Immutable Announces Closure of NFT Marketplace
Immutable, a layer 2 network known for its contributions to non-fungible tokens (NFTs) and blockchain gaming, has announced the closure of its NFT marketplace. The Immutable Bazaar will officially close on August 13th and will be fully redirected on September 27th.
Immutable Shifts Strategy Amid NFT Market Slump
Initially, the Immutable Marketplace served as a showcase for functionality provided through the Immutable SDK. However, as the ecosystem projects flourish, Immutable now plans to support these external platforms more effectively. The development team stated, “As a company, we want to support these markets and see the Immutable ecosystem grow, rather than compete with them.”
Your blockchain-protected assets will still be accessible through all markets. An immutable global order book ensures continuity of existing lists.
Challenges Faced by the NFT Market in 2024
Prior to this, GameStop had partnered with Immutable to close its NFT market in February citing “ongoing regulatory uncertainty” as the reason for its exit. These withdrawals demonstrate the significant challenges and volatility facing the NFT market. As of early 2024, the NFT market is facing a clear downturn.
According to CryptoSlam, monthly sales of NFTs fell from $1.299 billion in February to $429.93 million in July, a 66.65% decrease. Despite this, sales in the second quarter of 2024 increased by 8% compared with the same period last year.
Impact on Major NFT Collectibles
In addition, the base prices of major NFT collectibles have also dropped significantly. For example, Bored Ape Yacht Club (BAYC)’s lowest price fell from 9.87 Ethereum (ETH) to around $23,688, a significant decrease from the peak of 145 ETH ($536,500) in May 2022.
