By Philip Maina
4 days agoFri Aug 09 2024 09:55:19
Reading Time: 2 minutes
- Immutable has announced that it’s shutting down its NFT marketplace
- Immutable disclosed that it’ll focus on creating stronger partnerships in the web3 space
- The platform said it intends to close the marketplace by August 13
Web3 gaming-focused network Immutable has revealed that it’s shutting down its NFT marketplace and shifting its focus to building partnerships within the ecosystem. According to the network, the marketplace “was built as a showcase of […] Immutable SDK (software development kit)” features, adding that it has achieved its mission. Immutable noted that its decision to close the NFT exchange is part of it mission to support other marketplaces in the Immutable ecosystem, which is an uncommon move in the web3 world.
Assets Accessible From Other Marketplaces
Immutable said that its marketplace users have nothing to worry about since their assets live on the blockchain and are linked to their wallets, meaning that they can access them from any other marketplace.
It added that its marketplace “uses the Immutable Global Orderbook,” making it easy for existing users to access their listing on Immutable-based NFT marketplaces employing the same orderbook system. Users have until August 13 to access the marketplace after which the marketplace’s URL will be redirected to showcase other “ecosystem marketplaces.”
Immutable’s move comes as the NFT market is in downward trajectory. NFT data aggregator CryptoSlam indicated that NFT sales volume has reduced drastically in 2024 compared to last year.
A $50-Million Rewards Program
It also comes as Immutable increases its focus on blockchain games. Three months ago, for example, it announced a $50-million treasury to incentivize web3 gamers building on its Immutable zkEVM platform. The immutable zkEVM network has been introducing new features such as the option for developers to cover gas fees .
Immutable has also partnernered with reputable entities like Ubisoft and Amazon to either create web3 games or extend web3 gaming boundaries.
Although Immutable said it wants to support other marketplaces on its ecosystem, it’s likely that a struggling NFT market also contributed to its decision.
