Immutable, a blockchain gaming and non-fungible tokens (NFTs) platform, has announced that it will discontinue its NFT marketplace to expand its ecosystem through partnerships.
Immutable announced that the marketplace’s operations would cease on August 13. The Immutable software development kit (SDK) was employed to construct the commerce per the network.
Subsequently, the network declared that it has generated and expanded numerous initiatives since its adoption. Immutable transmitted the following:
“As a company, rather than compete, we would prefer to support these marketplaces and see the Immutable Ecosystem grow.”
The network encouraged the community to investigate the accessible marketplaces within the Immutable ecosystem.
User assets will Remain
Immutable also reminded the users of its NFT marketplace that their assets will continue to be accessible as long as they “live on the blockchain.”
These are associated with the wallet addresses and will remain with the users, irrespective of the marketplace or game they utilize.
Additionally, the network underscored that the Immutable Marketplace implements a global order book.
This implies that marketplaces utilizing the same order book will display comparable listings for purchasing and selling. Immutable stipulated that users must connect with their wallet to view existing listings on any marketplace.
NFT Volume Decline
Sales volumes of NFTs have continued to decline, prompting the announcement. In the second quarter of 2024, the sales volume of NFTs experienced a 45% decrease from the previous quarter.
In the first quarter of 2024, digital collectibles recorded a volume of $4.1 billion, a significant increase from the final quarter of 2023, according to the data.
Nevertheless, the market was unable to sustain its upward trajectory. In the second quarter of 2024, NFTs achieved their lowest quarter performance since the third quarter of 2023, with a sales volume of $2.24 billion.
In addition, the sales volume of NFTs in July 2024 was the lowest, representing a continuation of the downward trend. According to CryptoSlam data, the sales volume of NFTs in July was a mere $429 million.
Nevertheless, individuals employed in the industry continue to endorse NFTs. NFTs are “here to stay,” according to web3 professionals such as CryptoSlam founder Randy Wasinger, who stated in a previous interview, despite their lower volumes.
