Developments in the blockchain field continue to make headlines. Accordingly, with the low-volume days in the markets, the Layer-2 network Immutable, which has garnered attention from Web3 users for its contributions to NFT and blockchain games, announced that it will close its NFT marketplace. Immutable Marketplace will officially retire on August 13 and will be fully redirected by September 27.
What’s Happening at Immutable?
At the beginning of the process, Immutable Marketplace served as a showcase for features offered through the Immutable SDK. However, as the ecosystem’s projects developed, Immutable now plans to support these external platforms more effectively. The team stated:
“As a company, we prefer to support these marketplaces and see the growth of the Immutable ecosystem rather than compete.”
Users’ assets secured by the blockchain network will continue to be accessible through any marketplace. Immutable Global Orderbook guarantees continuity for existing listings.
This notable step came after GameStop closed its NFT marketplace, which partnered with Immutable in February. Experts reported that GameStop cited ongoing regulatory uncertainty as the reason for its exit. Such withdrawals highlight significant challenges and volatility in the NFT market. Since the beginning of 2024, the NFT market has faced a significant decline.
What’s Happening in the NFT Market?
CryptoSlam data shows that the monthly sales volume in the NFT space fell from $1.29 billion in February to $429.93 million in July, representing a 66.65% drop. Despite this, there was an 8% increase in sales volume in the second quarter of 2024 compared to the same period last year.
Additionally, the floor prices of leading NFT collections have also dropped significantly. For example, the Bored Ape Yacht Club (BAYC) floor price fell to 9.87 Ethereum, approximately $23,688. This is a significant drop compared to the peak of 145 Ethereum, valued at $536,000, recorded in May 2022.
