Immutable to shut down NFT marketplace

Gaming and non-fungible token (NFT) blockchain Immutable announced that it’s retiring its NFT marketplace to focus on expanding its ecosystem through partnerships. 

Immutable said they would wind down the marketplace’s operations on Aug. 13. According to the network, the marketplace was built to showcase available features using the Immutable software development kit (SDK).

However, since its launch, the network said there are already projects that have been created with it and have grown. Immutable wrote:

“As a company, rather than compete, we would prefer to support these marketplaces and see the Immutable Ecosystem grow.”

The network urged the community to explore marketplaces available within the Immutable ecosystem.

User assets and listings

Immutable also reminded the users of its NFT marketplace that their assets will remain available as they “live on the blockchain.” These are linked to the wallet addresses and will stay with the users regardless of which marketplace or game they use.

Furthermore, the network also highlighted that the Immutable Marketplace uses a global order book. This means that marketplaces using the same order book will show similar listings for buying or selling. Immutable added that users must connect their wallet and see existing listings in any marketplace.

NFT volume downturn

The announcement comes as NFT sales volumes continued to drop. In the second quarter of 2024, the sales volume for NFTs showed a 45% quarter-on-quarter drop. Data showed that in the first quarter of 2024, digital collectibles recorded a volume of $4.1 billion, shooting upward from the last quarter of 2023.

However, the market failed to continue its upward momentum. In the second quarter of 2024, NFTs only showed a sales volume of $2.24 billion, reaching its lowest quarter performance since the third quarter of 2023.

Furthermore, July recorded the lowest sales volume for NFTs in 2024, continuing its downward momentum. CryptoSlam data shows that July only recorded a sales volume of $429 million for NFTs.

Despite this, people working in the industry still believe in NFTs. Web3 professionals like CryptoSlam founder Randy Wasinger said in a previous interview that despite its lower volumes, NFTs are "here to stay."