Immutable, a leading layer 2 network in the world of non-fungible tokens (NFTs) and blockchain gaming, has recently announced the closure of its NFT marketplace.
The Immutable Bazaar is set to officially shut down on August 13th and will be completely redirected by September 27th.
Adapting Strategy in Response to NFT Market Fluctuations
Originally, the Immutable Marketplace was designed to showcase the capabilities of the Immutable SDK. However, with the growing success of external projects within the ecosystem, Immutable has decided to shift its focus towards providing better support for these platforms.
“As a company, we want to support these markets and see the immutable ecosystem grow, rather than compete with them,” explained the development team.
Discover more: The Top 7 NFT Markets to Keep an Eye on in 2024
Rest assured, your blockchain-protected assets will remain accessible across all platforms, thanks to an immutable global order book that ensures the continuity of existing listings.
The Influence of Market Trends on NFT Platforms
Earlier this year, GameStop collaborated with Immutable to close its NFT marketplace citing “ongoing regulatory uncertainty” as the primary reason for their exit, as reported by BeInCrypto.
These recent withdrawals underscore the considerable challenges and volatility that the NFT market is currently facing. As of the beginning of 2024, the NFT market is experiencing a noticeable downturn.
According to CryptoSlam, monthly NFT sales plummeted from $1.299 billion in February to $429.93 million in July, marking a significant drop of 66.65%. However, sales in the second quarter of 2024 saw an 8% increase compared to the same period last year.
Find out more: A Step-by-Step Guide on Getting Started with NFT Trading
Decreasing Values of Major NFT Collectibles
Furthermore, the base prices of prominent NFT collectibles have experienced a significant decline. For instance, the lowest price of a Bored Ape Yacht Club (BAYC) NFT dropped from 9.87 Ethereum (ETH) to approximately $23,688, compared to its peak of 145 ETH ($536,500) in May 2022.
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