Immutable Shuts Down NFT Marketplace Amid Market Downturn

Immutable, a layer-2 network known for its contributions to non-fungible tokens (NFT) and blockchain gaming, has announced the closure of its NFT marketplace.

The Immutable Marketplace will officially retire on August 13, with a complete redirection by September 27.

Immutable Shifts Strategy Amid NFT Market Slump

Initially, the Immutable Marketplace served as a showcase for features available through the Immutable SDK. However, with the ecosystem’s projects flourishing, Immutable now plans to support these external platforms more effectively.

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

Read more: 7 Best NFT Marketplaces You Should Know in 2024

Users’ blockchain-secured assets will remain accessible via any marketplace. The Immutable Global Orderbook ensures continuity for existing listings.

This move follows GameStop’s closure of its NFT marketplace in February, which had partnered with Immutable. BeInCrypto reported that GameStop cited “continuing regulatory uncertainty” as the reason for its exit.

Such withdrawals highlight the significant challenges and volatility in the NFT market. Since early 2024, the NFT market has faced a notable downturn.

According to CryptoSlam, NFT’s monthly sales volume dropped to $429.93 million in July from $1.29 billion in February. This represents a 66.65% decrease. Despite this, there was an 8% increase in Q2 2024 sales volume compared to the same period last year.

Read more: How To Start NFT Trading: A Step-by-Step Guide

Additionally, the floor prices of leading NFT collectibles have significantly declined. For instance, the Bored Ape Yacht Club (BAYC) floor price fell to 9.87 Ethereum (ETH), which is approximately $23,688. This is a significant drop compared to its peak of 145 ETH ($536,500) in May 2022.