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 full redirect on September 27.
Unchangeable Shift Strategy Amid NFT Market Slump
Initially, the Immutable Marketplace served as a showcase for features available through the Immutable SDK. As the ecosystem’s projects flourish, Immutable now plans to support these third-party platforms more effectively.
“As a company, rather than compete, we would rather support these marketplaces and watch the immutable ecosystem grow,” the team said.
Read more: 7 Best NFT Marketplaces You Need to Know About in 2024
Users’ blockchain-secured assets remain accessible through any marketplace. The Immutable Global Orderbook ensures continuity for existing quotations.
The move follows GameStop’s closure of its NFT marketplace in February, which partnered with Immutable. BeInCrypto reported that GameStop cited “continued regulatory uncertainty” as the reason for the departure.
Such inclusions highlight the significant challenges and volatility in the NFT market. Since early 2024, the NFT market has experienced a notable decline.
According to CryptoSlam, monthly NFT sales volume fell from $1.29 billion in February to $429.93 million in July. This means a decrease of 66.65%. Despite this, there was an 8% increase in sales volume in the second quarter of 2024 compared to the same period last year.
Read more: How to Start NFT Trading: A Step-by-Step Guide
NFT monthly sales volume. Source: CryptoSlam
Additionally, rock-bottom prices of leading NFT collectibles have dropped significantly. For example, the bottom price of Bored Ape Yacht Club (BAYC) fell to 9.87 Ethereum (ETH), which is approximately $23,688. This is a significant drop from the peak of 145 ETH ($536,500) in May 2022.
