Immutable Retires NFT Marketplace to Focus on Ecosystem Expansion

YEREVAN (CoinChapter.com) — Immutable, a gaming and NFT blockchain, announced it will retire its NFT marketplace to concentrate on expanding

Immutable, a gaming and NFT blockchain, is retiring its NFT marketplace to concentrate on expanding its ecosystem through partnerships.

Announced on Friday, this decision will be effective from August 13. The company aims to support growth within the broader Immutable ecosystem rather than compete directly within the marketplace space.

In their announcement, Immutable highlighted that their marketplace was initially built to showcase the features of their software development kit (SDK). Despite its success, they believe the ecosystem will benefit more from supporting external marketplaces created with their tools.

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

Immutable wrote.

Immutable Guarantees Asset Security and Easy Access Across Marketplaces

Emphasizing on asset security, the company assured users that their assets are tied to their wallet addresses and will remain on the blockchain. This ensures that users' assets will not be affected by the closure of the Immutable marketplace and will remain accessible on other marketplaces that support Immutable assets.

The network also highlighted that their marketplace uses a global order book. This feature allows similar listings to appear across different marketplaces using the same order book, providing continuity and ease of access for users. To view their existing listings on any compatible marketplace, users need only connect their wallets.

NFT Sales Hit New Low in July 2024: CryptoSlam Reports

This strategic shift by Immutable comes as NFT sales continue to decline. According to CryptoSlam, NFT sales in the second quarter of 2024 saw a 45% drop compared to the previous quarter.

In the first quarter of 2024, NFT sales soared to new heights, reaching $4.1 billion — a significant increase from the $0.9 billion recorded in the last quarter of 2023. However, this upward trend did not continue, with the second quarter of 2024 recording only $2.24 billion in sales — the lowest since Q3 2023.

This downturn in NFT sales was further highlighted by the low volumes recorded in July 2024. According to CryptoSlam, NFT sales in July saw a drastic decrease, with a total sales volume of $429 million — the lowest this year.

Experts Optimistic About NFTs as Immutable Shifts Focus

Despite the current downturn in NFT sales, industry professionals remain optimistic about the future of NFTs. Commenting on the lower NFT sales volumes, Randy Wasinger, founder of CryptoSlam, expressed his belief in the longevity of NFTs, stating that they are “still here.”

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