Immutable announces the retirement of its NFT marketplace to focus on ecosystem expansion through partnerships.
Points
- Immutable to wind down its NFT marketplace on August 13.
- Focus shifts to expanding the ecosystem through partnerships.
- Existing projects using Immutable SDK to continue growing.
- Users’ assets and listings remain accessible via the blockchain.
- The decision aligns with the decline in NFT sales volumes.
Gaming and non-fungible token （NFT） blockchain Immutable has announced that it will retire its NFT marketplace to focus on expanding its ecosystem through partnerships. The marketplace’s operations will wind down on August 13. Immutable explained that the marketplace was initially built to showcase available features using the Immutable software development kit （SDK）. Since its launch, various projects created with the SDK have grown significantly.
Immutable urged the community to explore other marketplaces within its ecosystem. The company assured users that their assets would remain available on the blockchain, linked to wallet addresses and accessible regardless of the marketplace or game they use. The Immutable Marketplace uses a global order book, meaning similar listings for buying or selling will appear across marketplaces using the same order book. Users must connect their wallet to see existing listings in any marketplace.
The announcement comes amid a downturn in NFT sales volumes. In the second quarter of 2024, NFT sales volume showed a 45% quarter-on-quarter drop. The first quarter of 2024 saw digital collectibles record a volume of $4.1 billion, but this upward momentum did not continue. The second quarter recorded only $2.24 billion in sales volume, the lowest since Q3 2023. July 2024 recorded the lowest NFT sales volume for the year at $429 million.
Despite the downturn, industry professionals believe in the longevity of NFTs. Web3 experts like CryptoSlam founder Randy Wasinger noted that NFTs are “here to stay,” emphasizing their enduring value despite fluctuating sales volumes.
解説
- Immutable’s decision to shut down its NFT marketplace reflects a strategic shift towards ecosystem growth and partnership development.
- The continued accessibility of user assets and listings highlights the robustness of blockchain technology in maintaining asset integrity.
- The decline in NFT sales volumes underscores the market’s volatility but also suggests a potential for future growth and stability.
- Industry experts’ confidence in the longevity of NFTs points to their lasting impact and evolving use cases in the digital economy.