that it initially launched the marketplace to demonstrate its technology but has since seen significant growth in projects built on its platform. As a result, the company has decided to support these existing marketplaces rather than compete with them, aiming to foster the overall development of the Immutable ecosystem.
Users of the NFT marketplace will retain their assets, which will continue to be accessible through their wallet addresses. Immutable assured that these assets will remain on the blockchain and can be used across different marketplaces and games.
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The company also highlighted that its marketplace features a global order book, meaning listings will be consistent across platforms that use this system. Users will be able to view and manage their listings by connecting their wallets to any participating marketplace.
This decision coincides with a significant drop in NFT sales volumes. In the second quarter of 2024, NFT sales plummeted by 45%, with volumes falling to $2.24 billion from $4.1 billion in the previous quarter. July 2024 saw NFT sales hit a low of $429 million, the lowest monthly total for the year. Despite these declines, industry experts, including CryptoSlam founder Randy Wasinger, remain optimistic about the future of NFTs, believing the technology is here to stay.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
