The company revealed that it will wind down operations on August 13th.
Immutable to Close Marketplace, Focus on Ecosystem
Immutable’s decision comes as the company aims to better support and enhance other marketplaces within its ecosystem. Since the launch of the Immutable NFT marketplace, several projects utilizing the Immutable software development kit (SDK) have emerged and grown. Rather than competing with these marketplaces, Immutable has decided to consolidate its efforts to foster a more collaborative environment.
The company reassured users that their NFTs will remain secure and accessible, even as the marketplace closes. NFTs are linked to wallet addresses and exist on the blockchain, meaning they will persist regardless of the platform or game where they are used. Immutable emphasized that the assets are not tied to a single marketplace but are part of a global order book. This system allows users to view similar listings across different marketplaces that use the same order book.
Source: X
The closure of Immutable’s marketplace occurs amid a broader downturn in the NFT market. Data reveals that NFT sales volumes have sharply declined. In the second quarter of 2024, NFT sales fell by 45% compared to the previous quarter, dropping from $4.1 billion in the first quarter to $2.24 billion. This represents the lowest sales volume since the third quarter of 2023. July further exacerbated the downturn, recording the lowest monthly sales volume of $429 million for the year.
As Immutable transitions away from operating its marketplace, it will continue to support the broader NFT and gaming ecosystem through its partnerships and integrations. The company encourages the community to explore the various marketplaces within its ecosystem, where users can still engage with their NFTs.
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